PIONEER at the Round Table "Real Estate Market Pulse: Mid-Year Results. Mortgages. The Future"

At a press conference organized by the real estate club “Movement” in collaboration with the International News Agency “Russia Today,” government representatives and developers gathered to discuss not only the mid-year results in the construction sector but also its future prospects.

Deputy Minister of Construction and Housing and Communal Services of the Russian Federation, Nikita Stasishin, explained that the “family mortgage” program is expected to play a crucial role in the development of the housing market, especially in light of the current economic conditions and changes in the country’s demographic policy. In the first half of 2024, 53.4 million square meters of housing were built in the Russian market, with 28 million square meters coming from individual housing construction and 15.6 million square meters from multi-family homes. Forecasts indicate that the total housing output this year will be around 100 million square meters, signaling the continued active development of the construction industry.

During the discussion, Pavel Inshakov, Sales and Leasing Director for Commercial Real Estate at PIONEER, talked about the company’s project implementations, which include residential properties in the business, premium, and deluxe classes.

“Following the cancellation of preferential mortgages, we have observed a decline in demand for apartments in the business-class project. However, the premium class remains virtually unchanged; the only difference is the shift in payment structure to instalments from full payment. In the deluxe class sales, we see an increase in demand and consequently, in sales,” Inshakov shared.

PIONEER is developing both residential and commercial real estate in Moscow. Currently, 1.6 million square meters are in the planning and construction stages. The developer’s premium lineup includes skyscrapers HIGH LIFE, the club residence OPUS, the family quarter PRIDE, and the residential complex SHIFT near Neskuchny Garden. The company is also constructing a large business-class residential complex, LIFE Varshavskaya, in the south of Moscow.