In recent years, the size of living spaces available to most Russians has not kept pace with rising costs, and any price gains have been tempered by the persistent presence of low mortgage rates. This assessment comes from Elizaveta Danilova, who serves as the director of the Financial Stability Department at the Central Bank of the Russian Federation. Her comments reflect a broader concern about what affordability means in practice for ordinary households across the country, especially as new lending schemes and subsidies shape the market more than ever before. [Central Bank of the Russian Federation, Financial Stability Department]
Danilova noted that a survey of affordability trends shows that the total living area that households can finance has not grown in recent years. In her words, accessibility, defined as the number of square meters that a household can obtain within a given budget, has remained stagnant despite various policy initiatives. This observation underscores the challenge of translating favorable financing conditions into meaningful improvements for the typical buyer. [Central Bank analysis and official remarks]
The Central Bank has also signaled concern about a price imbalance that has widened as concessional mortgage programs have been rolled out across both the primary and secondary housing markets. The effect, according to the bank, is a disconnect between affordability metrics and the actual costs faced by buyers who are entering the market under these programs. The central bank’s stance reflects a cautious approach to how subsidies may influence price dynamics and long-term financial stability. [Central Bank insights on mortgage subsidies and market pricing]
Earlier, Deputy Minister of Construction, Housing and Communal Services Nikita Stasishin raised the question of how to measure and manage the cost of a square meter for Russian homes. He emphasized that understanding the factors that determine price per square meter and improving their practical usability are crucial for project viability, investor confidence, and consumer welfare. The ministry plans to engage in discussions with the Central Bank, the Ministry of Finance, the Ministry of Industry and Trade, banks, the Federal Antimonopoly Service, and regional authorities to align pricing factors with market realities and development goals. [Ministry statements and stakeholder discussions]
Domklik data indicate that the current average price per square meter in new residential buildings stands around 120,586 rubles, while the secondary market records approximately 100,958 rubles per square meter. These figures illustrate a notable gap between new construction costs and existing housing options, a gap that policy and market participants are likely to monitor closely as plans for affordability and housing supply evolve. [Domklik statistics on price per square meter]
Preceding coverage from other outlets highlighted ongoing questions about the mortgage market and its implications for buyers and financiers. The evolving landscape remains a focal point for policymakers, lenders, developers, and researchers who seek to understand how subsidies, price dynamics, and financing terms interact to shape access to housing in Russia. [Industry and media commentary on housing affordability]