The Russians aren't coming! The Russians aren't coming!
For now, anyway. Moscow market is tanking.

Moscow
In the Russian capital, wealthy oligarchs have long propped up the high-end real estate market. But agents are now getting nervous. The Russian stock market has plummeted since June and in August the rouble suffered its worst monthly decline for more than nine years.

Would-be billionaires are too busy covering their professional concerns to consider property purchases. And yet, even as developers cancel projects, the supply of new housing units continues to grow, by 2.1 per cent in September to about 27,400 listings, with many more new high-end condos still set to open.

Natia Ratishvili, an estate agent at Knight Frank in Moscow with nearly a dozen properties priced above $4m on her books, says enquiries have fallen considerably in the past few weeks.

“One buyer agreed to put an offer in on an $8.6m apartment and then pulled out as the stock market started falling,” she says. “He really panicked and changed his mind at the last second and we’re beginning to see more and more of this behaviour.”