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. Last Updated: 07/27/2016

Apartment Prices See a Rare Drop

Prices for Moscow real estate dipped over the last week, the Real Estate Market Index said on its web site Monday.

The average price of Moscow apartments, calculated over the period running from Jan. 8 to Jan. 15, has dropped by 0.1 percent to $4,210 per square meter, the site said in its roundup. The rate of increases in real estate prices has been following a downtrend over the last few months, the site said.

Vladislav Lutskov, head of analysis and consulting at Miel real estate agents, was skeptical about such a small decrease, suggesting that the margin of error for such statistics usually ranged between 0.4 and 0.5 percent.

"There is currently a small fluctuation in prices but that is, as they say on the stock market, a sideways trend. In the long term, this is most likely just a sign of prices stabilizing," he wrote in an e-mailed statement.

The only properties to appreciate in value over the surveyed period were contemporary brick apartments. Costs for this type of property have increased 0.4 percent to an average of $4,711 per square meter, the site said. Meanwhile, prices for apartments in Stalin-era buildings have remained steady over the previous week at $4,905 per square meter.

The cost for low-grade paneled and brick building apartments dropped by 0.1 percent, from $3,863 to $4,134 per square meter. The biggest drop over the period was for apartments in modern paneled buildings, which reached $4,189, representing a 0.3 percent decrease.