According to international consulting firm Mercer, as of March 2006, Moscow became the most expensive city in the world, beating London (5th place), New York (10th place) and Paris (15th place). And uncontrollable rises in real estate prices in the capital, the cause for the capital’s leadership, were by no means the least of the reasons for this ranking.
The growing maturity of the realty market in Moscow has gone hand-in-hand with that of the city’s architectural scene. Buyers have become more discerning and so architecture has become more and more of a selling point for new residential complexes. But there is a big difference between designing something that is merely more than decent and practical and full-blown fantasy.
The word ‘apartment’ is all too often used simply as a posh-sounding synonym for ‘flat’, but that is a fundamental misconception. Russian legislation defines an ‘apartment’ as a room in a hotel with a floor area exceeding 40 square meters, which comprises two or more rooms, and has a kitchen fitted out with kitchen equipment.