Analysts “House.The Russian Federation” summed up the final results of last year, and they look more than impressive. Nevertheless, about 40% of Russian families still need better housing conditions
In 2023, Russians purchased 3.8 million units of residential real estate worth 18 trillion rubles (5.8 trillion rubles more than in 2022) — this corresponds to 11% of the country’s GDP. These are the conclusions reached by analysts of Dom.The Russian Federation”, summing up the final results of last year.
A few more interesting indicators. According to expert estimates, 73% of all purchased lots, or 2.78 million residential units, are apartments in apartment buildings, including 1 million purchases during the construction phase. 27% in 2023 accounted for the purchase or construction of an individual house.
Almost half of all the money (8.1 trillion of the total 18 trillion rubles, 2.5 trillion more than in 2022) was invested in new housing. Developers attracted 6.4 trillion rubles by selling 57 million square meters, and Russians spent another 1.7 trillion rubles on the construction of individual houses.
Citizens are increasingly using mortgages to purchase or build housing. According to calculations, “The House.The share of mortgage transactions in the primary market increased from 70% in 2021 to 87% in 2023, and in the secondary market it increased from 42% to 48%. At the same time, mortgages in the segment of individual housing construction are, of course, the fastest growing: in two years, the volume of financing from credit funds has increased 17 times (from 32 billion to 537 billion rubles), and the level of mortgage penetration has more than fivefold, from 4% to 34%.
Experts are confident that the growth potential of the mortgage market for residential housing is doubled, to about 200 thousand loans annually. So in the future, with the involvement of mortgage funds, every second individual house can be built in Russia.
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As the head of the analytical center “Dom.Russian Federation” Mikhail Goldberg, “the total amount that citizens invested in housing last year corresponds to 7% of the cadastral value of the entire housing stock of the country (261 trillion rubles). For comparison: in 2023, the increase in funds of individuals on accounts and deposits in banks amounted to only 7.4 trillion rubles. But even despite such an unprecedented volume of investments, the growth potential of the construction market is huge — after all, according to surveys, about 40% of Russian families (approximately 24 million households) still feel the need to improve housing conditions.”
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