The market for new-build apartments in Russia has continued to grow, with a notable 30% increase in homes offered for sale since January 2022. This trend was reported by Izvestia, drawing on information from the press service of the real estate firm Etazhi. Looking at the broader primary housing sector, Etazhi’s sales director, Sergey Zaitsev, noted that supply gains have persisted since March 2022, driven by rapid construction across major cities. Zaitsev also pointed out that a large portion of residences under construction remains unsold, with about one third of ongoing projects not yet on the market. This indicates a pipeline of new homes that could come online steadily in the coming months, potentially stabilizing price momentum in a market known for fluctuations.
Industry voices stress that the growing number of available units signals more than a supply uptick; it mirrors intensified competition among developers and builders. Etazhi representatives say the heightened competition can restrain sharp price hikes, offering buyers a wider array of layouts and locations. In related news, Rosstat released figures this week showing that the average price of apartments in new buildings rose by roughly 21% in 2022, reaching about 122,300 rubles per square meter. By contrast, the secondary market posted a more modest increase of around 12%, with prices near 94,400 rubles per square meter. These figures reflect the ongoing market shift where new-build properties remain a focal point for many buyers while the secondary market adjusts to evolving demand patterns and financing conditions. Analysts expect price trajectories in both segments to be influenced by ongoing construction activity, mortgage rates, and regional differences, with several regional markets showing divergent trends driven by local development pipelines and population growth.
Taken together, the data from Izvestia and Rosstat depict a Russian housing market expanding its primary supply base while balancing price dynamics through intensified developer competition. The result is a nuanced environment where buyers gain access to a wider selection of newly constructed homes but must navigate construction timelines, regional price variations, and changing financing options. As the market evolves, observers anticipate continued growth in new-build listings through 2023, with more moderate price growth as supply catches up to demand in several urban centers across the country.