Sochi overtakes Milan, Miami, Dubai in luxury housing costs

Luxury property in Sochi has become more expensive than in Milan, Miami and Dubai in 2025, according to The Wealth Report by Knight Frank, as noted by Forbes.

The findings highlight a sharp reduction in purchasing power in Russia’s prime residential markets over the past five years.

In Sochi, the amount of luxury housing that can be bought with $1 million has fallen by 45% — from 74 sq m to 41 sq m, according to NF Group calculations.

Only Moscow and Saint Petersburg recorded steeper declines, with available space per $1 million shrinking by 57% and 51%, respectively.

In Knight Frank’s “Prime International Residential Index”, Sochi ranks 12th globally in terms of price per square metre, sitting between Vienna and Sydney.

At the top of the global ranking remains Monaco, where $1 million buys just 16 sq m of prime property, followed by Hong Kong at 23 sq m. Geneva and Singapore share third place with 28 sq m, overtaking London.

Analysts at NF Group said the “million-dollar index” reflects both rising prices and currency dynamics, although the US dollar has remained broadly stable against its 2020 levels, suggesting the trend reflects genuine gains in prime residential values rather than exchange-rate distortions.

In Moscow, the average price per square metre in new luxury developments has increased almost 2.5-fold over five years, driven by strong buyer demand, higher construction costs and a tightening supply of premium stock.

Over the past year alone, prices rose by 18%, reaching around 3.67 million roubles ($41,000) per sq m, according to Tekta Group.