Real estate market in Russia - statistics & facts

Since the beginning of 2020, the Russian real estate market went through significant shifts. Amidst the coronavirus outbreak and ruble devaluation, the demand for residential real estate grew at an average annual 12 percent in the country, leading to increased housing prices in March 2020. Social distancing due to COVID-19 jeopardized commercial and office real estate segments equally, leaving the market in a vulnerable state. Despite some optimistic expert reports regarding the first signs of recovery, the full effect of the coronavirus crisis on the Russian real estate market is yet to be evaluated.

Residential real estate

As of 2018, nearly 90 percent of residential properties in Russia were owned by their inhabitants, in line with the gradual growth in home ownership rate in the country over the last years. The highest average selling prices in the housing market were reported in the city of Moscow at over 208 thousand Russian rubles per square meter, as of June 2020. However, in the most expensive district of the capital – Ostozhenka, the square meter price was nearly twice as high as the city average. Interestingly, Moscow did not lead the ranking of the cities with the highest residential rent, instead it was in third place by the first half of 2020.

Commercial and industrial real estate

Vacancy rates of commercial office real estate in Moscow have been in decline since 2014, with an average annual rental price of 715 euros per square meter for prime offices, by the end of 2019. To compare, the mean annual office rent in the most expensive district in Saint Petersburg was measured at roughly 280 U.S. dollars per square meter. Like office vacancy rates, retail property availability has also been dropping in Moscow and Saint Petersburg in recent years. The high density of shopping centers in the Russian capital is confirmed by a warehousing take-up of over 40 percent by the retail sector.

Investment in real estate

A negative development of the foreign direct investment flow in the real estate market in Russia had already been observed for several years. Hence by 2019, figures were twofold below 2014 levels, at 3.9 billion U.S. dollars. Moscow remains the main hub in the market, retaining over 70 percent of the total investment volume in the country. In recent years, investor attention has been gradually diverted towards the office real estate segment, which retained about half of financial funding in 2019.

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Real estate market in Russia

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Residential real estate

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