Friendica Social Network (Leipzig)

Just the fact that there are "Rich Russians" says everything you need to know about #Russia's perverse reversion to a #CAPITALISTS economy. Similarly #China. #Lenin and #Mao are rolling in their graves.

Partial text in alt. In full here https://t.me/Slavyangrad/118790

Moscow Property Rivals London as Rich Russians Bring Cash Home

Three years into the war with Ukraine, Russia’s wealthiest are increasingly bringing their money home, fueling an unlikely rebound in high-end Moscow real estate.

Faced with fewer options to spend abroad as international sanctions force banks to crack down, many Russians are repatriating cash and parking it in the safe haven of domestic property. Others are using real estate as a hedge against inflation that has surged since the invasion of Ukraine, forcing the central bank to jack up rates to record highs.

“The screws are being tightened on people with Russian citizenship around the world,” said Ekaterina Rumyantseva, founder of Moscow-based luxury real estate broker Kalinka Ecosystem. “Everyone now realizes that the safest place to keep capital is in your own country.”

The influx of cash is helping Moscow buck a slowdown hitting other real estate markets from London to Hong Kong. Luxury apartment sales priced at 1.95 million rubles ($19,813) a square meter and upwards in Moscow gained almost 40% last year, according to NF Group, formerly known as Knight Frank Russia. And prices increased 21%, pushing the Russian capital squarely into the same price tier as Paris and London.

A flurry of high-end apartment and villa projects springing up across Moscow give a glimpse into Russia’s uneven economy as the war grinds on. Government spending related to the invasion has stoked growth, but also inflation

Heretical_i 3 Wochen her •

#Lenin and #Mao are rolling in their graves. See above the fold for a good reason. Must #KillCapitalism! Bastardized EX-Communist varieties deserve SPECIAL treatment from their populations. After all, they destroyed #capitalism once. They CAN do it again, if they haven't fallen under the spell of Shiny Shit.

Heretical_i hat dies geteilt

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