November 30, 2025

A Pretty Penny to Park


A Pretty Penny to Park
A surprisingly good investment. The Russian Life files.

A new report by Russian state media outlet Izvestia reveals that prices on parking spaces are outpacing the prices on apartments.

Over the last year, apartment prices have risen 7-9%, while parking spaces have shot up 20%. New buyers of Russian apartments can expect their parking spaces to cost as much as one-sixth of their rent: on average, a million rubles, or $12,903, per year. Some large spots for nicer apartments in luxurious areas can go for as much as R25 million, or more than $322,000, a year.

Izvestia journalists write that several economic factors are at play that have caused a parking shortage. While there are laws and regulations that require a certain number of parking spots to be included when buildings are built, oftentimes not all spots are sold. Many residents choose not to purchase an expensive lot on top of an expensive apartment, so open spots are a pure loss to developers. To recoup, they raise prices on spots that are likely to be purchased, creating a vicious cycle.

Some context is helpful. In car-friendly America, the number of parking spaces per household can vary widely. Des Moines, Iowa, has a whopping 20 parking spaces per household. In urban public transit haven New York, there are a mere 0.6 parking spaces her household. On average, there about 1.1 parking spaces are added with each new residential construction in the U.S.

In Russia, even smaller cities sit at 0.39 spaces per household, while larger cities have only 0.33. New apartment blocks often have only between 0.2 or 0.3 spaces per apartment. Hence why some Russian banks even offer loans to help customers pay for parking spots.

All of this against a backdrop of economic uncertainty and a grinding war economy.

You Might Also Like

An Ode to the Hovercraft
  • February 14, 2021

An Ode to the Hovercraft

Russia is a land of many mysteries. The greatest of all, of course, is this: What's the deal with Russians and their hovercraft?
Good Parking Spots Are Worth It
  • February 21, 2022

Good Parking Spots Are Worth It

Russian bank VTB is set to begin offering customers loans to cover parking spaces and closets, which seem like sound financial decisions.
A Real Hot Rod
  • August 11, 2021

A Real Hot Rod

Who needs headlights when you have flamethrowers instead? This Russian mechanic decided to find out. 
Like this post? Get a weekly email digest + member-only deals

Some of our Books

The Little Humpbacked Horse
November 03, 2014

The Little Humpbacked Horse

A beloved Russian classic about a resourceful Russian peasant, Vanya, and his miracle-working horse, who together undergo various trials, exploits and adventures at the whim of a laughable tsar, told in rich, narrative poetry.

A Taste of Chekhov
December 24, 2022

A Taste of Chekhov

This compact volume is an introduction to the works of Chekhov the master storyteller, via nine stories spanning the last twenty years of his life.

The Pet Hawk of the House of Abbas
October 01, 2013

The Pet Hawk of the House of Abbas

This exciting new trilogy by a Russian author – who has been compared to Orhan Pamuk and Umberto Eco – vividly recreates a lost world, yet its passions and characters are entirely relevant to the present day. Full of mystery, memorable characters, and non-stop adventure, The Pet Hawk of the House of Abbas is a must read for lovers of historical fiction and international thrillers.

 
At the Circus
January 01, 2013

At the Circus

This wonderful novella by Alexander Kuprin tells the story of the wrestler Arbuzov and his battle against a renowned American wrestler. Rich in detail and characterization, At the Circus brims with excitement and life. You can smell the sawdust in the big top, see the vivid and colorful characters, sense the tension build as Arbuzov readies to face off against the American.

Murder at the Dacha
July 01, 2013

Murder at the Dacha

Senior Lieutenant Pavel Matyushkin has a problem. Several, actually. Not the least of them is the fact that a powerful Soviet boss has been murdered, and Matyushkin's surly commander has given him an unreasonably short time frame to close the case.

93 Untranslatable Russian Words
December 01, 2008

93 Untranslatable Russian Words

Every language has concepts, ideas, words and idioms that are nearly impossible to translate into another language. This book looks at nearly 100 such Russian words and offers paths to their understanding and translation by way of examples from literature and everyday life. Difficult to translate words and concepts are introduced with dictionary definitions, then elucidated with citations from literature, speech and prose, helping the student of Russian comprehend the word/concept in context.

Bears in the Caviar
May 01, 2015

Bears in the Caviar

Bears in the Caviar is a hilarious and insightful memoir by a diplomat who was “present at the creation” of US-Soviet relations. Charles Thayer headed off to Russia in 1933, calculating that if he could just learn Russian and be on the spot when the US and USSR established relations, he could make himself indispensable and start a career in the foreign service. Remarkably, he pulled it of.

Driving Down Russia's Spine
June 01, 2016

Driving Down Russia's Spine

The story of the epic Spine of Russia trip, intertwining fascinating subject profiles with digressions into historical and cultural themes relevant to understanding modern Russia. 

About Us

Russian Life is the 31-year-old publication of an award-winning publishing house that also creates books, and other products for Russophiles the world over.

Latest Posts

Our Contacts

Russian Life
73 Main Street, Suite 402
Montpelier VT 05602

802-223-4955