The housing market in Russian cities and housing construction in 2023

Georgy Malginov and Sergey Sternik
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Georgy Malginov: Gaidar Institute for Economic Policy
Sergey Sternik: Gaidar Institute for Economic Policy

Published Papers from Gaidar Institute for Economic Policy

Abstract: In 2023, the Russian real estate market was in the stage of strong recovery growth after the 2022 turmoil. Its main driver was the mechanism of state support for mortgages, which boosted demand, ensuring the predominance of mortgage transactions in the total volume of transactions in Russian cities. Indicators of market consumer activity, especially in terms of mortgage lending, and price dynamic show that predictions of stagnation did not come true. Both primary and secondary segments were marked by an increase in growth rates during the year. Given the unambiguously positive economic situation (GDP growth of 3.6% and the real disposable household income growth of 5.4%), the volume of housing construction grew at a faster pace. At the same time, in contrast to 2022 and several previous years, the increase in the commissioning of apartment buildings was much higher than the results of individual housing construction.

Keywords: Russian economy; residential property prices; housing market; housing construction (search for similar items in EconPapers)
JEL-codes: H82 K11 L32 L33 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2024, Revised 2024
New Economics Papers: this item is included in nep-cis and nep-ure
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