Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Study Finds Sochi Has Some of World's Highest-Priced Luxury Properties

Sochi, Russia. Oleg Prachuk / pexels

The Russian resort town of Sochi, which hosted the 2014 winter Olympics, has some of the highest luxury housing prices in the world, with only Hong Kong and Monaco boasting pricier real estate, a study by consulting agency NF Group has found.

At present, $1 million would allow you to buy just 29 square meters of luxury real estate in the Black Sea holiday destination, study results published by RBC business daily show. 

In New York, which has the fourth most expensive luxury property market in the world, the same kind of outlay would get you a marginally larger property of 33 square meters.

While the capital Moscow currently ranks as the 12th most expensive luxury property market in the world, apartment prices there vary significantly from district to district. A luxury apartment in the capital’s highly sought-after Patriarch's Ponds neighborhood could be as expensive as one in Hong Kong, while in the city’s southern Danilov district, $1 million could buy a property nearly 4 times that size. 

Moscow was also found to rank in the top 10 cities in the world in terms of luxury housing price growth. The cost of luxury real estate in Moscow increased by 13.2% year-on-year last year and is expected to rise by an additional 3% in 2023, according to the study. 

But Sochi is likely to remain the most popular destination for Russia’s luxury property buyers in 2023 amid Western sanctions and widespread travel bans that have left most European countries inaccessible even to the super-wealthy, RBC cited NF Group partner Olga Shirokova as saying. 

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more