Several iconic projects that were meant to transform the skyline of Russia’s major cities have been forced to be put on hold due to the current economic climate. The Russia Tower in Moscow, designed by Sir Norman Foster and supposed to be the tallest building in Europe, has been put on hold. Other projects on hold include the Federation Complex in Moscow, the Crystal Island suburb outside Moscow and a new tower for Gazprom in St. Petersburg.
Meanwhile Moscow News http://mnweekly.ru/ report that according to the widely cited IRN Index, the value of residential property in Moscow fell by 2% in the first week of December alone. That compares with a decline of 2.3% for the whole of November, and just 0.9% in October. Oleg Repchenko, IRN’s head of research, says that real estate prices in Russia have fallen on average by around 10% in the last two months. He estimates they’ll fall by a further 30% before next summer.
