Analysts note that the governor of the Central Bank, Elvira Nabiullina, signaled a marked cooling in the pace of housing price growth across Russia. This assessment was reported by RIA News and highlights a shift after a period of rapid increases in property values.
According to Nabiullina, there will be a noticeable slowdown in the rate at which house prices rise nationwide, driven by the already high levels they reached. The central bank leader emphasized that the trajectory of price changes will not be uniform, with distinct patterns emerging in different regions of the country as prices have shown uneven growth in recent years.
Earlier, Life.ru, citing market experts, suggested that real estate prices in Russia may diverge in the near term. Projections indicated a 10-15% uptick in the economy segment for new buildings, while premium housing in the secondary market could soften, potentially dropping by 5-10%.
Valery Kochetkov of Inkom-Real Estate pointed out that demand for apartments in new developments has weakened, a consequence of stricter concessional mortgage terms. He estimated that the decline could reach about 35% by 2024. Developers, facing rising costs, are not anticipated to lower prices to spur activity, which may sustain the overall price adjustment trend.
Earlier discussions around Nabiullina’s comments touched on the broader issue of Russia’s sanctions environment and its impact on the financial sector, including housing markets. The central bank leadership has consistently linked monetary policy signals with real estate affordability and lending conditions, underscoring how macroeconomic policy interacts with regional housing dynamics.