OREANDA-NEWS. Moscow rose by 7 positions in the world ranking of changes in prices for elite housing (PIRI 100) and took 16th place. According to a study by The Wealth Report 2020, Moscow’s price increase for the year was 4.7%, followed by reports by international consulting company Knight Frank.

Moscow shared 16th place with Delhi, where price growth also amounted to 4.7%. Having risen by 7 lines, in terms of price growth, the Russian capital overtook Paris (+4.3) and Los Angeles (+1.3%). St. Petersburg remained in 61st position with a positive trend of 1% (+0.7% in 2018).

According to Andrey Solovyov, director of the urban real estate department at Knight Frank Russia, the increase in prices for elite real estate in Moscow is due to the fact that only large companies remain on the market. “The market is undergoing structural changes in development - developers are looking for new sites, companies are enlarging, and small players are leaving”, he explained.

Knight Frank Russia Managing Partner Alexei Novikov noted that in 100 cities analyzed in the ranking, an average price increase of 1.8% was recorded. In 2018, this indicator amounted to 1.3%.