Number of Unsold Apartments in New Buildings in Million-plus Cities Doubled Over the Year

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Real estate developers in Russian million-plus cities are building more housing than they can sell. This conclusion was reached by analysts who studied the market based on data from the Unified Information System for Housing Construction (EISZH). "Izvestia" reports this, referring to data from the real estate project "Dvizhenie.ru".

As of December 2025, half of the apartments built in 10 Russian million-plus cities remained unsold, which is twice as much as a year earlier. Unsold are 81.7 million square meters of housing under construction, with a total construction volume of 120.8 million square meters, which is 68% of the total volume. The cities at risk of overstocking the housing market are Voronezh, Krasnodar, Krasnoyarsk, Omsk, Volgograd, Ufa, Samara, Chelyabinsk, Perm, and Novosibirsk.

Experts note that a normal market ratio of sold to ready-to-sell housing is in the range of 70–80%. A decrease in this indicator leads to difficulties for developers in repaying debts on project financing due to high interest rates associated with insufficient funding of escrow accounts. In other words, the economics of projects will no longer add up to a positive balance.