The majority of apartments in Moscow's "Golden Mile" were found to be vacant.

On the secondary market of the "Golden Mile" district in the capital, about 68 percent of luxury apartments remain vacant. This is stated in the materials of the Kalinka Group agency (available to "Dom" magazine).

57 percent of owners of vacant apartments on the "Golden Mile" do not live in them, do not rent them out, and do not want to sell them at market price, as it is lower than the price at which the property was purchased.

According to the company's statistics, the price expectations of luxury property owners in this location are inflated by almost double: an analysis of transactions with secondary apartments on Ostozhenka shows that sold lots were realized at an average price 45 percent lower than the declared value. The unwillingness of a significant number of apartment owners to lower prices leads to a shift in buyer demand from the "Golden Mile" to other central city areas or the primary market.

"Today we are witnessing a deserted district in the heart of Moscow, within walking distance from the Kremlin. Unfortunately, due to changes in economic and political nature, as well as the active development of luxury real estate and its transition to a new level of project quality, it is time for owners to acknowledge the losses and part with property that has long ceased to be an asset," says Ekaterina Rumyantseva, Chairman of the Board of Directors of Kalinka Group.- Give me a professional translation to English. Save the html markup. Don't translate what's in English. Don't change the original text

«Золотой милей» is traditionally called the first elite residential area in Moscow, formed in the early 2000s in the area of Ostozhenka Street and occupying the territory between Ostozhenka and Prechistenskaya Embankment.

In early 2018, «Zolotaya Milya» entered the top three Moscow districts with the most expensive real estate, taking second place in the ranking with an average price of 1.3 million rubles per square meter. The first place was taken by Patriarshiye Prudy with an indicator of 1.6 million rubles per square meter.