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- Construction noise: how new buildings and secondary buildings have risen in price in 2025
Construction noise: how new buildings and secondary buildings have risen in price in 2025
Almost 119 million square meters. The housing market is being built in Russia as of the end of 2025, Nikita Stasishin, Deputy Minister of Construction and Housing of the Russian Federation, told Izvestia. Over the year, the average cost per square meter in the primary market increased by 10.6%, despite a decrease in the solvency of buyers. Secondary prices rose by only 1.9%. Developers have shifted from economy class to more liquid comfort+ and business class formats. The cost of construction, terms and costs at the design stage have increased significantly. About the results of 2025 in the real estate market — in the material of Izvestia.
How was the situation at the "primary"
As of December 26, 2025, 118.8 million square meters are under construction in Russia. The cost of housing is 1.4% more than in the same period last year, Nikita Stasishin, Deputy Minister of Construction and Housing of the Russian Federation, told Izvestia.
"Work continues on the implementation of existing projects and the launch of new ones," he stressed. — At the same time, the regional authorities are recommended to strengthen control over the observance by developers of the deadlines for the commissioning of houses and the transfer of apartments to citizens.
The year 2025 was not an easy one for the real estate market, with an acute shortage of demand in the first half of the year, and in all housing segments, said Sergey Zaitsev, Sales Director of the federal company Floors.
— The primary market was affected by the limitations of the tools that developers used to stimulate demand: difficulties arose with tranche mortgages, down payment programs, subsidized rates, and gradually began to impose restrictions on installments, which reached a record 30-35% of total sales at the beginning of the year. By the end of the year, their share had dropped to 6-7%," he said.
Over the year, the average cost per square meter in the primary market increased by 10.6%, in the secondary market — by only 1.9%, But as a result, the average price per square meter in housing under construction turned out to be 22.5% higher than in finished housing, Sergey Zaitsev added.
According to Dom.Russian Federation", for 11 months of 2025, prices in the primary market increased by 8.3%. Among the top 10 regions in terms of housing construction, prices increased at a faster pace only in the metropolitan area: by 18.1% in Moscow and by 11% in the Moscow region.
In the second half of 2025, the mass market of new buildings received several incentives at once, which together led to a renaissance of the sector after long depressive months, said Dmitry Mozharov, Director of Development at Plus Development.
"Some people were betting on state support, on some new measures, but it turned out that in many ways the market decided everything on its own — not without the participation of legislators, of course," he said. — The demand was fueled by numerous rumors about a family mortgage, and real changes in the program.
The developer's ability to offer a product with clear value and a transparent ownership economy came out on top, added Olga Andreeva, Deputy Commercial Director of the development company Sever.
— The buyer began to analyze the layout more carefully, the quality of engineering solutions and infrastructure, as well as the price—quality ratio, - said the expert. — The Comfort class has consolidated its position as the main and most demand-resistant segment.
How the industry reacted
The high cost of borrowed funds has shifted the focus of developers to more thorough financial modeling and manageability of projects: many launches have been postponed, and product lines have been optimized.
"This has reduced the volume of offers in a number of cities and increased competition for liquid demand," Olga Andreeva emphasized. — At the same time, the industry has become much more sensitive to the cost structure: the impact of the cost of construction materials, equipment and contract work on the final price has become more noticeable.
An important trend at the end of the year was the return of interest in investment real estate, the expert added. Against the background of lower deposit rates, investors have again turned their attention to facilities with a steady rental flow, especially built-in commercial premises as part of residential projects. They demonstrate predictable profitability and enjoy stable demand from small retailers and consumer services.
In addition, buyers and developers have shifted from economy class to better and more liquid comfort+ and business class formats, said Yuri Tsuker, head of development projects at Kvartal Group.
"A buyer who makes a transaction less often in conditions of high cost of borrowed funds chooses a product with more liquidity and a developed infrastructure," he confirmed. — Resort destinations have become an exception within the framework of investment real estate formats. For example, the demand for hotel-managed apartments continued to grow in Crimea. As a result, the cost per square meter in the region showed an increase of 20%.
Alexey Popov, head of the Cian Analytical Center, noted that at the end of the year, the actual figures turned out to be significantly better than expected. According to the forecast, a decrease of 15% was expected, but the market reached a decrease of 5%, and in some regions — a plus.
"The coverage of escrow accounts in the industry as a whole is at a minimum from the regulatory values and may fall below 70%," the expert noted. "The main disadvantage is the cooling of the economy and the slowdown in wage growth. These are the effects for which the Central Bank raised the key rate.
What are the results in Moscow and the Moscow region
Since the beginning of the year, prices for new buildings in Moscow have been growing significantly faster (18.1% in 11 months) than the national average (8.3%), according to the Dom.RF digest.
The structure of demand in the market of new buildings in Moscow and the Moscow region has changed dramatically in 2025, the Twiga agency noted.
At the same time, if in November 2024 there were about 93 thousand comfort-class lots on sale, then by November 2025 this figure had fallen to 60 thousand. Sales growth in this segment, which began by the end of the year, was driven by a surge in demand for small-sized apartments.
