Russian residents started purchasing homes in other regions, sparking a noticeable rise in internal migration. In a discussion on this topic, Igor Gorsky, president of the International Mortgage and Real Estate Academy and deputy chairman of the Association of Realtors of St. Petersburg and the Leningrad Region, shared insights.
Gorsky pointed out that in St. Petersburg about 30 percent of real estate transactions involve buyers from other regions. In Kaliningrad, interregional activity is even higher, reaching around 60 percent. Other major cities such as Moscow, Yekaterinburg, and Kazan also show strong interregional demand. The trend is evident in most urban centers with populations exceeding one million, where regional pulls are attracting buyers and families alike.
The expert noted that the northern part of Russia attracts many newcomers from wealthier northern regions, including Yakutia, Komi, Murmansk, Khanty-Mansiysk, Arkhangelsk, and Salekhard. At the same time, southern destinations like Krasnodar, Sochi, and Novorossiysk are popular for migration driven by climate, lifestyle, and investment opportunities.
Gorsky explained that people from smaller towns tend to relocate to Kazan, while those from Siberia show a strong interest in Yekaterinburg. He highlighted that Kaliningrad, Omsk, and Khabarovsk hold particular appeal for buyers seeking new markets and expanding possibilities.
Earlier reporting indicated a rising demand for second homes in Russia, with expectations of growth through early 2023. Still, the market also faced adjustments, underscoring the importance of informed decisions in mortgage planning.
Additionally, Russians often consider three common reasons a bank might reject a mortgage application. These factors illuminate the lending environment and how buyers can prepare to secure financing for regional real estate moves.
Source notes: statements by industry experts and market observations compiled from regional real estate discussions and industry reports. Attributions attributed to URA.RU and related market coverage.