As a result of the global commodity boom experienced in the recent years, a new-rich class of “New Russians” has emerged. The zeal of this class to dispose of their new found wealth has hugely contributed to building a “New Moscow”.
Last year alone, the market of Moscow was flooded with over three million cars from Russia. Further, the new cash led to the emergence of a real-estate gold rush, and as a result, property prices have literally skyrocketed. Very tall buildings have been built, dominating the city’s skyline and competing for an aerial supremacy with the existing skyscrapers.
However, the dominance is not likely to overshadow Moscow’s historical buildings, at least as yet, thanks to the global economic crisis. The economic downturn has forced most of the new developments such as the 600m Norman Foster Tower and the 450m Crystal Island building to be halted for a while.
The debauched nightlife in Moscow is yet to be downsized by the economic downturn. The clubbing scene is characterized by ostentatious nightclubs, but whatever the scene doesn’t have in terms of innovation is covered up by the liveliness and high-end profligacy. However, the rich culture of Moscow cannot be overshadowed by the “New Moscow” as it is still well protected in the Pushkin museum, well-known for its collections and the Tretyakov Gallery, an exceptional display of Russian art.
Even though it will take time to get rid of organized crimes and corruption, the “wild west” repute of Moscow of the 90s seem to disappear. The city has grown to be one of open opportunities, where the natural resources of Russia first turn into rubles before transforming into real estate. If the city comes out of the slump intact as it has been in the recent past, it will without a doubt grow into a very exciting and absorbing city worldwide.