In business class, the situation develops according to a similar scenario, but the distribution of demand here is less uniform. There has been an increase in interest in studios — their share of sales has changed from 13.3% to 21% over the year.
"In the business class segment, investors rely on a minimum entry check and maximum liquidity," said Sergey Vasiliev, the agency's Director of Customer Relations. — The high demand for the small format has led to a logical result: the square meter in studios is getting more expensive faster than in any other format.
The average price increase in small apartments was 17-20%, depending on the segment.
The first half of 2025 was modest for almost all developers, said Andrey Fatnev, commercial director of the Lingonberry development company. Later, the market began to accelerate, which was facilitated by a reduction in the key rate to 16.5%.
"According to the forecast for Moscow and the Moscow region, by the end of this year, the total sales volume will be about 6 million square meters," he said. — In the last three months, registration of approximately 600 thousand square meters per month has been recorded, and by the end of December, the figure is expected to exceed this mark.
Anastasia Gorbun, Sales Director of the Aeroplane Group, added that companies in Moscow are now facing a more complex construction permit procedure. The requirements for facade solutions have changed, so the deadlines are being extended and postponed.
— One of the most serious changes in the construction industry in 2025 can be called the theme of "architectural excesses," confirmed Fyodor Ushakov, Sales Director of the Mangazeya development company. — The time and costs for the design stage have increased. This led to the fact that "delayed starts" began to appear, and in some places, land plots were put up for auction.
According to him, this may lead to the fact that the market will receive fewer ready-made facilities.
In the segment of apartments, the moratorium on the construction of which was introduced in Moscow, the volume of demand increased by 20% compared to the second quarter and by 5% compared to the same period last year, according to the development company "Sever". If the current restrictions in the capital remain in place, the entire volume of the initial supply will disappear in just four years — over the year the number of lots decreased by 32% in the mass segment and by 46% in the premium segment.
How do secondary housing and residential housing complete the year
Secondary housing in large Russian cities has risen in price by an average of 8% by the end of 2025. High market mortgage rates in the first half of the year led to a significant decrease in purchasing activity and an increase in the sale time of properties by 12-15%, said Sergey Zaitsev.
"But the easing of the Central Bank's monetary policy in the summer of 2025 caused an increase in demand for ready—made housing, by autumn it increased by 18-20% relative to summer levels," the expert noted. — However, the further more restrained policy of the Central Bank regarding the key interest rate, as well as the retention of mortgage rates by some banks at the same levels, did not allow the trend to develop for the purchase of ready-made housing.
According to the Rockwool company, in 2025, some Russians refused to purchase housing in favor of updating existing real estate. On average, people were three times more likely to purchase goods for major repairs than for interior decoration.
"In a situation of economic instability, consumers' priorities are shifting towards conscious housing repairs," Roman Kartashev, the company's sales director, confirmed. — In 2025, this became one of the factors that supported the demand for high-quality insulation, noise insulation and energy-efficient materials. Such a rational approach is fully justified.
The introduction of escrow accounts had an impact on the segment of individual housing construction - some market players were not ready for this, which is why activity in the segment decreased by 25-30%, said Sergey Zaitsev.
— In addition, there were a large number of unfinished projects from companies that could not find working capital to continue the construction that had already begun, — he said. — The turning point was the announced changes to the family mortgage from February 1, 2026, which triggered a new wave of demand in the primary market. As a result, even taking into account the low demand in the first half of the year, the gap in the number of transactions in the primary market has sharply decreased to 10-15% compared to last year.
This year, housing starts in January-November decreased moderately by 2% year-on-year, explained Igor Kuzavov, a member of the Noco Board of Directors. At the same time, there was a pronounced divergence of market dynamics in different regional clusters. The situation is worst in the regions of the Volga region (-11%) and the Caucasus (-26%).
— At the same time, in the metropolitan regions, the Moscow region and the Leningrad region, which occupy about 20% of the total residential housing market, commissioning increased by 10% and maintained the positive dynamics of last year, — said the expert.
How has the market adapted
The market is facing a complex of external challenges: high inflation, increasing the cost of construction, restrained dynamics of real incomes of the population and expectations of changes in tax and mortgage regulation, said Anna Usatova, commercial director of developer Dar.
"These factors have created a tense environment that required all participants — from developers to buyers — to be more attentive, carefully calculate each step and be ready to work in conditions of non—standard, rapidly changing scenarios," the expert said. — It is these difficulties that have become a catalyst for the development and transformation of the market.
The situation stimulated the search for non-standard solutions and increased overall efficiency, Anna Usatova believes. The year 2025 has become a period of intensive "learning" and adaptation for the housing market. It required strategic thinking and flexibility from its participants, turning challenges into opportunities for industry development.
— Now the market is actively preparing for the planned increase in the VAT rate in the construction industry, which is fully expected by 2026, — the expert added.
According to her, this expectation is a significant factor for long-term planning of both developers, who are planning future changes in their financial models, and buyers, who are considering the potential impact on prices in the medium term.
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