Real estate prices jump in St. Petersburg

But what is the city that beats the well-known names, as well as Los Angeles and Hong Kong?

It is St. Petersburg.

After the latest Prime global cities index, produced by the British real estate consulting company Knight Frank, St. Petersburg was one of only eight cities, the two-digit rise in prices between March 2012 recorded and in the same month of this year.

With a plus of 13.1 percent, it was rated as the sixth highest run, although analysis confirms in a local Knight Frank report a slight decrease in the number of transactions in the same quarter.

Kate Everitt of all the Office of Knight Frank in London says that the performance due to the domestic sales of the city.

St. Petersburg is "An insular market, the few international buyers attracts it is better isolated from the effects of the debt crisis in the euro zone and the subsequent dip in the confidence of the buyer which has influenced other major markets such as Monaco, France, Spain and other second-home hot spots," she said.

Even after Ekaterina Antareva of Knight Frank, a limited amount of housing on the basis of strict building in the city centre, a UNESCO world cultural heritage is traditionally offices in St. Petersburg.

So, if several exclusive housing developments in the historic centre was finally in the market by 2012, already high prices even higher were driven to the neighborhood, she said.

In the Golden Triangle area of the old town, the area of Nevsky borders Prospekt, the city's main shopping street and the Fontanka and Neva, Knight Frank rivers estimates that selling prices are 825,000 rubles, $25,000, per square meter, or about 76,000 rubles per square foot. Average in Moscow, however, such top-end properties 1.15 million rubles for 1.65 million rubles per square meter.

While the triangle front is full of big houses and former palaces, canals, many properties are something uniformity monotonous in their grey or dull ocher. You are no doubt sound - many are built around courtyards to a uniform height of about five or six stories - but it is a surprise, there still out rain pipes draining on the sidewalks.

A popular trend in the area of the golden triangle is for so-called "Club-type properties": maintaining the existing facade of an old building while the Interior in a small number of homes or offices to transform.

"In relation to income for investors, there are still more lucrative apartment hotels build as private apartments", said Elena Botvinnik of independent Nevsky ProStor real estate agency, which refers to such developments as "elite building."

An example is to 1 Fontanka embankment, in the vicinity of the Mikhailovsky Castle, once the home of Tsar Paul I. It is divided into 19 apartments spread over four floors, with a main staircase leads from an atrium, Concierge and underground parking. A two-bedroom, 123 square meters or over 1,320 square feet, apartment with balcony and views over the channel is 120 million rubles.

Over all in the city top-end residential market last September the latest figures available, there were 880 newly built apartments and 1,650 for resale.

Nevsky ProStor has an apartment, the listing on Rubinshteyna Street, a short walk from the Nevsky Prospekt, which was built in 1876. It is 58.5 square metres with a large 30 sqm of living space, and it is on the market for 6.85 million rubles. An apartment of 87.5 m2 10.5 million rubles recorded between the Mariinsky and spectacular St. Isaac's Cathedral on Bolshaya Morskaya Moika Canal.

Knight Frank Office in town has a slightly upscale example, with a large villa on the Moika River Channel, which has been converted into 60 apartments at prices from 350,000 to 500,000 rubles per square meter.

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