In Moscow, activity in the secondary real estate market has risen as more buyers from the Kherson region enter the market with housing certificates. A report prepared by analysts from NDV Supermarket Real Estate and cited by Izvestia explains this uptick, pointing to changes in demand dynamics driven by government support programs and the influx of new buyers displaced by regional events.
Analysts from the agency report that buyers holding Kherson certificates now account for about 7% of all clients applying for properties through the agency. This share signals a notable shift in the client mix, suggesting that housing certificates issued to Kherson residents are influencing purchase decisions and shaping the market’s geographic reach.
In addition to shifting demand, the agency notes price adjustments across segments of the Moscow housing market. Discounts oncomfort-class housing in the capital can reach up to 3%, while premium elite properties may attract discounts of up to 5%. These adjustments reflect a combination of seller expectations, lender terms, and a cautious approach from buyers navigating a high-value market with renewed activity.
Andrey Vorobyov, the Governor of the Moscow Region, announced in the first half of November 2022 that applications for housing certificates were being accepted from residents of the Kherson region. The program enables people who were forced to relocate to obtain social assistance, including the right to acquire a dwelling in any Russian region, including Moscow. This policy aims to provide transitional support and stabilize living conditions for displaced families while their broader settlement plans take shape.
Recent discussions on the Baza Telegram channel indicate that some sellers who offered their apartments to Kherson certificate holders did not receive any payments at closing. Reporters note that there are confirmed cases of delayed or unsettled transactions, underscoring a market where buyers and sellers are navigating new financing and regulatory contexts alongside ongoing shifts in demand. Market observers emphasize the importance of due diligence in assessing certificate validity, entitlement status, and the specific terms attached to each housing program, as these factors can impact transaction timelines and final pricing.
Overall, the Moscow secondary real estate market appears to be absorbing the changes brought about by the Kherson certificate program. While demand from displaced residents contributes to activity, the market remains sensitive to policy details, regional incentives, and the willingness of sellers to participate in this evolving landscape. Analysts caution that ongoing monitoring of certificate issuance, eligibility, and regional mobility policies will be essential for buyers, sellers, and lenders as the year progresses. The dynamic environment invites careful analysis of price signals, discount patterns, and the regional distribution of demand, all of which help explain the current trajectory of Moscow’s housing market in a time of geopolitical and economic shifts.