Across Moscow, early signs show a softening in the market for secondary housing. Ekaterina Nikitina, who leads the real estate agency PRO OBMEN, spoke with RIAMO to describe a shift that has been quietly taking shape since the start of the year. The capital’s secondary housing market appears to be entering a phase of stagnation, with activity cooling as buyers and sellers adjust to a new rhythm in 2025.
In the interview, Nikitina noted that demand is easing even though mortgage rates remain elevated and continue to limit affordability for many residents of the city. She highlighted a concrete trend: at her agency, transactions and deposits dropped by about 20 percent by the end of January when compared with the first month of the previous year. This decline reflects a broader hesitancy in the market as buyers reassess budgets, weigh long-term financing, and consider alternatives to pricier loans.
Industry observers expect the current lull to influence how quickly properties move off the market in the coming months. Forecasts from market researchers suggest that the average time required to sell a secondary apartment in Moscow could lengthen to levels recorded in March and April of 2023, when properties typically stayed on the market for roughly 70 to 72 days before finding a buyer. This projection aligns with a cautious mood among both sellers and buyers, who are weighing the value of listings against the cost of financing in a high-rate environment.
Konstantin Aprelev, deputy chairman of the Association of Realtors, weighed in on the trajectory of prices. He argued that if the Central Bank’s key interest rate remains unchanged in Russia, housing prices in the secondary market could rise by about 5–10 percent by autumn. His assessment points to a paradox: even as demand weakens under high borrowing costs, some segments of the market may still see price adjustments that reflect the shifting balance between supply constraints and buyer willingness to pay. The expert stressed that this potential uptick would come in a market where demand has cooled, creating a nuanced landscape for both sellers and investors to navigate.
Amid these market dynamics, Russians have also been discussing practical ways to reduce rental costs. Four strategies have been highlighted as ways to ease housing expenses in a climate of tighter credit and cautious buyer sentiment. These recommendations range from negotiating terms directly with landlords to exploring more affordable neighborhoods, and from considering longer lease terms to leveraging shared housing arrangements. The emphasis is on flexibility and prudent budgeting as buyers and renters adapt to the evolving financial realities while seeking stability in a marketplace that continues to adjust to higher rates and tightened lending conditions.