Domclick experts spoke about changes in the structure of demand for real estate

The price gap between the primary and secondary housing markets has been virtually eliminated, experts from Sberbank's Domclick service said in a study timed to coincide with SPIEF 2026. According to analysts, as the key interest rate decreases, the structure of demand for residential real estate is changing significantly: attention is growing to market programs, especially to the secondary fund, which is almost not covered by concessional lending. As a result, ready-made housing begins to actively compete with new buildings, the demand for which has significantly decreased this year.

According to Domclick, the median cost per square meter in housing built no more than 10 years before sale on the secondary market increased in May to 192.2 thousand rubles. Given the low base of May 2025, the annual growth rate of this segment can be estimated at 14-15%, which is significantly higher than the price growth in the new building market (9.8%). The cost per square meter in houses of the last ten years of construction turned out to be higher than its cost in new buildings (190,0 thousand rubles).

According to the study, the housing market in terms of the ratio of primary and secondary segments is gradually returning to an equilibrium state. Until the end of 2019, prices for new buildings and ready-made housing grew at about the same rate, and it was only in 2020 that the gap began to widen. The driver of this process was the growing spread between the average mortgage rate for secondary and primary loans, caused by the launch of the non-targeted preferential mortgage program. And only now the situation has begun to even out.

However, experts do not predict a significant drop in demand for new buildings. On the contrary, the disappearance of fears about the transformation of the purchased new building into an allegedly low-liquid secondary will further contribute to sales growth. In addition, the elimination of pricing distortions will help launch alternative transaction chains, through which the buyer gets the opportunity to cover part of the cost of new real estate by selling existing ones.