The ongoing difficult economic environment is influencing housing projects in Russia, where developers may face delays in commissioning new homes. Market observers note that this trend could become more noticeable as financial pressures mount and project financing tightens, affecting launches and handovers across the construction sector.
Industry insiders point to a persistent labor shortage in construction, with estimates suggesting a significant gap in qualified workers. A prominent industry association highlighted that even without broader mobilization, the sector already contends with a shortfall of millions of skilled personnel. Analysts warn that any escalation in personnel gaps due to policy changes or labor mobilization could raise the risk of project delays and push timelines further into the future.
Nevertheless, market participants agree that there is not a broad, imminent reason for a sweeping pause in commissioning new homes. About four in five developers are reported to meet delivery terms, while around one in seven experience delays of up to three months. It is important to note that, until mid-2023, a moratorium prevented the inclusion of ongoing construction projects in the Unified Registry of Problematic Objects, which means some troubled projects might not be visible in the registry at present.
Additionally, buyers and investors should be aware that penalties for missed delivery deadlines are not easy to retract. In practice, even if shareholders pursue penalties through court action, tribunals may dismiss such claims. As a result, those affected by delays often seek practical remedies through negotiation with developers. Common concessions reported include additional built-up area, extended electricity allowances, or other compensations for the duration of the delay.
Industry voices also note that strategic policy shifts, such as potential changes to mortgage programs for new buildings, could influence the availability of financing and demand. For example, adjustments to preferential mortgage schemes could alter the pace of new home construction and the overall housing supply in the country.
Overall, market participants recommend that buyers remain vigilant, request clear delivery schedules, and document all terms in writing. While delays may arise from a mix of macroeconomic pressures, financing constraints, and labor shortages, informed negotiations and transparent contracts can help mitigate risks and set realistic expectations for both developers and buyers.