Moscow Real Estate: Secondary Market Trends in 2023 and Nearby Districts
In the past year, property prices for secondary homes in three Moscow districts—Marfino, Kapotnya, and Savelki—dipped slightly. During a recent briefing with the real estate agency, Dmitry Taganov, head of the INCOM-Real Estate Analytical Center, explained the forces behind these movements and what they could signal for buyers and sellers moving forward.
Taganov noted that in January 2023 the Central Administrative Region saw a slight decrease in the price per square meter, with declines ranging from 0.9% to 1.2%. Over the course of the year, overall price changes in this core area settled in a narrow band, showing a decrease between 1.3% and 4.5% depending on the submarket. A key reason identified for the softening is the quicker turnover of the most marketable apartments in Marfino, Kapotnya, and Savelki. These high-demand options have been sold, leaving behind properties that are less attractive to buyers and thus more likely to experience price adjustments.
In contrast, what remains on the market tends to be less popular among purchasers. For flats that linger on listings, Taganov suggested, there can be a modest price retreat as sellers adjust expectations to stimulate demand. This dynamic helps explain why listings that have been on the market for longer periods might show more noticeable price reductions, even in a market otherwise showing relative stability.
Overall, the Moscow property market in 2023 was characterized by stability rather than dramatic shifts. Prices across the metropolitan area remained nearly steady, with minor fluctuations largely attributable to shifts in inventory: the withdrawal of either cheaper or higher-end apartments from the market. At the same time, there continued to be shortages of liquid assets, meaning a limited supply of readily saleable homes could constrain broader price movements and sustain a degree of buyer caution. This nuance is important for anyone evaluating the secondary segment as a whole, since it signals that price pressure is not uniform across all districts or property types.
Taganov cautioned that it would be premature to claim a sustained decline in secondary-market prices. While the trend toward reduced demand could eventually weigh on prices, the current evidence points to a more nuanced picture in which selective segments experience downward pressure while others hold steady or even rise, depending on location, condition, and liquidity of the listings. The takeaway for investors and homebuyers is to monitor inventory quality closely and to differentiate between highly liquid properties and those that carry higher listing risk. In market terms, liquidity remains a critical factor shaping price trajectories and buyer sentiment. [citation: INCOM-Real Estate Analytical Center]
In related observations, a separate professional note highlighted important documentation to review when considering a purchase of a secondary car, reinforcing that due diligence remains essential across property transactions as well. This aligns with a broader emphasis on careful verification of property records, ownership status, and market timing when engaging in any real estate deal in Moscow and the surrounding regions. The trend signals a cautious, informed approach for buyers who wish to navigate a complex but potentially rewarding secondary-market landscape.
Historically, Russia has witnessed periods of price adjustments across real estate markets, including sharp fluctuations in certain years. In the current context, experts advise prospective buyers and sellers to weigh factors such as district demand, building age and condition, proximity to amenities, and overall economic signals when forming expectations about price movements in 2024 and beyond. A balanced strategy that blends market data with practical property evaluation often yields the most reliable outcomes for those seeking to enter or exit the Moscow secondary market.