Kazan and Tatarstan’s secondary housing market wakes from coma
In August, sales of secondary housing picked up noticeably, even influenced by a slight reduction in the key interest rate
The past two years have been challenging for Russia’s secondary real estate market. Subsidised lending programmes did not cover this segment, and commercial mortgages became unaffordable due to high key rates and the central bank’s strict policies. However, this year’s reduction of the “key rate” to 17% has brought some optimism to sellers and buyers — from August, the market began to revive, and overall sales of Kazan’s secondary housing over the first eight months of the year were slightly better than in 2024. Nevertheless, it remains a buyer-driven market. An interesting fact: shares of the CIAN rental and property purchase service have risen 9% since early September, which may indicate a shift in investor interest toward rental properties in this segment. What is happening on Tatarstan and Kazan’s secondary housing market is explored in a report by Realnoe Vremya’s analytical service.
Counting apartments this autumn
According to Rosreestr, the number of transactions in Tatarstan’s secondary housing market reached 4,291 over the first eight months of 2025 — 8% fewer than in the same period last year (4,680 in 2024). At the same time, the Kazan market showed a slight increase of around 1%, with secondary market transactions rising year-on-year from 2,383 to 2,411.
Compared with July 2025, the number of transactions in Kazan’s secondary market grew by 20%. Tatarstan as a whole also saw an increase, but more modest — 10%.
What is happening with prices in the Russian market?
According to Yandex Real Estate, in September the median price per square metre of secondary housing in Kazan stood at 167,000 rubles, up 5% year-on-year.
Price growth was observed across all types of residential properties in Kazan. The largest increases were seen in the formats most popular with buyers: one— and two-room apartments. The median price per square metre for secondary one-bedroom apartments reached 203,000 rubles, up 9% year-on-year, and for two-bedroom apartments — 178,000 rubles, also up 9%. In studios, the median price per square metre rose 7% over the year, to 212,000 rubles, while in three-room apartments it increased 5%, reaching 167,000 rubles per square metre.
Today, Kazan ranks ninth among all Russian cities with populations over one million in terms of annual changes in the price per square metre. The most significant growth in secondary housing prices was recorded in Saint Petersburg (+9.7% year-on-year; 212,000 rubles), Nizhny Novgorod (+9.6% year-on-year; 137,000 rubles), Perm (+8.7% year-on-year; 102,000 rubles), and Voronezh (+8.2% year-on-year; 100,000 rubles). In Moscow, the median price rose 7.7% over the year, reaching 374,000 rubles.
In regions where new builds are becoming more expensive, secondary housing is becoming more attractive — but only if the apartment is in good condition and reasonably priced.
The gap between new-build and secondary housing prices is widening. In Moscow and Saint Petersburg, it already reaches 20–30%. Buyers are increasingly looking at ready-to-move-in apartments, especially if they need a turnkey solution without long waiting periods.
Apartments are staying on the market longer: the average listing period in cities with over one million residents is 100–130 days, nearly a month longer than a year ago. In some cities, this stretches to 4–5 months, and in certain cases, even longer.
According to Avito Real Estate, in the first half of September 2025, the volume of listings on Kazan’s secondary housing market increased by 32% since the beginning of the year. One-bedroom apartments rose by 41%, two-bedroom by 28%, three-bedroom by 31%, and studio listings grew by 27%. The reduction in the key interest rate has stimulated buyer demand, and owners are returning more actively from the long-term rental market, putting apartments up for sale, says Sergey Yeremkin, managing director of secondary and suburban real estate at Avito Real Estate.
Demand for secondary housing in Kazan also grew by 13% in the first half of September 2025 compared with the start of the year. Interest in one-bedroom apartments rose 15%, two-bedroom 16%, three-bedroom 7%, and studios 18%. The market is responding cautiously to the key rate cut — we are seeing a trend of gradual growth, the expert adds.
According to Avito Real Estate, the average price of an apartment on Kazan’s secondary market in the first half of September 2025 was 10.2 million rubles. Prices have remained stable in recent months, despite greater growth in listings compared with demand.
The average price per square metre for one-bedroom apartments was 196,000 rubles, for two— and three-bedroom apartments — 178,000 rubles, and for studios — 209,000 rubles.
How is the industry coping with the crisis?
The Moscow Exchange real estate index (MOEXRE) has fallen 14% since the beginning of the month, showing the weakest performance among 10 sector indicators, Finam reports. Since the start of the year, the picture is less dramatic: MOEXRE has lost 2.5%, ranking eighth among the sector indices.
Meanwhile, shares of the CIAN rental and property purchase service have risen 9% since early September, which may indicate a shift in investor interest toward rentals and the secondary housing market.
Mortgages remain the main driver of market growth, with a significant share supported by preferential programmes. According to the Bank of Russia, in August the growth of mortgage lending slowed to 10% compared with July, reaching 392 billion rubles, while the share of government-supported mortgages remained high at 82%. The most popular Family Mortgage programme accounted for 278 billion rubles, up 8% compared with July.
This year, the Russian Ministry of Finance will allocate an additional 230 billion rubles to support preferential mortgage programmes. Since April 1, 2025, the “Family Mortgage” programme has also been extended to secondary housing, slightly diverting demand from new builds. At the same time, the Central Bank expects loans under this programme to continue being actively issued, supported by increased budgetary compensation for banks (the subsidy will remain in effect through October) and the gradual reduction of funding costs.
Market-rate mortgages have been growing more slowly, as interest rates remain high. At the end of August, the average rate for market mortgage programmes stood at 22.4%, down 1.5 percentage points compared with the end of July.
At the same time, household mortgage debt continued to rise moderately (+0.9% in August after +0.7% in July), reaching 22.4 trillion rubles as of 1 September 2025.
Without mass preferential mortgages, the market has become healthier
“Last summer, we saw strong demand for new builds because government support programmes, in particular mass preferential mortgages, were coming to an end. Buyers rushed to purchase apartments on more favourable terms while the opportunity still existed,” recalls Dmitry Bogatyrev, Executive Director of Etazhi Kazan.
Meanwhile, the secondary market has remained calmer and more predictable. Demand has declined only slightly. Many buyers continue to purchase these apartments with a mortgage, and now is a good time to do so: banks are gradually lowering rates. It is possible to take a loan at an attractive rate and, when rates fall further in the future, refinance to reduce the monthly payment.
In prime locations, prices have not fallen
The Central Bank of Russia raised the key rate at the end of 2023, and it remained relatively high throughout 2024. At such rates, monthly mortgage payments become very burdensome. As a result, the number of transactions on the secondary market in 2024 and 2025 has remained roughly the same, as reflected in Rosreestr statistics, explains Ruslan Khabibrahmanov, director of the company Flat.
“It cannot be said that prices on the secondary market have fallen. They have always fluctuated. In prime locations, apartment prices have not dropped, while in some peripheral areas they have been adjusted,” the expert added.