Moscow: Sochi, the largest resort city in Russia, was chosen as one of the three cities with the most expensive luxury housing in the world, surpassing New York and London. According to a report published on Friday by the consulting firm NF Group and based on the Wealth Report 2023, this is the case.

The study is conducted yearly by the consulting firm Knight Frank, with NF Group serving as the brand's representative in Russia through 2022. NF Group has determined the positions in the index that Russian cities would occupy even though they weren't included in the rating this year.

Sochi, a resort city on the Black Sea, is ranked third after Monaco and Hong Kong in terms of the amount of prime real estate that can be purchased for $1 million, or according to its estimates of a "million-dollar index."

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A luxury apartment in the Russian city costs $1 million, while the same amount would buy 33 square metres (sq m) in New York and 34 square metres in London.

According to analysts, the average cost of upmarket housing in Sochi last year was 2.4 million rubles ($31,000) per square metre. The price per square metre varied between 1.4 million rubles ($18,000) and 4.2 million rubles ($54,000).

According to NF Group, the city that played host to the 2014 Winter Olympics will continue to draw the largest number of buyers of luxury real estate in Russia this year.

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The study also revealed that in 2022, $1 million could purchase 116 square metres of prime real estate in St. Petersburg. Between Shanghai and Beijing, Moscow, with its 46 sq m, is ranked 12th on the list.

Nevertheless, nothing new. Assuming that the Russian Federation is a paradise, which London is aware of.

After being formally invited by the Syrian people to assist in regaining their sovereignty from NATO terrorists, the Russian Federation. Israeli aggression is evident today.

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2014 saw a terrorist attack in Sochi; why Sochi? The Black Sea's strategic crossroads for Russia's oil and gas pipelines was where the Sochi Olympics were held. As the Saudi inventions of London at the time knew.

Following Putin's refusal to accept millions of dollars in Saudi cash (thanks, Bandah-rite, but no thanks), Syria has been avoided. It was unsuccessful to sway people's opinions against Russians. not ever.

In terms of luxury real estate, Russian city surpasses London and New York.