Developers sold only 1.6 million sq m of housing in February, a 1.5-fold decrease compared to January figures. Data from “Dom.RF” confirms a sharp cooling: developer revenue dropped by 34% to 333 billion rubles. While the year-on-year decline is less pronounced—13% by area and 11% in monetary terms—the trend toward prolonged stagnation is becoming evident against the backdrop of high interest rates.
Market reaction to family mortgage tightening
The primary driver of the decline was the change in lending conditions for the most popular subsidized program. As a result, mortgage issuance in February plummeted by 40% compared to the previous month, reaching 285 billion rubles. This liquidity squeeze directly impacted sales figures, forcing developers to revise marketing strategies amid a deficit of solvent demand.
Analytical conclusions and consequences
Current dynamics indicate the construction industry’s transition into a phase of adaptation to market conditions without large-scale state support. The reduction in funds flowing into escrow accounts could lead to higher project financing costs and the freezing of some new projects in 2026. In the long term, this will limit supply, preventing a decrease in housing prices despite falling consumer purchasing power.