The real estate market in the Russian Federation has turned into a new front of economic collapse – intelligence
Kyiv • UNN
Construction delays among Russia's top developers have risen to 15%, and 93% of new apartments have defects. High interest rates and debts are leading the industry toward a total collapse.
In the Russian Federation, the real estate market has turned into a new front of economic collapse. According to the Foreign Intelligence Service, the reasons lie in the systemic degradation of the industry; the most vulnerable are regional companies and those who took on debt at the market peak, UNN reports.
Details
According to intelligence reports, the share of housing built by Russia's four largest developers with delays has increased nearly fivefold over the year—from 3.2% to over 15%. As of April 2026, this represents more than 2.4 million square meters in the portfolios of GC "Samolet", PJSC "PIK", "Dogma", and GC "FSK"—and the figure continues to grow.
The worst situation is at "Samolet": out of 4.95 million square meters under construction, 1.66 million are already behind schedule. At "Dogma", the share of problematic objects jumped from 3.1% to 8.7% in just two months. Among regional developers, the picture is even worse—some have delays affecting 50–60% of their projects.
The reasons lie in the systemic degradation of the industry. A high key interest rate has killed mortgage demand, the debt burden is crushing developers, and construction costs are rising due to the increasing price of labor and materials. As a result, developers are cutting costs where it is easiest—on materials, engineering solutions, contractors, and quality control. Ultimately, the buyer suffers,
Intelligence added that 93% of new apartment owners in Russia recorded defects in newly delivered housing. Every fourth person complains about leaks, every third about crooked walls and floors, and more than two-thirds about faulty windows. The new housing market has effectively turned into a market of warranty claims.
The combination of expensive lending, weak demand, and inflated costs leaves developers with no room for maneuver. The most vulnerable are regional companies and those who took on debt at the market peak: for them, delays in delivering objects risk turning into a liquidity crisis, lawsuits from buyers, and restructuring. For the overall Russian economy, this means a slowdown in related industries, an increase in the share of non-performing loans in the banking sector, and additional pressure on already exhausted regional budgets.