In the first half of 2023, property pricing in Moscow’s primary housing market showed a gentle cooling. The average price per square meter slipped by 2.1 percent, landing at 226.6 thousand rubles. This trend was reported by analysts affiliated with Bon Ton, reflecting a broader pattern in the metro area’s newly built segment.
Looking more closely at the two major subregions of Moscow’s outskirts, data for June indicates nuanced shifts. Within the Novomoskovsky Administrative District (NAO), the average price per square meter stood at 231 thousand rubles, a decline of 1.9 percent from January. In the Troitsky Administrative District (TAO), the average was 125 thousand rubles per square meter, marking a 3 percent decrease since the year began. These figures illustrate how price momentum can vary between outer districts even as the overall market remains softer than at the start of the year.
Analysts note that the typical cost to purchase an apartment in NAO has softened to about 10.8 million rubles, roughly 5 percent lower than January levels. In TAO, new-build apartments averaged 8.2 million rubles, a 0.8 percent uptick over six months, underscoring a modest resilience in some TAO segments despite the broader price moderation elsewhere.
Bon Ton further highlighted regional variation by pointing to the Nenets Autonomous Region, where the highest average apartment price was recorded in the Vnukovskoye settlement at 12.8 million rubles. While geographically distant from central Moscow, this datapoint helps illustrate how different markets within the wider Moscow region can diverge in pricing trends based on location, demand, and development pace.
In the elite segment, pricing in Moscow’s new-build market reflected a continuing correction. Exclusive market observers from Intermark Real Estate reported that the average price per square meter for luxury housing fell by about 2 percent year over year. In May 2023, prices decreased by 0.1 percent to roughly 1.45 million rubles per square meter. The peak price observed in the previous year reached about 1.62 million rubles per square meter in October, highlighting a downward trajectory after a period of rapid growth in the high-end sector.
Taken together, recent data suggest a cautious stance among buyers and developers alike. The overall tone across Moscow’s primary and secondary markets points to stabilization rather than rapid ascents in price, with regional and segment-specific dynamics creating a mosaic of outcomes for investors and residents. The market’s direction will likely hinge on macroeconomic conditions, mortgage availability, and ongoing housing policies affecting new construction and supply in the capital region.
Analysts will continue to monitor quarterly updates, noting how shifts in price per square meter interact with rental yields, inventory levels, and transaction activity. While some districts show a softening trend, others exhibit resilience in price points tied to infrastructure improvements, school and business district growth, or forthcoming development projects. The evolving landscape in Moscow’s primary and outlying markets remains a focal point for buyers looking for value, developers pursuing steady demand, and policymakers aiming to balance affordability with sustainable urban expansion.
Prices for new buildings in Russia have demonstrated volatility at times. Observers emphasize that while some quarters may see notable declines, the long-term trajectory will depend on a combination of supply, demand, and macroeconomic conditions shaping the housing market across major urban centers.