- Статьи
- Economy
- Commissioning is still there: more than half of housing in Russia is not rented on time
Commissioning is still there: more than half of housing in Russia is not rented on time
Almost 60% of housing in Russia was commissioned in violation of deadlines, and for developers from the top 3 this figure reaches 70% and higher, follows from the data of the Unified Resource of Developers on June 1, which was reviewed by Izvestia. For comparison, in 2025, the average share of such facilities was 41%. Experts explain this by oversupply: 15% more housing is currently on sale in the primary market than is sold on average per year. Against this background, companies face a shortage of funds to complete facilities on time. How the situation may develop further is described in the Izvestia article.
Why are the deadlines for housing commissioning increasing?
The volume of housing commissioned in violation of deadlines is growing among developers, according to the data from the developers' Single Resource on June 1. According to Izvestia, if in 2025 this figure averaged 41%, then in 2026 it reached 58%.
At the same time, for some developers, the deadline for postponing the commissioning of housing in certain regions has reached 100% of the required volumes. Among them, for example, the Slavyansky Dom. In the Ivanovo region, the average postponement period for the company is 74.7 months. Seven Suns Development in St. Petersburg (58.5 months), Krost Concern in Moscow (19.8 months) and a number of others also have high rates.
A similar situation is observed among top federal developers. Thus, the A101 Group of Companies, with an input volume of 281.4 thousand square meters, had 221.3 thousand square meters postponed, or 78.6%, while the average transfer period is 1.8 months. In second place is the "Airplane": with the commissioning of 275.5 thousand square meters, the deadline shift affected 210.2 thousand square meters (76.3%), and the delay reaches 4.5 months. With an input volume of 492.4 thousand square meters, PIK postponed the completion date of 312.3 thousand square meters, which is 63.4% of the total volume. The average transfer period is 2.3 months.
The press service of the ERZ explained to Izvestia that their analysis uses two cross-sections of ratings of developers. The first one, referred to by Izvestia, reflects the results of entering objects over their entire life cycle. The second one is in terms of the volume of ongoing construction.
— It is important to separate them, as they show different trends. For example, the PEAK in the second rating has one of the best results in terms of postponement compared to the largest Moscow developers — the share is only 1.61%. On the contrary, the top developers in terms of input volume reflect postponements, which may include the consequences of decisions from previous periods and are not always an assessment of the current state of affairs," the press service explained.
Izvestia sent inquiries to these developers asking them to assess the current situation. The editorial board also asked the Ministry of Construction to comment on the housing commissioning situation.
The State Duma Committee on Construction and Housing and Communal Services believes that despite the difficulties, developers will not reduce construction.
— 18 regions prevented a decline in housing starts, which shows that much depends on the quality of local management. Commissioning of 100 million sq. m. m at the end of the year is an achievable plan. I think it will be exceeded," Vladimir Koshelev, deputy chairman of the State Duma Committee on Construction and Housing, told Izvestia.
Zhanna Belyankina, Vice president of Marketing and sales strategy at federal developer DOGMA, acknowledged the existence of threats to the real estate market, but noted that the final results of each developer's work would depend on its effectiveness.
— We work in each city individually, and the situation differs depending on the territory. If, for example, in the Moscow region our sales are approaching 100%, then in Krasnodar the market situation is more complicated, and here unsold sales are higher," she explained, noting that the company's market share has doubled recently.
According to her, in order to increase sales, a special unit was created, which was engaged in the development of financial instruments, with which the population can afford to buy real estate.
How serious are the risks for the market
The market situation was discussed at the real estate forum "Movement", which takes place in Sochi from June 16 to 19. So, according to the founder of the federal network of real estate agencies "Floors" Ildar Khusainov, in 2026 40% of developers simply will not make a profit. According to him, the reason is that the development business is highly dependent on the Central Bank's key rate. He believes that companies will be forced to lower housing prices, otherwise they will face a lack of demand.
— We really hope that the Ministry of Construction sees this situation, monitors it. But if the key rate does not decrease quickly, then I foresee that developers will start having problems," he told Izvestia, answering a question about the risks to business due to the increase in delayed housing starts.
According to him, many developers will have to improve their work efficiency and reduce costs.
— Since we have an escrow settlement system, we will not see the bankruptcy of developers in its purest form, it's just that developers will change at the facilities. Banks are already looking for new investors in many facilities. So far, this applies to up to 3% of companies," said an industry representative.
Ilya Piskulin, a developer and founder of the Dvizhenie real estate forum, believes that the reasons for delays in housing commissioning vary depending on the region.
— For example, there is a shortage of labor somewhere due to the ban on migrants working on construction sites. As a result, developers are forced to hire more expensive specialists who do not fit into the budget for project financing of the facility," he explained to Izvestia.
According to him, in some regions the reason was inflation, which led to an increase in the cost of construction, and developers faced a shortage of funds. At the same time, project financing was initially insufficient for some companies. It is also objective that in the current difficult economic situation, people have begun to buy fewer homes.
— Mortgage issuance in some regions has dropped fivefold, — Ilya Piskulin drew attention.
In almost all million-plus cities and in most other major regional centers of the country, there is an imbalance of supply and demand in the primary market, analysts of the Urban real estate project noted. According to their research, housing stocks in new buildings have accumulated today that cannot be sold in a year, and in some cases in two. The exceptions are Moscow, the Moscow Region and the St. Petersburg agglomeration, where demand still exceeds supply.
— On average, in Russia, 15% more housing is on sale in the primary market than is sold in a year. There are currently about 550,000 vacant apartments and apartments in new buildings, not counting facilities that have not yet been put up for sale," Olga Khasanova, General director of Urban real estate projects, explained to Izvestia.
There are several reasons for input delays in the current conditions. First of all, it is the high cost of project financing and the decrease in demand due to the unavailability of mortgages. The fewer transactions there are, the higher the burden on the developer to service loans, since effective project financing rates depend on filling escrow accounts, Dmitry Proskurin, commercial director of Metrium, explained to Izvestia.
He noted that in the current conditions, it is more difficult for developers to "reduce the economics" of projects, especially in the segment of large-scale and long-term construction.
— For example, in Moscow, the average postponement is at the beginning of May 2026, according to the ERZ.In the Russian Federation, it is 4.6 months, with an average of 3.6 months. At the same time, higher values were recorded in some years — up to seven to eight months. Among major developers in the capital, the postponement of commissioning dates is usually in the range of three to four months," said a business representative.
According to him, the longer the high key rate and reduced mortgage demand persist, the higher the risks of further postponements accumulate.
Dmitry Khalin, Managing Partner of Intermark Urban Real Estate, called the postponement trend logical. According to him, firstly, during the period of active operation of preferential and subsidized mortgage programs, a large number of new projects entered the market. Secondly, the construction industry continues to experience a shortage of labor resources, which is felt by almost all developers today.
At the same time, as the business representative explains, difficulties remain for related industries and suppliers of materials and equipment. Many of them are overloaded with orders and cannot always promptly fulfill their obligations to developers, Dmitry Khalin notes. In addition, some imported components have become less affordable and more expensive, and their delivery times have increased significantly.
Переведено сервисом «Яндекс Переводчик»
