The Russian resort city of Sochi, which hosted the 2014 Winter Olympics, has some of the highest luxury housing prices in the world, with only Hong Kong and Monaco boasting more expensive properties, according to research by consultancy NF Group.

Currently, 1 million dollars will allow you to buy only 29 square meters of luxury real estate in the Black Sea resort region, the results of the study published RBC business daily show.

In New York, which is the fourth most expensive luxury real estate market in the world, the same costs will bring you a slightly larger property of 33 square meters.

While the capital city of Moscow is currently the 12th most expensive luxury real estate market in the world, apartment prices there vary greatly from district to district. A high-end apartment in the capital’s highly sought-after Patriarch Ponds area can be as expensive as Hong Kong, while $1 million in the city’s southern Danilovsky district can fetch almost four times as much.

Moscow also entered the top ten cities in the world in terms of rising prices for luxury housing. According to the study, the value of luxury real estate in Moscow increased by 13.2% compared to last year and is expected to increase by another 3% in 2023.

But Sochi is likely to remain the most popular destination for buyers of luxury real estate in Russia in 2023 amid Western sanctions and widespread travel bans that have made most European countries inaccessible even to the ultra-wealthy, NF Group partner said with reference to RBC Olga Shirokova.

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