The volume of unsold new buildings is growing

Meanwhile, unsold housing in Russia is becoming more and more. This is evidenced by the calculations of Dom.RF provided by RBC-Nedvizhimost. According to the Institute for Housing Development, the volume of housing under construction in Russia at the beginning of July amounted to 101.1 million square meters. m (+2% since the beginning of the year and +4% in annual terms).

This was the highest value since the beginning of 2020. At the same time, the volume of unsold housing amounted to 70.9 million square meters. m, or 70% of the total housing under construction. During the year, the indicator increased by 11.1 million square meters. m (+18.5%), per month — by 0.6 million sq. m (+0.9%). Thus, as of July 1, only about 30% of new buildings have been sold.

The sale of housing under construction has been declining since mid-2022 against the backdrop of an active market launch of projects and new buildings ahead of demand, Dom.RF noted. The average for 2020-2021 was at the level of 40%. As the head of the Dom.RF analytical center, Mikhail Goldberg, explained, the current level of sold out corresponds to the normal model of project financing. According to him, until the middle of last year, the demand for new buildings significantly outstripped supply. This led to the fact that almost all apartments were sold during the investment phase, before the housing was put into operation.