Russian Realty Macro Monitor
Primary vs Secondary housing prices, market distortion and RUB carry vs housing.
Primary vs Secondary
Average RUB per square meter, Rosstat quarterly data.
Primary / Secondary Ratio
Above 1 means primary housing is more expensive than secondary housing.
Primary / Secondary Z-Score
Long-term historical distortion of primary vs secondary housing prices.
RUB Carry vs Housing
Secondary YoY / Key Rate. Above 1: housing beats carry. Below 1: carry beats housing.