Demand for new properties in Russia decreased by nearly 40% over the year.
Since July 2023 to June 2024, 458,727 apartments were sold on the primary market in Russia—38.7% less than during the same period the previous year. The total area of housing sold amounted to 21.9 million square meters, which is 37.2% below last year's level. This information is reported by Vedomosti, citing data from DOM.RF.
Experts note that the main reason for the decline is the rollback of government support measures. From July 1, 2024, the preferential mortgage was canceled for all categories of citizens, and the terms of the "Family Mortgage" program were made more stringent.
Additional pressure on the market was exerted by the increase in the key rate of the Central Bank to 18–21%, resulting in market mortgage loans becoming more expensive—up to 19–30% annually. Against this background, the share of mortgage transactions decreased from 90% in the first half of 2024 to 60% in the first six months of 2025.
The situation was further exacerbated by ongoing price growth: according to Cian.Analytics, the cost per square meter on the primary market increased by an average of 10.1% over the year across the country—up to 171.5 thousand rubles.
The largest decline in demand was recorded in regions with large construction volumes and a high proportion of buyers who previously utilized government support. These included Krasnodar and Krasnoyarsk Krais, Samara and Novosibirsk regions, as well as the Republic of Bashkortostan. In these areas, up to 70–80% of deals were previously conducted using concessional mortgages.
Market participants say that in several regions, there is an oversupply of offers. For example, in Krasnodar, up to 2 square meters of new housing per inhabitant were introduced annually, which, combined with high prices and questionable quality of some projects, significantly reduced buyer interest. An additional negative factor is the closure of the local airport.
At the same time, in some regions, demand for new buildings continues to grow. For instance, in Buryatia, the "Far Eastern mortgage" supports the market, and in Crimea, active development of banking infrastructure and interest from investors in resort real estate—those who have abandoned foreign purchases—are driving growth.
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Demand for new properties in Russia decreased by nearly 40% over the year.
In the past 12 months, apartment sales in new buildings across the country have decreased by 38.7%. Experts attribute this to the cancellation of preferential mortgages, the rise in interest rates, and market saturation.