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Consequently, demand for new properties has plummeted. Sales of new builds in Moscow fell by 48% from September 2023 to 2024, while other regions experienced even steeper declines. Major developers are now facing existential threats, with speculation that some may be on the brink of bankruptcy.

The Impact on Rental Markets and Economic Stability

Although prices have not yet collapsed, many homeowners are being pushed toward the rental market as affordability declines. This has caused rents to skyrocket across Russia, with some regions seeing increases of 10% to 61% since August. Moscow is witnessing average rents for one-bedroom apartments reaching an astonishing 68,276 rubles, equivalent to the average national monthly salary.