St. Petersburg New Build Demand Surges 46%

In January 2026, about 6,000 purchase and sale transactions of new builds were concluded in St. Petersburg. According to the Konsaltingovy Tsentr «Peterburgskaya Nedvizhimost» (Consulting Center «Petersburg Real Estate», part of Setl Group), this is 46% higher than in January of the previous year. The main reason for the growth was the announced revision of the terms of family mortgages, scheduled for February 1.

Analysts note that January is traditionally considered one of the quietest months for the primary market, but activity was high this year. Many buyers rushed to apply for loans under the preferential program before the new rules came into force.

The growth in demand was accompanied by continued price increases. The dynamics by property class in January were as follows:

• In the mass market segment, the average asking price in St. Petersburg increased by 1.1% to 285,000 rubles per square meter (about 3,200 USD at current rates), and in the suburban zone — by 1.3% to 171,000 rubles per square meter (about 1,900 USD).
• In the business class, the price reached 511,000 rubles per square meter (about 5,700 USD), up 2%.
• In the elite segment, the price rose by 1.6% to 748,000 rubles per square meter (about 8,300 USD).

Olga Trosheva, director of the Konsaltingovy Tsentr «Peterburgskaya Nedvizhimost», explained: «The reason for the price increase is the washout of the most affordable lots from the supply, the adjustment of incentive measures, and, of course, planned increases caused by rising developer costs — the VAT increase from the beginning of the year, the impact of inflation on the main expense items.»

The replenishment of the market with new projects in January amounted to 3,600 apartments with a total area of approximately 156,000 square meters. These volumes are comparable to the data for January of the previous year.

Experts predict that in February the new build market will adapt to the updated parameters of the family mortgage program.