During the three months from July through September 2024, the average price per square meter in new housing within Moscow’s bulk segment fell notably in several core districts. Lefortovo District posted a 19 percent drop, bringing the average price to 380,000 rubles per square meter. This marks a substantial cooling in a sector that had seen rapid gains in previous periods, and it was reported by RBC. In the third quarter, Lefortovo earned the top position among Old Moscow locations for the scale of price reductions in the primary economy and comfort-class segments, a point highlighted by an analyst from the bnMAP.pro platform.
Biryulyovo Vostochnoye District registered the second-largest decline, with prices slipping 12.9 percent to 303.6 thousand rubles per square meter. In third place was Moskvorechye-Saburovo, where the price per square meter decreased by 12.1 percent to 367.3 thousand rubles. These movements illustrate how affordability pressures are broadening across the central parts of the city, affecting buyers seeking mass-market housing options.
Khoroshevo-Mnevniki and Perovo closed the top five, recording declines of 11.7 percent (to 394.5 thousand rubles per m2) and 11 percent (to 346 thousand rubles per m2) in mass-demand categories, respectively. The data emphasize a trend toward softer pricing across several well-known districts in the capital, reflecting a mix of rising supply and changing demand dynamics in the primary market.
Earlier reports in Russia indicated planned changes to the concessional mortgage lending system, a policy angle that could influence future buying power and pricing trajectories in the capital’s housing market. Observers note that any shifts to mortgage terms or subsidies tend to ripple through both investor activity and first-time buyer demand, potentially extending price adjustments across the wider market.
In related commentary, a former real estate agent spoke about concerns surrounding fraud associated with family mortgages, underscoring ongoing caution in retail lending practices amid policy adjustments and market volatility. Market participants stress the importance of clear guidance and robust verification as new rules take shape.
Overall, the third quarter of 2024 shows meaningful corrections in Moscow’s bulk new-build segment, with Lefortovo at the forefront and several adjacent districts following suit. The combination of price declines in the primary economy and comfort-class segments, along with evolving mortgage policy, suggests a shifting landscape for buyers and investors alike. For those watching international markets, these developments provide a window into how urban price dynamics respond to policy signals, supply changes, and affordability pressures in major metropolitan areas.