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© RIA Novosti. Igor Mikhalev

More state officials buying posh Moscow apartments - report

by The Moscow News at 26/12/2013 15:21

Up to one-fourth of Moscow’s elite real estate is purchased by city and federal officials – and that number has grown in the last six months, according to a new survey.

The share of government employees buying property in the high-end segment of the real estate market has grown from 15 percent in the first half of 2013 to 25 percent in December, RIA Novosti cited a report from the Kalinka Real Estate Consulting Group as saying.

Foreigners accounted for 10 percent of elite real estate deals.

Top managers of state corporations – who are also considered to be government officials – account for 60 percent of real estate purchases worth $1-2 million dollars, according Kalinka’s statistics.

Growing profits in the hydrocarbons, aviation and financial sectors contributed to the increase in purchases, the report said.

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