At 5.5 percent growth, Moscow's residential prices are rising considerably fast, even when compared to the rest of the large cities around the world. The only large city that's growing faster than the Russian capital is Hong Kong, which has a growth rate of 7.4 percent.

Moscow residential property prices grew second-fastest among the world’s ten largest cities in the first half of 2012, according to the latest World Cities Review published on Monday by the UK-based real estate services firm Savills.

Only Hong Kong had faster residential price growth, the Savills review said.

“During the first half of 2012, the value of Hong Kong’s properties grew by 7.4 percent. This constitutes the highest growth in any of our 10 global cities. Mainstream residential prices are at record levels due to strong local demand. The easing of mortgage availability has helped to underpin the market,” the review says.

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