Inkom-Nedvizhimost’s director of the Secondary Market Department, Sergey Shloma, recently spoke to Izvestia about the trajectory of Moscow’s finished housing prices. He indicated that the market has cooled after a period of overheating and projected a decline of about 10 percent in the near term, with a potential further easing of around 5 percent after that initial drop. Shloma explained that the strong price runups seen over the previous two years, during 2020 and 2021, created a substantial bubble in the secondary housing segment, and the current dynamics signal a correction rather than a new surge in value.
The discussion aligns with earlier reporting by socialbites.ca, which cited data from the federal real estate company Etazhi. The report tracked rental costs across several Russian cities from February to December 2022, noting a downturn in Moscow, St. Petersburg, Krasnoyarsk, Samara, and Kazan. The most pronounced declines were recorded in Moscow and St. Petersburg, where the typical monthly rent for a one-room apartment fell by 15.7 percent and 12.5 percent, respectively, during that period. Rental costs eased in the other cities as well, though to lesser extents.
Specifically, the price for renting a one-room apartment in Moscow showed a notable drop, with the December rate around 46.49 thousand rubles. In St. Petersburg, the December figure stood at approximately 30.6 thousand rubles, reflecting a 12.5 percent year-over-year decrease. In Krasnoyarsk, Kazan, and Samara, the declines were more moderate: 4.1 percent, 2.8 percent, and 1.8 percent respectively. December rents translated to roughly 18.33 thousand rubles in Krasnoyarsk, about 22.82 thousand in Kazan, and around 17.9 thousand in Samara.
Taken together, the indicators point to a cooling trend in the Russian rental market, with Moscow leading the adjustment after a period of extreme demand. Market observers stress that while some cities show more pronounced shifts, the overall pattern signals greater stability and a slower pace of rent growth in the near term. Analysts cautioned that regional differences persist, and factors such as occupancy rates, new supply, and macroeconomic conditions will continue to influence monthly pricing movements across major urban centers.
From a broader perspective, experts emphasize that buyers and renters should monitor policy signals, mortgage rates, and local employment trends, which can quickly alter the balance between supply and demand. The evolving pricing landscape is likely to affect decision-making for purchases and rentals alike, underscoring the importance of up-to-date market data and cautious planning for households evaluating urban housing options.