Plans for finished flats in Russia point to a price increase of about 4-5 percent in 2024. An industry economist and communications director at a leading tech-focused real estate firm shared this outlook, noting that the secondary real estate market should remain relatively stable even as overall demand softens.
The analysis suggests that second homes in major cities will either hold steady or see only a modest rise, with growth lagging behind inflation. Following the July 1 cancellation of the preferential housing loan program for new buildings, demand for second homes is expected to grow gradually in regions that extend such incentives. The overall forecast is that price declines for second homes in the coming year are unlikely.
Renter demand remains solid, especially for traditional rental housing, yet long-term leasing is not the best fit for many families with children. Buying an apartment, particularly during the construction stage, can offer a lower upfront cost and a clearer path to ownership when compared with renting.
There is also a continued advantage to purchasing through July 1 when preferential mortgages stay available, making buying more attractive than renting. After that date, family-oriented mortgage programs are anticipated to resume access. Even with higher deposit requirements, saving for a down payment remains a prudent strategy for those eyeing home ownership.
Earlier market observations noted that demand for secondary real estate in major cities cooled amid broader economic pressures. Yet prices for completed units did not fall sharply, with only modest monthly increases observed in early spring. The trend suggests a gradual normalization rather than a rapid drop in prices.
Earlier discussions in the market also explored how housing loan interest rates might respond to recent central bank activities, framing the larger landscape in which these price movements occur.