Moscow's property market operates by different rules than Dubai, London, or New York. Foreign nationals can buy residential property without restrictions: no visa required, no special permits, no cap on the number of units. But the process, the currency dynamics, and the market structure make it unlike any other major city. Here's what matters if you're considering an allocation.
Legal Framework: Simpler Than You'd Expect
Russia's Civil Code and Housing Code grant foreign citizens the same property ownership rights as Russian nationals for residential real estate. There's one notable exception: foreign nationals can't own land in border zones, strategic territories, or agricultural plots. For Moscow residential apartments, which represent the vast majority of investment-grade property, no restrictions apply.
You don't need a Russian visa to own property. You don't need to be a tax resident. You don't need a local partner or nominee structure. Ownership is registered directly in your name at the Rosreestr (Federal Registration Service). The process is straightforward, though it requires several notarised documents.
What you do need: a Russian tax identification number (INN), which can be obtained at any regional tax office with your passport. The registration itself takes 7-10 business days. All documents must be translated into Russian and notarised by a Russian-licensed notary.
Currency Considerations: The Ruble Factor
The Russian ruble (RUB) has been among the world's most volatile major currencies since 2014. It traded at 33 RUB/USD in early 2014, collapsed to 80 in late 2014, recovered to 57 by 2021, crashed to 120+ in March 2022, and has since settled in the 85-100 range.
For a dollar- or euro-denominated investor, this volatility is a double-edged sword. A Moscow apartment priced at ₽25,000,000 cost approximately $440,000 at 57 RUB/USD in 2021. At 95 RUB/USD in 2025, the same ₽25,000,000 apartment costs roughly $263,000. In ruble terms, Moscow prices have risen. In dollar terms, they've fallen significantly.
Some investors view this as an entry opportunity. A Moscow apartment that's fundamentally worth $400,000 can be acquired for $260,000 if you're comfortable with ruble exposure. The risk: the ruble could weaken further. The opportunity: any reversion toward historical averages would generate substantial dollar-denominated returns on top of local appreciation.
Currency Controls and Capital Flows
Moving money into Russia is currently simpler than moving it out. Inbound transfers in foreign currency are accepted at most major Russian banks. Converting to rubles for purchase is straightforward.
Repatriation is more complex. Russia introduced capital controls in 2022 that restrict outbound transfers for non-residents. While property sale proceeds can generally be repatriated, the process involves Central Bank approval, mandatory documentation, and potential delays. The rules change frequently. Work with a Russian-licensed lawyer who specialises in foreign investment. This isn't optional, it's essential.
Central vs Suburban Moscow
Moscow's residential market splits into two distinct segments. The central districts (inside the Garden Ring and between the Garden Ring and Third Ring Road) command ₽350,000-600,000/sqm for new-build apartments. Elite locations like Ostozhenka, Patriarch's Ponds, and Tverskaya push above ₽800,000/sqm.
Suburban Moscow, beyond the MKAD (ring road) and in the expanded New Moscow territories, offers dramatically different pricing. New-build apartments in Kommunarka, Troitsk, or Butovo start at ₽120,000-180,000/sqm. The new metro extensions reaching these areas have driven prices up 25-40% over the past three years, but they remain 60-70% cheaper than central locations.
For foreign investors, central Moscow offers better liquidity. The rental market in central districts is deep, with demand from expats, corporate tenants, and Moscow's growing professional class. Suburban investments carry higher appreciation potential but lower rental liquidity and longer void periods.
New-Build vs Secondary Market
New-build apartments (novostroiki) account for roughly 40% of Moscow's residential transactions. Major developers, including PIK, Samolet, Etalon, and Ingrad, sell directly to buyers, often during construction at 10-20% discounts to completion value. Payment plans are available. Build quality in top-tier developments meets Western European standards.
The secondary market (vtorichka) covers existing apartments. Soviet-era panel buildings (built 1960s-1980s) dominate Moscow's housing stock. These apartments are cheap, priced at ₽150,000-250,000/sqm in decent locations, but often require significant renovation. Ceiling heights are low (2.5m), layouts are awkward, and building infrastructure is ageing.
Stalinist-era buildings (1930s-1950s) are the exception. Their high ceilings, thick walls, and central locations make them highly sought after. A renovated three-bed in a Stalinist building on Kutuzovsky Prospekt or Frunzenskaya commands ₽400,000-500,000/sqm, premium pricing for Moscow, but still a fraction of comparable London or NYC properties.
The Registration Process
Buying a Moscow apartment involves these steps:
- Obtain a Russian INN (tax number), takes 5 business days
- Sign a preliminary agreement (predvaritelny dogovor) with the seller
- Conduct due diligence: verify the seller's title, check for encumbrances, confirm no unpaid utility debts
- Sign the main sale-purchase agreement (dogovor kupli-prodazhi), notarised
- Register the transfer at Rosreestr, 7-10 business days
- Receive the updated EGRN extract confirming ownership
Total timeline from agreement to registration: approximately 3-4 weeks. The notarisation step is critical. Russian law requires notarial certification for most property transactions involving foreign nationals. Notary fees are 0.5-1% of the declared property value.
If you can't be physically present, a power of attorney (doverennost) can be issued to a local representative. This must also be notarised, and if issued abroad, it requires an apostille or consular legalisation.
Tax on Property Income
Non-resident landlords pay 30% flat tax on Russian rental income (vs 13% for residents). Property sale gains for non-residents are also taxed at 30%. Becoming a Russian tax resident (183+ days per year) reduces the rate to 13%, but that's not practical for most foreign investors. Double taxation treaties may provide relief depending on your home country.