Property values are for the most part doing pretty well in Russia – the national house price index spiked by a further 10 per cent last year alone. However, the same cannot be said for prices in St. Petersburg and Moscow, where accounting for inflation things have actually taken a dive to the tune of just under 1 per cent. Russia’s reputation and stature as far as Western nations are concerned isn’t exactly glowing and this is taking its toll in investor interest and access. Still, Russia remains one of the world’s most expensive property markets where the middle classes are thriving and tourism levels are also at record-highs. Russia holds incredible potential for investors, though souring international relations make it impossible to project long-term.