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4. Moscow, Russia - $2,120 per sq ft

Moscow is the highest priced example of how emerging market luxury real estate has been able to continue growth. The Wealth Report 2009 points out that Moscow’s successful price increases result from the relatively small size of the city’s prime market area and increase of high net worth buyers. Although prices made a cumulative +13.1% upward move for 2008, Moscow’s growth trended downward at the end of the year, with prices dropping -5.6 percent in the final quarter.

Photo: AP