Sochi has overtaken London, New York and Dubai in the cost of luxury housing
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Sochi has entered the top 3 cities in the world in terms of the cost of luxury housing, ahead of London, New York and Dubai, according to the consulting company NF Group, based on an analytical wealth report The Wealth Report 2023. In the elite residential complexes of the Russian resort city, the average cost per square meter exceeds 1.4 million rubles.
As part of the NF Group report, a “million dollar index” is calculated annually, which shows how many square meters. m of luxury housing can be bought in the markets of the world for $1 million.
In the first place in the index at the end of 2022 was Monaco, where only 17 sq. m in a luxury apartment.
In second place is Hong Kong, where you can buy 21 square meters for $1 million. m of luxury real estate.
In Sochi, which ranks third in the ranking, this figure was 29 square meters. The Russian city is ahead of New York (33 sq. m.), London (34 sq. m.) and Dubai (105 sq. m.).
Earlier it was reported that the cost of luxury housing in Sochi increased over the year more noticeablethan in Moscow: more than 30%, up to 2.4 million rubles. per sq. m, which has already led to a decrease in demand. This year, developers can focus on new formats and projects in nearby villages, experts say.
Read more in the material “Kommersant” “Elite housing overheated in Sochi”.
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