The key facts

  • Demand is shifting to the secondary housing market despite rates of around 18% versus subsidized programs on the primary market
  • Among the reasons are ready-made housing, a wider choice within a location, and a smaller loan amount
  • Example: secondary housing at 16 million rubles at 18% gives a payment of about 130 thousand rubles versus 144 thousand for a new build at 20 million at 12%

Why the secondary housing market is beating new builds again

Until recently, buying an apartment on the secondary market at 18% annual interest seemed illogical given the option of taking a new-build home at a subsidized rate. In 2026, as the expert told Gazeta.Ru, Viktor Zubik, founder of the management company Smarent,, that logic has begun to break down: buyers are increasingly choosing ready-made housing.

Six reasons behind the shift in demand

The first reason is the gradual decline in the Central Bank's key rate, which makes market mortgages more affordable and supports demand in the comfort-class segment, with which secondary housing is most often associated. The second is that buyers have come to accept that it will not be 'cheaper tomorrow': according to Zubik, expectations of falling secondary-market prices are gone, and the market itself is 'far less flexible when it comes to sharp corrections,' so postponing a purchase seems pointless. The third is that secondary housing offers a finished product: you can move in immediately and see the actual condition of the building and infrastructure, whereas when buying under an equity participation agreement (DDU) the buyer takes on market risk, developer risk, and the risk of the project itself. The fourth is the quality of layouts: in the expert's assessment, even an apartment costing 35 million rubles in a modern project may have small bedrooms, hallways, and a shortage of storage space. The fifth is a wider choice within a specific location: floor, layout, area, condition, and view from the window. The sixth is the lower price of the property, which offsets the expensive mortgage: at a high rate, not only the interest rate matters but also the size of the loan.

What this means in practice

Zubik gave a calculation for a family with one child and 8 million rubles of their own funds: a new-build apartment for 20 million at a 12% rate yields a payment of about 144 thousand rubles, while a comparable secondary-market apartment for 16 million at 18% comes to about 130 thousand, and it can be refinanced in the future. In addition, when buying on the primary market, one must factor in the cost of waiting for the keys, rental expenses, and renovation. According to the expert's conclusion, the buyer is now choosing between two economic scenarios rather than simply between the primary and secondary markets, and in conditions of expensive money, the price of the property itself is again becoming one of the key factors. Earlier, the outlet notes, Russians were already told how to tell that an apartment is overpriced and is being offered above the market rate.