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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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