Russia's new housing sales hit record low
Russian construction companies failed to sell nearly half of the apartments in new developments in Russia. The number of completed but unsold housing units in Russia is rapidly increasing.
Consensus
- In July, only 55% of apartments in new residential buildings scheduled for completion by the end of the year had been sold.
- This 55% sales rate is the lowest since 2020.
- Construction of new housing continues at high levels, with total construction area exceeding 120.2 million sq. m by mid-summer.
- The number of unsold apartments is increasing across Russia.
- The decline in sales is linked to the end of mass subsidized mortgage programs and tightened conditions for state-backed housing loans.
Points of divergence
- The volume of transactions in the Russian warehouse real estate market fell by 42% in the first half of the year, with 815,000 sq. m of deals completed. — kommersant
- In new buildings scheduled for completion by year-end, only 55% of apartments have been sold as of now. — tg_moscash
- The decline in new housing sales began after the cancellation of the 8% subsidized mortgage program and tightening of conditions for the 'family mortgage' program. — tg_moscowtimes_ru
- In July, the national average of sold apartments in new buildings was 55%, with regional variations: 34% in Krasnodar, 37% in Chelyabinsk, 43% in Omsk, 46% in Voronezh, and 70% in Moscow. — vesti
Coverage (4 sources)
- Demand for warehouses in Russia fell by half — Коммерсантъ
- In Russia, the number of unsold apartments in new developments is increasing — Московский кэш
- Russian construction companies failed to sell nearly half of apartments in new developments — The Moscow Times
- Anti-record: 45% of apartments in Russian new developments find no buyers — Вести