Analysts reported a slowdown in the growth of prices for new buildings in Russia

Price growth in the primary housing market in Russia slowed to 0.3% in May, while the cost of finished real estate increased by 1%. This is stated in a study by Domclick and the Sbera Center for Financial Analysis.

According to experts, the average cost per square meter in new buildings has reached 189.5 thousand rubles, in the secondary market — 125.8 thousand rubles. In annual terms, prices increased by 9.3% and 9.4%, respectively. The growth rate of prices in the primary market has been decreasing for the fifth month in a row.

"This once again confirms that the warming up period of the market observed at the end of 2025 has been completed, and prices will grow at a low pace or even stagnate in the coming months," the analysts explained.

The highest cost of housing under construction in May was recorded in Moscow — 402.5 thousand rubles per 1 sq. m. Followed by St. Petersburg (270.5 thousand rubles), Moscow region (229.8 thousand rubles), Tatarstan (197.2 thousand rubles) and Nizhny Novgorod region (186.1 thousand rubles). At the same time, prices for new buildings in the Moscow and Leningrad regions decreased over the month.

According to the study, the market continues to be affected by an increase in the volume of unsold housing and a decrease in sales rates. The share of monthly sales from the total construction volume in May dropped to 1.24%, which was the lowest since January 2025. The volume of unsold apartments in buildings under construction reached 83.1 million square meters. m.

At the same time, the positions of the secondary market are strengthening. The cost per square meter in houses built over the past ten years rose to 192.3 thousand rubles in May, 1.5% higher than in new buildings. Experts estimate the annual growth rate of this segment at 14-15%.

"In general, the secondary market has been feeling pretty confident in recent months, and prices for finished housing are likely to continue to rise faster than prices for new buildings," the analysts noted, adding that in such conditions developers can only hope for a new period of high demand.