Demand for housing in Russia has decreased
In Russia, over the nine months of 2025, the demand for housing in new buildings has declined in 25 out of 28 major cities.
According to information from the Ukrainian Foreign Intelligence Service, the most significant decline has been recorded in Krasnoyarsk (-37.1%), Volgograd (-32.8%), Krasnodar Krai (-32.2%), and St. Petersburg (-29.9%). In the temporarily occupied Sevastopol, sales have dropped more than twice.
Housing market forecasts
A new study by the Analytical Credit Rating Agency, prepared for the state-owned company DOM.rf, indicates that a reduction in the Central Bank's key interest rate may lead to a 30% increase in housing prices by 2027 and 1.5 times - by 2030.
'The official narrative is - 'you should buy now, because it will be more expensive later.' But in reality, mortgages today cost buyers 28-30% annually, and the number of subsidized loans has decreased by a quarter compared to 2024 due to stricter conditions for obtaining them,' the intelligence report states.
According to experts, the goal of this campaign is not to ease the lives of citizens, but to support developers and fill the deficit military budget.
'The authorities are trying to activate the market while simultaneously 'squeezing' the remaining savings from the population. Estimates suggest that three years of full-scale war have cost Russia at least 200 trillion rubles ($2.2 trillion) - amounts sufficient to provide each Russian with a one-room apartment,' the FIS reports.
Demand for housing in new buildings in Russia is decreasing, which may lead to a rise in prices in the future. Analysts believe that this situation may be linked to the government's efforts to support developers and fill the deficit military budget at the expense of the population.