St. Petersburg Avoids Housing Shortage for Now Due to New Projects

According to data from YERZ.RF (Unified Register of Developers), developers in St. Petersburg launched 105 new apartment building projects in 2025, including separate phases. The total number of apartments was 42.7 thousand, with an area of 1.75 million square meters. This is 7% more than the previous year, while across Russia, there was a 17% decline.

By the number of new objects, St. Petersburg ranked 13th in the country, and by introduced area — fifth. The city accounted for 4.3% of all housing launched on the Russian market over the year.

The leaders among developers by the number of launched projects were:

• holding Setl Group (19 projects);
• Holding Company PSK (13 projects);
• Zastroi Spetszastroishchik LLC, implementing the first phase of the Yuzhny satellite city (10 projects).

Olga Trosheva, director of the Consulting Center «Petersburg Real Estate» (part of Setl Group), reported that the holding launched 459 thousand square meters of housing for sale, or 13 thousand apartments. A year earlier, this figure was 363 thousand square meters (10.5 thousand apartments).

«We launched even more,» commented Sergei Sofronov, commercial director of Holding Company PSK. «In 2025, we acquired three plots with construction projects, one of which (»Seasons«, comfort-class, opposite the Novoorlovsky Nature Reserve) was initially planned for launch in 2026. But we accelerated preparation and launched it on the market in December 2025.» He also noted that the company took first place in St. Petersburg for launching business-class projects — 100 thousand square meters of residential space.

Alexei Bushuev, commercial director of Glavstroy St. Petersburg, stated a general decrease in the pace of launching new objects. «Based on the results of 2025, the pace of launching new objects on the market has overall decreased,» he noted. «The key restraining factor remained the high key rate, which limited the possibilities for launching new projects and put pressure on demand.»

The company reduced launch volumes in 2025, which is related to the completion in 2024 of a large phase of the Severnaya Dolina residential complex. Last year, two buildings of the 7th phase of Yuntolovo in the Primorsky District were introduced.

Group RBI set a record for the volume of new projects. «About 40% of our deals by the end of the year were precisely for projects that started in the second half of 2025,» said Dmitry Falkin, vice president for sales and service of Group RBI. He listed the projects: «Genius,» «Visionary,» «Collector,» «Repin,» «Tsvet Zelenogorska,» «Peredvizhniki,» and the second phase of Ultra City 3.0, totaling 129 thousand square meters.

Holding RSTI launched two new projects, said commercial director Ekaterina Nemchenko. The first phases of the Granat and Aurum residential complexes went on sale, as well as the second phase of the Kinopark residential complex. In total, 86 thousand square meters (2,373 lots) were launched, which is 3.6 times more than in 2024.

Nadezhda Ilyina, development director of Holding Company Leader Group, noted the company«s entry into the Kaliningrad market with the TriArt Rezidents project and the launch in St. Petersburg of two new residential complexes in the AEROSITY area.

Planning Factors

Decisions on launching new objects are made by developers based on comprehensive analysis. Olga Trosheva explained that new phases are launched systematically, as current objects are implemented. «This allows maintaining a in-demand range of apartments and differentiating prices depending on the project»s stage of readiness,« she said.

Alexei Bushuev named the high key rate as the main restraining factor, which limited mortgage accessibility and slowed the filling of escrow accounts. «As a result, developers were under double pressure: on one hand — the high key rate, on the other — expensive project financing against the backdrop of demand that was at lower bounds,» he added.

Sergei Sofronov puts economic factors first: the ability to create a competitive offer at market price with developed purchase instruments. «Moreover, we proceed from the possibilities to quickly start construction on the plots that we have acquired,» he noted.

Dmitry Falkin stated that RBI launches projects as permit documentation is obtained, and Ekaterina Nemchenko confirmed that the decision depends on the company«s inventory and strategy.

Balance of Supply and Demand

According to experts, no acute housing shortage is foreseen in St. Petersburg in 2026. Ekaterina Nemchenko believes that neither the city nor Leningrad Oblast is threatened by this.

Dmitry Falkin noted that quality projects in the elite segment continue to be in short supply, and in the mass segment, such a scenario is possible only with a significant reduction in the key rate or the appearance of a new preferential mortgage program.

Olga Trosheva confirmed that liquid objects near metro stations with good infrastructure are quickly sold out, but no shortage in the agglomeration is expected. «In the near future, no housing shortage on the primary market of the agglomeration is expected, but competition for quality locations will intensify,» she believes.

Nadezhda Ilyina agreed that the reduction in supply is a long-term trend, related to the balanced approach of developers and the shortage of land plots. She sees the greatest potential in large projects of comprehensive development near the KAD (Ring Road).

«Regarding the current conditions for non-preferential, regular mortgages, the market is more or less balanced,» Sergei Sofronov is confident. «If affordable mortgages were to return now... then, obviously, there would be a shortage.» According to his estimates, potential demand is approximately twice the current level.

Alexei Bushuev added that within the boundaries of St. Petersburg, the volumes of new launches were limited, which increased interest in urban projects. If the key rate drops to around 12%, a significant volume of deferred demand could return to the market.