Last year financial turmoil hammered foreign real estate markets, while the Russian market maintains leading position in terms of prices on luxury properties.
      
      According to the Global Property Guide’s research, in 2008 Moscow climbed to the second position on the list of cities with the most expensive real estate markets, beating out London for the first time. The average price per sq meter in Moscow luxurious apartments located in the centre of the city is US$20.85.
      
      Monaco still tops the ranking with US$47.58 per sq meter; London slid to the 3rd place with US$20.76 per sq meter.
      
      The Moscow real estate market felt impact of the crisis only at the end of 2008, while in other countries prices plunged much earlier, say experts.
      
      source:
      www.rbcdaily.ru