Moscow’s super-rich pour millions into homes

THE world outside may be in the thralls of crisis, with house prices plunging, markets slumping and banks collapsing; but Russia’s cocooned super-rich can still spare 2.5 billion roubles (€70.5 million) for a Moscow townhouse apartment within strolling distance of the Kremlin.

Spurred by petrodollars and booming consumer confidence, Moscow’s real estate — where sky-high prices can outpace Manhattan and London — has so far avoided trouble following the local stockmarket’s downward spiral, which continued yesterday.

Property agency Agent 002 said an unnamed buyer has just splashed out on the seven-storey 1,300 square metre apartment near the Kursk railway station. “For Moscow, it’s an absolute record,” said Agent 002’s spokesman Ruslan Barabash.