The Kremlin is draining Russians' last savings through the real estate market, but housing demand is falling – intelligence

Demand for housing in new buildings in Russia decreased in 25 out of 28 major cities in the first nine months of 2025. The deepest decline was recorded in Krasnoyarsk (–37.1%), Volgograd (–32.8%), Krasnodar Krai (–32.2%), and St. Petersburg (–29.9%). In temporarily occupied Sevastopol, sales more than halved, UNN reports with reference to the Foreign Intelligence Service.

DetailsA new information wave in the market was a study by the Analytical Credit Agency, prepared for the state company DOM.rf. It predicts that a reduction in the key rate by the Central Bank of Russia could raise housing prices by 30% by 2027 and by 1.5 times by 2030.

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The official narrative is “you have to buy now, because it will be more expensive later.” But in reality, a mortgage today costs buyers 28–30% per annum, and the number of preferential loans has decreased by a quarter compared to 2024 due to stricter conditions for obtaining them, intelligence notes.

The goal of this campaign is not to make life easier for citizens, but to support developers and fill the deficit military budget. The authorities are trying to activate the market and at the same time “shake out” the remaining savings from the population. According to estimates, three years of full-scale war cost Russia at least 200 trillion rubles ($2.2 trillion) – an amount that would be enough to provide every Russian with a one-room apartment

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