Prices for secondary homes in Russia peaked at 90 thousand rubles per square meter in September after a sustained rise, before easing in October, according to Sergei Zaitsev, Sales Director at Etazhi, a real estate network cited by RIA News.
From the start of the year, the cost of reselling a square meter increased by 14.6%. In October, it slipped by 0.8% to 89.3 thousand rubles. The prior decline occurred from October to December last year, underscoring a pattern of post-peak adjustments in the market.
Zaitsev attributes the current correction mainly to a sharp drop in mortgage availability. With loans that once carried favorable conditions no longer accessible, demand has contracted significantly. Sellers are advised to engage in active negotiations and offer genuine buyers meaningful discounts to close deals.
The expert forecasts that the average discount on selling a second home will rise mainly due to competition in the primary market, where mortgage rates are more affordable. In October, price declines among secondary homes were most pronounced in Perm, Nizhny Novgorod, Kazan, Rostov-on-Don, Chelyabinsk, and Moscow. Prices in St. Petersburg remained comparatively stable, reflecting regional variations in demand and financing conditions.
There is also a note that interest in the rising Dubai real estate market has waned among Russians, suggesting a shift in international investment or relocation considerations. This broader context can influence domestic demand and price dynamics in the Russian secondary market.
Earlier commentary had signaled a potential end to the real estate boom, highlighting cyclical factors that influence long-term market activity and price trajectories. Analysts continue to monitor how credit policy and regional economic conditions will shape the pace of price corrections across major cities and secondary markets.