Market Size of Russia Luxury Residential Real Estate Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Russia Luxury Residential Real Estate Market Analysis
The Russian luxury residential real estate market is expected to grow at a CAGR of over 3% during the forecast period.
The Homeownership rate in Russia has been among the highest in Europe over the past years. Amidst the coronavirus outbreak and ruble devaluation in 2020, the demand for residential real estate grew further at an average annual 12 percent, leading to increased housing prices. The pandemic effects were still notable in 2021.
The highest average selling prices in the housing market were reported in the resort area of Krasnaya Polyana at over RUB 257 thousand (USD 3.1 thousand) per square meter as of May 2021. Moscow ranked a close second with an average selling price exceeding RUB 250 thousand (USD 3 thousand) per square meter. However, in the most expensive district of the capital - Ostozhenka, the square meter price was nearly twice as high as the city average.
The Russian-Ukraine War is likely to have an impact on the Russian residential real estate market. The luxury residential real estate market for vacation and luxury homes is likely to be the first sector impacted. These purchases are easier to delay and draw a larger part of the financing from the volatile financial markets.
