"This paper has two purposes. First to describe qualitatively and quantitatively the current state of residential real estate marketing in Moscow and Kiev and to compare that to current practices in Philadelphia. Second, to surveys comparative rents and values to compare current conditions in Moscow to Philadelphia and to further compare current conditions in those cities to similar data from each city ten years ago. This paper updates work originally published by the lead author in England in 1996 (see ""Factors Influencing Residential Real Estate Rents and Values in Kiev, Ukraine when Compared to Philadelphia,"" with L.S. Kyj, and M.J. Kyj, Journal of Property Finance, Vol. 7, No. 2, pp. 53-70, November 1996.); and also updates work published in Russia in 1999 (see Marshall, P., T. Belkina and M. Kyj (1999). ""Is It Profitable to Invest in Rentable Residential Real Estate in Moscow?"" Journal of Problems of Theory and Practice in Reforms of Regional Economies (a journal of the Institute of Real Estate Research of the Russian Academy of Sciences), (in Russian), pp. 178-186.) We are unaware of any comparable work and believe that a comparison of condition in 2005 versus those a decade earlier, and not long after the fall of the U.S.S.R., would be useful to document in the literature. Data collected for 2005 primarily results from sorting and summarizing real estate data available on the websites of important real estate companies in each city. Normal statistical analysis is performed on this data to reach meaningful conclusions about current market conditions in each city. Data quality is compared and contrasted to that available in the earlier referenced works. Some tentative key conclusions appear to be: * Philadelphia has seen dramatic increases in the prices of real estate, but that is not surprising considering how well documented the American (coastal) real estate boom has been; * Moscow real estate price have also exploded, but perhaps as much from the development of much grander properties as from pure price appreciation, particularly in suburban areas; * Central Moscow properties are and have continued to be substantially more expensive (as measured by both value and rent) than similar properties in Philadelphia. Undoubtedly this is related to the fact that Moscow is the national capital. As such it is a magnet unlike anything we have in America. Many Russian live very well in Moscow. Few live very elsewhere. Such demand pressure means higher real estate prices and rents; * Real estate marketing has dramatically improved in both Kiev and Moscow compared to both a decade ago and relatively versus U.S. real estate marketing. Other than the lack of an MLS, this process has probably reached its limit."