Prosecutor acts on runaway real estate

14 Aug, 2006 06:19 / Updated 18 years ago

The general prosecutor’s office ordered state anti-monopoly officials to investigate the legitimacy of soaring real estate prices. They will look into whether construction firms are operating a secret price-fixing agreement.

Since the start of the year, the cost of a new apartment has risen by 85 per cent in Moscow and by 65 per cent in St. Petersburg, Russia northern capital. Almost $3,000 dollars is the minimum price per square metre for a new apartment in Moscow. The anti-monopoly service says current legislation makes it almost impossible to prove price fixing.