The authorities in Moscow intend to re-house over 1 million citizens living in decrepit Soviet-era apartments, which they plan to demolish
Residential property developers, which include firms such as PIK, LSR and Etalon, have been hit hard by Russia's economic downturn
Frankfurt and Brussels are emerging as tempting alternatives to London as European financial hubs in part because they have cheaper accommodation costs than Paris.
Moscow city authorities are to tear down about 8,000 blocks of flats built in the 1950s and 1960s in a major clearance programme that will involve rehousing 1.6 million people in the coming years, it's reported.
Asian cities command half of the world's top ten most expensive office space, according to a new survey by property firm JLL.
Hong Kong topped the rankings followed by London and Beijing.
JLL said it costs $262 per square foot per year for top-quality office space in the Chinese territory because of strong tenant demand and short supply.
Shanghai, Tokyo and Delhi also made the list, with the city state of Singapore missing the top ten by just one spot.
"A large part of the global growth is now driven out of Asia and international businesses will continue to be keen to set up their presence in the region," Chris Archibold, head of markets at JLL Singapore said.
Russia's economy contracted by 3.7% in 2015, according to preliminary figures published by the country's statistics service.
Retail sales plunged by 10% and capital investment fell by 8.4% in the economy's worst performance since 2009.
In contrast, Russian GDP increased by 0.6% in 2014.
German sportswear maker Adidas has bought a warehouse outside Moscow in a deal which real estate market sources and property consultants estimated at $70 million to $100 million.
The move is a gesture of confidence in Russia despite the country's deteriorating economic prospects and the slide in the rouble. It also comes despite Adidas having said in November it would cut the number of net new stores it plans in Russia to about 30 per year in 2014 and 2015, from an already reduced target of 80 per year.
Farmland in Russia: Low investment and politics pose challenge
The Russian economy contracted by 0.5% in November, the first fall in national output - Gross Domestic Product - since October 2009, official figures show.
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