It’s a gloomy outlook for Russia’s property market – a huge shortage of credit has created a massive slump in demand leading to an average of a 60 percent drop in property prices throughout the country.

The slump in the Russian property market can be seen everywhere with shadowy cranes towering over buildings, unmoving, and building sites eerily quiet. Plans for beautiful tower blocks have been frozen or scrapped, with some now earmarked as car parks instead.  Read more... (318 words, estimated 1:16 mins reading time)