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22 Apr, 2008 07:06

Property soars in Moscow & St. Pete

Moscow and St. Petersburg are among five of the fastest growing property markets in the world, according to consultants Knight Frank.

The average prime residential prices have risen by 35% in Moscow, totalling around $US 2000 per square foot.

In St. Petersburg, Russia’s second largest city, prices have increased by 38%.

The world's most expensive place to buy a home is London, with the average price for top city centre locations at around $US 6000 per square foot.

London is followed by Monaco and the south of France – both locations which are attractive as a place for second homes on the Mediterranean.