Why is this house in Moscow worth $47 million? The answer is as surprising as it’s value

Just blocks from the Kremlin, this 2,354 square meter pile of concrete on Ulitsa Bolshaya Ordynka is worth an estimated $47 million. Each square meter averaging out to about $20,000.

Why so many ruples for this Moscow mansion in the heart of the big city? It’s a detached property, which is incredibly rare in the capital city of Moscow. Only 600 detached houses exist in the city inhabited by over 12 million people. The fact that so few detached houses exist drives up the prices when one finally hits the open market.

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Once detached homes like this Moscow mansion hit the market, buyers aren’t typically wealthy families or a well-off Russian businessmen. Detached properties in Moscow get scooped up by embassies, medical clinics or banks and oil companies to act as their central office.

[via Moscow Times]