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The housing market in Russian cities and housing construction in 2023

Author

Listed:
  • Georgy Malginov

    (Gaidar Institute for Economic Policy)

  • Sergey Sternik

    (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.

Suggested Citation

  • Georgy Malginov & Sergey Sternik, 2024. "The housing market in Russian cities and housing construction in 2023," Published Papers ppaper-2024-1334, Gaidar Institute for Economic Policy, revised 2024.
    • Handle: RePEc:gai:ppaper:ppaper-2024-1334
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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2024-1334.pdf
    File Function: Revised Version, 2024
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    More about this item

    Keywords

    Russian economy; residential property prices; housing market; housing construction;
    All these keywords.

    JEL classification:

    • H82 - Public Economics - - Miscellaneous Issues - - - Governmental Property
    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises; Public-Private Enterprises
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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