Prices for New Homes in Russian Cities: January 2023 Overview
In January 2023, the most expensive new buildings in Russia were found in Moscow and Sochi, with St. Petersburg also appearing among the priciest cities. This assessment is cited by analyst commentary from Avito Real Estate as reported by Lenta.ru.
Moscow led the list of the priciest apartments in new developments, with an average price around 14.2 million rubles. Sochi followed at about 10.4 million rubles, while St. Petersburg posted roughly 8.7 million rubles in the same category.
Analysts note that price growth was strongest in Moscow, rising by 9.8 percent in January versus December. Sochi experienced a 7.4 percent increase, and Stavropol along with Krasnodar posted a joint rise of about 5.8 percent.
Across Russia, the overall market showed a slight price decline for new housing of about 0.9 percent in January. Demand for new housing rose by 8.6 percent in the same period. Analysts caution that sharp shifts in the market are not anticipated in the near future.
On February 6, the head of Russia’s Ministry of Construction, Irek Fayzullin, stated that in January 2023 the country brought online 11 million square meters of housing, which is 7 percent higher than the same period in 2022. He noted that despite prevailing conditions, state programs for commissioning housing are proceeding according to plans.
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