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In the boom years, Russia was one of Europe's largest property markets, with investment volumes of US$8 billion–US$10 billion annually; the figure briefly decreased during the 2008–2009 financial crisis.

However, a downward trend on the property market began in 2014 in sync with the political challenges that Russia is facing as a result of continuing Western sanctions and low oil prices (on average), which has brought about a weakening of the Russian currency.

However, in recent years the Russian economy has stabilised, showing a record-low 3 per cent inflation figure for 2019. The Ministry of Economic Development and Trade expects the same 3 per cent inflation in 2020, which, however seems optimistic in light of covid-19 (the Central Bank of Russia has since updated its forecast, anticipating 4 per cent inflation in 2020).

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Reproduced with permission from Law Business Research Ltd.