Demand for New Construction Drops 20% in 2025

Analysts from RBI Group have summarized the new construction market for 2025. The main trend is a 20% drop in overall demand compared to 2024.

The greatest decline was recorded in the mass segment, which experts link to the cancellation of a number of preferential mortgage programs.

However, the end of the year showed the opposite dynamic. In the fourth quarter, especially in November, buyer activity increased significantly.

The number of registered deals in November 2025 was 30% higher than in November of the previous year.

This surge, according to experts, is largely caused by expectations of changes in the conditions of the family mortgage program.

We believe that this is currently one of the main incentives for entering into deals,

commented Mikhail Gushchin, Vice President for Marketing and Product at RBI Group.

According to him, many buyers aimed to conclude contracts before a possible tightening of the program«s rules.

The revival of demand at the end of the year led to noticeable price growth, which became a key factor in the annual price dynamics. This was especially evident in the comfort and business class segments:

• In the comfort class, the average price per square meter in December exceeded 330,000 rubles (approximately $3,300 at current rates), increasing by 10.4% over the year.
• In the business class, the price approached 550,000 rubles per square meter (approximately $5,500 at current rates), demonstrating an annual growth of 20.2%.

Thus, the primary housing market in 2025 demonstrated multidirectional dynamics: overall annual demand reduction combined with a local surge and significant price growth in premium segments.