The cost of living in Russia has jumped by 15 per cent over the past year and a half, with the cost of accommodation up 6 per cent and the cost for food up 15 per of a dollar.
The latest figures from the Russian Government showed the average monthly rent for a one-bedroom apartment was $1,094 last month.
A one-bedroom flat in Moscow was the cheapest in the country at $2,914 last month, according to data from Rentrak, the leading online rental site.
But if you wanted a two-bed apartment, it was $3,000 more than in Russia, according the Rentrak figures.
Russian Prime Minister Dmitry Medvedev said last week that Russia’s housing market was “very strong” and that the government would “do everything in our power to help the expatriated population”.
Russia’s economy is expected to contract by 0.3 per cent this year and the country’s GDP contracted 2.2 per cent in the three months to March.
“Russia has experienced an extraordinary growth in housing prices, but at the same time it has suffered a significant drop in real estate values,” Mr Medvedeva said.
He said that “the expatriation population has been forced to adapt to the Russian market in order to survive”.
A person is seen in Moscow, Russia, February 1, 2021.
Photo: Alexei Nikolsky/Sputnik/Kremlin/via Reuters The Russian government has launched an investigation into how the country has managed to retain its expatriating population.
Its deputy prime minister, Alexei Ulyukayev, said the government was “trying to find the cause of this sharp increase in prices” but that the real issue was “the deterioration of the country economy”.
“We will make the necessary measures to stop the decline in housing values,” he said.