New Moscow Apartments Remain Accessible in 2023 as Market Shows Early Signs of Recovery
At the start of July 2023, buyers could find the most affordable newly built apartment in Moscow for around 5.4 million rubles. The cheapest option appeared in the Lyublino district, a compact 23 square meters, offering a practical entry point into the city’s real estate market. This assessment comes from analysts associated with the DOLGOV PRO real estate agency, as reported by Izvestia.
Industry experts note that studio apartments priced in the 5.4 to 6.4 million ruble range were plentiful on Moscow’s new-build market at that time. A year earlier, the entry threshold tended to be a bit higher, typically between 5.5 and 6.5 million rubles, according to the same group of specialists. These shifts reflect a market adjusting to new financing options and ongoing developer incentives.
From March to May, the supply of new buildings in Moscow experienced a surge. In these months, about 52.5 thousand apartments were showcased across market events, a level comparable to the same period in the previous year. The broader market appeared to be on a gradual path to recovery. For instance, contracts were up by about 18% in the spring of 2023 compared with winter urban activity, signalling growing buyer engagement and renewed confidence.
Dmitry Dolgov, the CEO of DOLGOV PRO, attributed the uptick in buyer interest to several concurrent factors. Mortgage program adjustments, discounts offered by developers, and the appearance of new projects at more favorable price points all played a role in stimulating demand. These dynamics contributed to a refreshed mood among potential buyers who were weighing the benefits of purchasing a new home in the capital.
On June 24, Izvestia referenced statistics from NDV Supermarket Real Estate indicating that Moscow faced a notable shortage of new construction in three districts. The Zelenograd Administrative District (ZelAO), the Eastern Administrative District (VAO), and the South-West Administrative District (SWAO) were highlighted as areas with tighter supply, influencing price and availability across the city.
Earlier reports noted a decline in prices for new buildings in Russia for the first time in a year, underscoring shifting market conditions and the balancing act between demand, financing, and construction schedules.
Overall, the Moscow market in mid-2023 showed resilience with a tangible rise in activity, a broad range of affordable studios, and pockets of supply constraints in key districts. Analysts and brokers continued to monitor mortgage policy changes and the evolving portfolio of projects that could shape price trajectories and buyer choices in the quarters ahead. Attribution: Izvestia; DOLGOV PRO analysts; NDV Supermarket Real Estate