Housing in Moscow was named the most affordable in the world

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Photo: Danish Siddiqui / Reuters

Housing in Moscow was named the most affordable in the world. This is evidenced by the Global Affordability study international consulting company Knight Frank (“Ribbon.ru”).

In five years, the average income of Russians 22 percent ahead of the increase in the average cost of housing in the country, the study said. Along with the Russian capital, a similar trend was observed in the Indian Mumbai and the city-state of Singapore. “In Moscow, Singapore and Mumbai — the most affordable housing in the world,” the study says.

Overall, according to Knight Frank, the gap between income and housing affordability in the world reached by early 2019 740 billion US dollars.

“The problem of accessibility is not limited to one or two cities on an international level. The problem of providing the working population with affordable housing is relevant to almost all successful cities”, — commented the results of research Liam Bailey, international head of research at Knight Frank.

According to a February survey of analysts CYANOGEN from the beginning of 2018, the average price per square meter of housing in Moscow increased by eight percent. On the primary market of New Moscow increased by 16 percent. Drivers of this growth, experts of the company referred to the opening of new metro stations, high demand and increase of readiness of construction being built in the capital residential complexes.

Video, photo All from Russia.

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