By the close of 2022, only one Russian city saw a decline in prices on the secondary housing market rather than an uptick. Sochi had grown so large that its annual adjustment for secondary housing recorded a negative 0.89 percent, a fact noted by RBC based on SRG, a consulting firm’s statistics.
The year’s overview showed that in almost all major markets, prices for secondary housing rose, with Sochi standing out as the sole exception where the correction was negative. This nuance highlights how regional dynamics can diverge markedly even within a single country, influenced by supply constraints, demand patterns, and local development plans.
Among Russian cities, Kemerovo, Saratov, and Chelyabinsk led in price growth within the secondary market. The cost per square meter for residences in these cities climbed by 31.13 percent, 28.43 percent, and 22.35 percent respectively, reaching approximately 85 thousand rubles, 71.4 thousand rubles, and 68.6 thousand rubles per square meter. In contrast, Moscow experienced the smallest gain, with prices rising by 0.64 percent over the year to about 280.8 thousand rubles per square meter. This snapshot underscores how regional markets can diverge sharply within a single national landscape. (Source: SRG)
On January 2, 2023, Sergey Zaitsev, Sales Director for the federal company Etazhi, stated that the average price per square meter for new housing in Russia rose by 14.6 percent in 2022. In the same period, the price per square meter in the secondary market increased by 10 percent. The figures reflect a broad trend: new construction costs accelerated, while secondary market growth remained solid but more measured as developers and buyers adjusted to shifting fiscal and regulatory conditions. (Source: SRG)