Moscow apartment gross rental yields are now only 3.41%, on average - 1.62% lower than a year ago.

This is a very significant shift.  Apartment prices decreased slightly in Moscow, or at least prices of the upper-end central-Moscow apartments which feature in our survey did - to an average of US$17,899 per square metre (sq. m.).  So rents in Moscow must have fallen considerably.

A typical 120-sq. m Moscow apartment can now generate a yield of around 3.45%, and sell for about US$16,521 per sq. m.

St. Petersburg apartments generate higher yields at around 6.9%, on average.

Yields have also fallen in St. Petersburg. The Global Property Guide estimates that average St. Petersburg yields have fallen by 1.57% since the same period last year.

Compared to a 120-sq. m apartment in Moscow, an apartment in St. Petersburg of the same size typically yields around 6.21%, and sells for US$5,166 per sq. m.