St. Petersburg Property Market and Real Estate Guide

(St. Petersburg, North-Western Federal District, Russia)

The historic Russian city of St. Petersburg, founded in 1703 by Tsar Peter the Great, lies on the Neva river delta in the Gulf of Finland. The city centre is a World Heritage site famous for the massive Hermitage Museum and the Winter Palace. Despite damage during WWII, the city's magnificent neo-classical and baroque buildings are well-preserved.

Much redevelopment and apartment conversions in older houses within the downtown Nevsky district is taking place, and town houses, only found in the suburbs, are becoming popular. Modernised downtown apartments command high prices, with homes in suburban residential districts, like Vasilievskii Island, being more affordable.


Property prices in St. Petersburg have risen dramatically due mainly to foreign investment, and are now at the level of similar properties in major Western cities. However, a wide price variation does exist, dependent on location and condition, with many homes in need of an upgrade to Western standards.

Renting Serviced Apartments

A good choice of serviced apartments in St. Petersburg is available, with savings of between 20 and 50 percent over comparable hotel rooms. Location, availability of secure car parking and security provisions in general are important considerations, as is the level of renovation. Elite rentals are at a premium due to short supply.

Several Western-owned realtors supply upscale city centre serviced apartments, upgraded to Western standards and with 24-hour maintenance support. Maid service, grocery delivery, Internet access and childcare are standard, with an English-speaking personal manager on call in case of problems. Flexible payment methods include bank transfer and credit card, as well as cash.

Buying Apartments and Houses

There are no restrictions on foreign purchase of properties in Russia, although the procedure is complicated. Engaging a reliable, preferably Western, realtor is recommended. Many estate agents' listings contain unauthenticated data, making legally complex transactions common.

Extensive checks on the property and all parties involved must be made, and a certified interpreter must be used, as a large number of documents in Russian must be drawn up. If renovation is required, even more documents will be needed to gain permission. Check that the structure of the building has already undergone capital renovation by the Russian State - if scheduled at a later date, occupants are forced to move out, often for a considerable time.

If purchasing a new-build apartment, the buyer is considered to be an investor rather than an owner, and the apartment is not legally private property until a lengthy registration procedure is completed.

Real Estate Agents

There are more than 500 realtors registered in the city, over 100 construction companies' representatives and a large number of middlemen. Usually, at least two agencies will be involved in each purchase, and Russian realtors are not forced to conform to standard rules, so caution is recommended.

Check out the following St. Petersburg real estate agents:

City Realty Russia
Address: Muchnoi Per 2, St. Petersburg, 191123, Russia, RU
Tel: +7 0812 570 6342
Email: office@cityrealtyrussia.com
Website: www.cityrealtyrussia.com
Western owned and run, this realtor's excellent website is informative on all aspects of property in the city.

Pulford Real Estate
Address: Moika River Embankment 6, St. Petersburg, 191186, Russia, RU
Tel: +7 0812 325 6277
Email: realestate@pulford.com
Website: www.pulford.com
This realtor specialises in serviced apartments, with a useful list of real estate agents on its website.

Itaka Real Estate
Address: Bolshoi Prospect 36, Vasilyevsky Island, St. Petersburg, 199034, Russia, RU
Tel: +7 0812 740 7040
Email: info@itaka.spb.ru
Website: www.petersburg-estate.com
A Russian realtor specialising in suburban and country properties with an interesting English language website.