Krasnodar led a wave of notable shifts in Russia’s secondary housing market during February 2024, with 13 other major cities posting gains that outpaced Moscow for price growth per square meter. Avito Real Estate analysts describe the trend as a clear signal of changing demand patterns, a shift RBC highlights as well. The data points to a broadening geographic spread of strength in the market, beyond the capital and its usual dynamics, as buyers consider regional hubs with rising appeal for investment and living space alike.
Among the cities, Krasnodar recorded the steepest uptick in the cost of secondary housing, with the average price per square meter rising by 5.4 percent. Omsk followed with a 4.1 percent increase, and Krasnoyarsk saw a 3 percent advance. These figures reflect a combination of growing buyer confidence, improving local infrastructure, and the appeal of regional centers offering relative affordability compared with Moscow and some other large markets. In Moscow itself, the scene was different: the city ranked 15th in February, as the average price per square meter of secondary homes edged down by 0.3 percent to 323.7 thousand rubles. This dip underscores how capital dynamics can diverge from regional trends even when overall national activity remains elevated.
Beyond Russia’s borders, there is noticeable interest from Russian buyers in overseas markets that have become prominent for real estate investments. Turkey, Thailand, and Georgia are repeatedly cited as preferred destinations, with the strongest activity observed in the first two months of 2024. Buyers cite diverse advantages in these markets, including favorable climate, growing expat communities, and evolving property regulations that sometimes provide attractive entry points for foreign purchasers. The trend demonstrates how global diversification is increasingly part of the decision calculus for well-informed buyers seeking stable long-term value alongside lifestyle considerations.
In domestic terms, the market also reflects ongoing demographic and ownership trends. Surveys and market commentary suggest that a higher proportion of home ownership among women persists, a dynamic that influences demand patterns for certain property types and neighborhoods. This shift interacts with market expectations about mortgage availability, building quality, and future resale value, all of which shape how buyers approach portfolios of second homes. As new housing projects come online and mortgage products evolve, buyers weigh short-term affordability against potential long-term appreciation, creating a nuanced landscape for regional markets to navigate.
Market observers caution about fresh risks associated with purchasing under construction. The evolving regulatory environment, infrastructure timelines, and project-specific factors—such as completion guarantees and developer track records—are all critical considerations. Prospective buyers are advised to conduct thorough due diligence, verify project documentation, and seek professional guidance to ensure that investment goals align with the realities of construction timelines and market liquidity. This careful approach remains essential in a market that continues to respond to shifting demand, currency dynamics, and regional development prospects.