Real estate prices rise in Sochi after victorious Olympic bid
Since the beginning of this year property prices in Sochi have shot-up 60%.
In July alone, after Sochi won the bid to host the Games, prices rose by 13%.
Experts predict that by 2014 property in the resort will be double the cost of Moscow.
Sochi has a subtropical climate, which is unique for Russia and 2014 Olympics will make it the country’s most well known resort city.
A studio apartment on the Black Sea coast currently costs around $US 170,000.
Agents are holding back property sales, anticipating even higher rates in the future.