Panorama Estate acquired a chunk of land along Novorizhskoye Shosse in Moscow’s western outskirts for $33,000 per 100 square meters a few months before the crisis.

Now, the Moscow-based real estate company is pushing hard to sell the plots for $5,000 apiece.

“We would be glad to sell it at a 70 percent discount,” said Omar Gazheyev, managing partner at Panorama Estate.

“We are being forced to sell at huge discounts because undeveloped land is a burden for landowners in times of crisis,” he said…….

http://www.moscowtimes.ru/article/600/42/373057.htm