Expats in Russia face increased difficulties as career opportunities diminish while living costs increase.
According to online Russian newspaper, The Moscow News, expats living and working in Russia are
According to the publication, job opportunities for foreign workers are on a downward slide, with more and more local companies beginning to recognize the improved expertise available within their own country. However, despite the decreases in expat executive postings in the country, living costs have continued to spiral and high-end real estate has become increasingly expensive.
Talking to The Moscow News, Moscow Expat Support group founder, Ekaterina Alekseeva, commented on the current situation:
“There are still enough expats around to fill the elitny apartments. It’s a very small market.
“Their HR departments pay for them and so there is no motivation for people to look around for something lower. It’s really hard to find something even for $8,000 now.”
It is estimated that there has been a 25% decrease in expats living in Russia over the past two years yet, despite this, the cost of luxury housing has risen by up to five percent.
What does the research say?
For those expatriates that do remain in Russia, house prices may not be too much of a concern if recent research findings are to be believed. In September this year, the HSBC Expat Explorer research report revealed that expatriates in Russia had the greatest opportunities for accumulating wealth, with the recent expats in the world being found there.
However, it may very well be the case that this additional wealth is needed to enjoy a comfortable life in Russia. In research findings published by Byblos Bank Group, also in September of this year, Moscow was named as the forth most expensive place in the world to rent property for the second year running. This echoed research by Mercer consulting, which also named Moscow as having the 4th highest cost of living in the world.
Considering moving to Russia?
If you’re considering living in Russia then please see our guide to living in Moscow. It contains everything you need to know about this Russian city from a detailed review of popular expatriate residential areas through to accurate insights into Russian culture, traditions and expected behavior. Make sure you’re fully prepared for a move abroad by having all the information you need at your fingertips.