The cost per square meter of primary housing increased by a quarter in 2024.
In the fourth quarter of 2024, prices per square meter in the primary market reached an average of 178 thousand rubles, which is 26% more than in October-December of the previous year, according to the Central Bank. At the same time, by the end of 2023, the value of real estate grew more slowly - only by 15%.
Bank commissions for developers can be considered one of the key factors that increased the acceleration of real estate prices in 2024, says Vladimir Chernov from Freedom Finance Global. This is a practice where banks charge a developer for setting a reduced interest rate under a contract. In this case, the price of the property increases.
The market has already started to abandon this practice. In May 2025, Sber, VTB and Sovcombank stopped charging commissions, and Dom.rf Bank announced plans to abandon them. Experts interviewed by Izvestia are confident that this happened under pressure from the Central Bank. Even President Vladimir Putin has spoken out against this practice.
The cancellation of commissions will not lead to lower housing prices, says Ivan Uklein, Senior Director of Banking Ratings at Expert RA. Russian real estate has been rising in price in recent years due to any impulse, but these jumps are rarely adjusted in the opposite direction. Developers use only point discounts due to reduced demand, but overall it remains high, so prices inevitably continue to rise.
Read more in the exclusive Izvestia article:
Переведено сервисом «Яндекс Переводчик»
