In Russia, price levels for new housing did not rise in May despite growing consumer interest. This conclusion comes from analyses by specialists affiliated with Kommersant, CIAN.Analitika, Etazhi, and Avito.Nedvizhimost, who collectively track the dynamics of the country’s new-home segment.
According to CIAN.Analytics, the average price per square meter in the market for new buildings across Russia’s 18 largest regional markets, which encompass more than 16 million residents in major cities including Moscow and the Leningrad region, stood at 140.6 thousand rubles in May. The month showed a slight dip of 0.2% from April. The firm emphasizes that developers have not yet faced the kind of cost-push that would drive prices higher. Avito Nedvizhimost provides a broader national snapshot, estimating the typical price of an apartment in a new development at around 6 million rubles. Over May, the cost of primary housing declined by 0.8%, and over the year the decrease reached 2.9%, according to Avito’s data.
Alexey Popov, who leads CIAN.Analytics, highlighted that after the May holiday period, inquiries about housing in new buildings rose by about 10% compared with April. He noted that activity remained on par with March levels in terms of interest in listings. Dmitry Alekseev, the head of the primary segment at Avito Real Estate, added that in the first half of May the number of housing-search requests was roughly 29% higher than in the same period a year earlier.
At the same time, the market is characterized by a notable gap between supply and demand in the new-building sector. Alekseev points out that the inventory of available units far exceeds the number of buyers, and Avito Nedvizhimost reports that the current exposure volume is about 52% higher than a year ago. A considerable portion of listings continues to feature discounts, with discount units in Moscow and the Moscow region representing more than a third of the current supply.
Izvestia, drawing on data from Avito Nedvizhimost for January through March, notes a rise in demand for new buildings by an average of 4.8% while the cost per square meter in the primary real estate market increased by about 0.5%. In today’s Canada and United States markets where affordability and price sensitivity are prominent, such patterns—rising buyer inquiry alongside stable or softening prices amid abundant supply—may reflect similar dynamics in segments with high turnover and ongoing construction activity. While regional disparities exist in Russia, the general message is consistent: heightened buyer interest does not yet translate into higher prices, and developers often rely on discounts to move inventory in markets with ample supply.