Problem being, any wage growth in Moscow caused prices to appreciate, because real estate is most/only reliable vehiche for long term worth storage in middle class. If you have spare cash, you buy an apartment.

Indeed, the great amount of constructions works to limit this effect.

They are not competing with global foreign investors. Look at property markets in postsoviet countries like Poland or Czechia.

Russians can invest in foreign stock markets etc... It is not like in China or Korea.

Price rise you see is normal growth.