There is a shortage of luxury real estate in Sochi while Saint Petersburg lacks accessible housing.

2021-03-08

No country for poor men

Russians are buying up elite housing in Sochi. The demand for high-end real estate in January turned out to be 20% higher than a month earlier, according to LENTA.RU. The same information resource reports that there is a shortage of low-cost apartments in new buildings in St. Petersburg.

Experts attribute the rapid growth of expensive resort housing to the development of urban infrastructure and closed borders. According to realtors, the Sochi elite real estate market will continue to grow through the increasing demand of remote workers who relocated to Sochi and the emergence of new leisure facilities instead of old buildings.

And in St. Petersburg, there are only 1.8 thousand lots left for apartments in new buildings worth up to 3 million rubles. The vast majority of housing under construction is worth between 5 and 10 million.

Wealthy people from all over Russia are flocking to Sochi because they have enough money to spend on the expensive real estate in the resort area. The nature of their income is such that they do not have to work at the machine, set bricks, grade students’ papers late in the evening, and rush to the hospital on their duty early in the morning. They can easily run their business right from their cozy little couch by the panoramic window overlooking the sea (or mountains).

And the developers of Northern Palmyra, apparently, take advantage of the opportunity and, while the preferential mortgage rate is in effect, they are investing in the construction of more expensive housing. They are not really interested in apartments for the poor.

The situation on the real estate market in our “northern and southern capitals” eloquently illustrates that every effort in these cities is aimed at meeting the needs of the richest and the most “respectable” individuals. As for ordinary people, there are only jobs with slave wages as well as throughout the country, of course.

As long as power is held by the rich, it will become more and more difficult for the poor to simply survive. Some basic stuff like decent housing, quality education, and healthcare, good food will become increasingly inaccessible.

It cannot be otherwise, given a bunch of rich people who own land, factories, newspapers, and so on keep enjoying the millions of working people’s labor fruit.