Housing prices in Moscow have fallen by more than twice - the experts

For more than two times should drop the price of housing in Moscow in 2009 to meet the current cost of oil. This Analysts have expressed the opinion of the investment company Renaissance Capital. "In the rapidly changing at present situation, especially in the absence of familiar landmarks, the markets are actually flying on instruments, blindly. We think, at this time is useful to rely on such an old and proven criteria assessment of the situation, as oil prices - with respect to any market in Russia, including with respect to real estate prices ", - emphasized in the weekly review of the company. Experts indicate that in the past eight years, the average cost per square meter in Moscow roughly corresponded price of 44 barrels of oil, but now due to a significant reduction in price of oil it had reached a level equal to 122 barrels of oil, according to RIA Novosti. "We believe that In order to value ratio of the Moscow housing, oil returned to the one formed by eight years the average level of house prices in the capital have fallen by more than 58%, if we take as its starting point the current cost of oil and 37% if the average oil in 2009 will cost $ 67 per barrel, as follows from our forecast, "- wrote analysts at Renaissance Capital." In January the average price for residential real estate in Moscow has made 6,5 thousand dollars per square meter, comparable to the February 2008 prices year - and then gave 6.55 per meter thousands of dollars. The average price in rubles to continue the orderly growth, having reached the end of the month, about 212 thousand rubles. In recent years, members of the housing market are encouraging the public reports on the achievement of the "bottom" prices for Moscow real estate. According to some Realtors, in particular, has recorded a recovery in the metropolitan real estate market, which "shine" out of the crisis in the late spring and early summer. But analysts do not rule out that a secondary market for residential real estate is beginning to grope "bottom."