In the Moscow region, the current market for new buildings showcases a substantial pipeline: 44.5 thousand houses and apartments spanning 216 projects are up for sale. A majority of these units, roughly 20.23 thousand apartments or 45.5%, are being offered in an unfinished state. Over the last six months, the share of unfinished flats rose by about 20.2%, signaling a shift in developers’ pricing and offering strategies as buyers weigh financing options and project timelines.
Among the inventory, 4,870 flats are marketed with a white box finish, accounting for 10.9% of the total. A larger portion, about 19.4 thousand flats, comes with thin finishing, representing 43.6% of the supply. This distribution reflects a layered approach to finishes, with some buyers choosing to complete interiors themselves and others preferring a baseline stage with more predictable costs and timelines.
Over the previous half year, the structure of supply in the Moscow region has tilted toward unfinished options, which gained 5.5 percentage points in share. Meanwhile, housing with fine finishing slipped to second place in the overall mix, decreasing by 5.9 percentage points. The white box category held relatively steady, showing only marginal change. For projects launched between April and June, finishing was provided in a minority of lots—11.4%—while white box offerings appeared in 22.6% of new projects. A striking 66% of newly listed lots were presented without finishing, underscoring a market tilt toward lower upfront costs and shorter possession timelines for buyers who are prepared to handle interior work later.
Industry perspectives emphasize that developers are increasingly aiming to reduce upfront costs and speed up project delivery by omitting finishing. This trend is particularly relevant in an environment characterized by higher mortgage rates and tightened government support. The effect is twofold: it broadens affordability for some buyers while leaving others who want turnkey living spaces with the option to negotiate post-purchase renovations or to seek developer-financed finishing packages. In the long run, the choice between unfinished, white box, and finished interiors shapes monthly payments, resale value, and the overall cost of ownership, making finishing decisions a pivotal part of the buyer’s calculus.
Voicing a practical outlook on the market, Grigory Vaulin, a managing partner at Ferro-Stroy Group Companies and EVRAZ CELIK, notes that the unfinished model has gained traction as a strategy to keep homes within reach for a broader spectrum of buyers. He points out that those who can afford to defer finishing often opt for a DIY or semi-professional approach that can yield savings, while others prefer to leverage developer options that bundle finishing at a lower incremental cost than doing it independently. The ongoing shift toward unfinished and semi-finished housing reflects both the financing landscape and the evolving preferences of buyers in the region.
The latest observations reflect a market that remains highly responsive to financing conditions, project timing, and consumer appetite for customization. For developers, the challenge is balancing price, speed, and quality, all while navigating the regulatory environment and market demand. For buyers, the decision matrix increasingly includes considerations of how soon a property can be occupied, the total cost of finishing, and the flexibility to customize interior layouts and finishes to personal taste and lifestyle requirements.
In sum, the Moscow region’s new-building segment continues to reveal a flexible supply mix. The dominance of unfinished and white box offerings signals a strategic push by developers to expand access to housing amid tightening financing and shifting consumer expectations. As market dynamics evolve, buyers and investors will closely monitor how finishes, project timelines, and price structures interact to influence affordability, value retention, and the attractiveness of new-build investments across the region.