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Expatriate Health Insurance News: Expats want more luxury at cheaper price in Moscow

Expatriates moving to the Russian city of Moscow are looking to spend less on luxury apartments in the latest trend to sweep the real estate market.

According to a study carried out by Penny Lane Realty, the amount people are willing to pay started to drop in the middle of 2012, reports the Moscow News.

The study states: "In the last few years, about 70 per cent of foreigners who sought to rent luxury apartments through Russian real estate agencies normally named their top prices at $15,000 [£9,800] per month."

Now it appears that only 25 per cent of expats are looking for apartments with rent up to $15,000 and just 12 per cent are prepared to pay as much as $35,000 each month.

The biggest demographic however, is the 63 per cent of those looking for luxury apartments with a budget of $10,000 to $13,000 to spend on a monthly basis.

Ilya Plaksin, department director at Penny Lane, said: "I think this is happening due to the crisis in Europe, as, apparently, foreign companies have cut budgets."

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