Unlike most of Russia, St Petersburg has managed to escape the architectural atrocities of Stalinism and visually retains much of its pre-communist heritage. Visitors strolling along the winding waterways of St Petersburg will be confronted with breathtaking blocks of palatial architecture, towering historical monuments, beautiful property and beautiful Venetian bridges.

The waterways of St Petersburg give way to wide, tree-lined avenues and impeccably maintained summer gardens, which look almost as impressive clothed in winter snow as they do in mid-summer bloom. St Petersburg can be alternately stark and opulent depending on the season and the will of the fickle Russian weather. Tourists (of which there are many all year round) are often confounded by the 'white-nights' which can bring snow falls in the city as late as midsummer, while the temperatures in winter can drop as low as -15 degrees.

The greatest tourist attractions in St Petersburg include the 'Peter and Paul' fortress, a stronghold founded by Peter the Great to protect St Petersburg from the Swedes, the Stock Exchange and Rostral Columns, which is reminiscent of the Athenian Parthenon, and the waterfront State University. Unlike many other European emerging property markets, where the focus is on off-plan and new-build property, St Petersburg real estate is dominated by renovated apartments. When located in St Petersburg, this type of property generally has six or more floors, which are accessed by a central lift. Property entrances can either be from the street or from a private courtyard, and many apartment buildings have on-site security. Due to the large university community and year-round tourist industry, apartments in central St Petersburg have excellent buy-to-let potential.

A fully refurbished apartment with two to three bedrooms in St Petersburg will usually be priced around £80,000, but it is possibly to buy original condition apartments for as little as £60,000. Townhouses are also increasing in popularity as St Petersburg becomes more affluent, but can usually only be found on the outskirts of the city. Such property in St Petersburg tends to be renovated, but it is also possible to find new-builds outside of the city centre.

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Article published July 2007