WIRE — Buyers Shift from Capitals to Russian Regions Russian primary housing buyers are increasingly bypassing Moscow and St. Petersburg in favor of regional provinces. According to data from Cian, the share of real estate transactions in Russian regions has risen from 59% to 70% over the last five years. The decline in the capital cities' share of total construction volume began in 2021. In the Moscow region, this figure dropped from 26.6% to 19.9% by mid-2026. The contraction was more pronounced in St. Petersburg and the Leningrad region, where the share fell from 13.1% to 8.4%. Metric Moscow and Region St. Petersburg and Region Current Construction Volume 23.9 mln m² 10.1 mln m² Transaction Share (H1 2026) 19% (44,000) 11% (25,000) Transaction Share (H1 2021) 28% 13% (35,000) Price Inflation vs. Falling Demand in St. Petersburg The St. Petersburg market exhibits a disconnect between construction activity and buyer demand. While the city continues to develop over 5 mln m² of housing, buyers have only been found for 1.95 mln m²—leaving 60% of these areas unsold.
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