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Prices for expensive New York real estate have been falling for three years. The market for expensive luxury real estate is saturated with new projects, about 20% of apartments built in the city between 2013 and 2019 remain unsold.
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The central London luxury property market has seen a 6.5% increase in prices over the past 12 months. Notably, more than two-thirds of this growth occurred in the period following the conservative party's victory in the UK general election, i.e. the fourth quarter of 2019 and the first quarter of 2020.
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The luxury real estate market in Moscow, and the Moscow real estate market in General, depends very much on the price of oil. If oil continues to fluctuate in the range of 30-40 dollars/barrel, you can forget about the increase in prices for luxury real estate.
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