Overview of April 2023 Pricing Changes in Russia’s Secondary Housing Market
Researchers trained a neural network to identify which Russian cities showed the sharpest drop in the price per square meter for secondary housing during April 2023. The analysis highlighted that the biggest declines were in Bryansk, Tver, Kazan and Khabarovsk, with the results drawn from the SRG automated real estate valuation system that combines artificial intelligence with advanced machine learning models.
The study examined the dynamics of price per square meter across fifty of the nation’s largest secondary housing markets, and it used a robust AI framework to quantify month-to-month changes in finished apartments. The goal was to provide a precise, data-driven picture of how value shifts unfold across significant urban centers.
According to the neural network, Bryansk registered the most pronounced monthly decrease in apartment prices in April. The price per square meter fell by 2.56 percent from the previous month, landing at 73.1 thousand rubles. Tver ranked second, with a decline of 1.13 percent, bringing the average price to 86.9 thousand rubles per square meter. Kazan and Khabarovsk also featured in the top three, showing declines of 1.11 percent per square meter, with current prices around 139.1 thousand and 116.2 thousand rubles respectively.
Additional cities that experienced reductions in the secondary market during April include Tyumen, Penza, Lipetsk, Novosibirsk, Krasnodar and Vladivostok, each recording varying degrees of price softening in the same period.
In a May overview published by Kommersant, observers noted a gradual rebound in prices across Russia’s largest regional markets, including the Moscow and Leningrad regions, which collectively account for a substantial share of secondary housing activity. Across these major markets, prices for a square meter rose by an average of about one percent as the market entered a stabilization phase.