The new construction market in Nizhny Novgorod is slowing down against the backdrop of rising prices.

      May 23, 2026 08:10 Economy NIA "Nizhny Novgorod" - Maria Orlova The primary housing market in Nizhny Novgorod is showing signs of slowing down against the backdrop of rising supply and ongoing price increases. This was reported by Elena Titova, director of the Volga Group, at a real estate forum, according to a correspondent from NIA "Nizhny Novgorod." According to Rosreestr, the minimum volume of transactions occurred in 2022 - 6,500 shared participation agreements. The peak year was 2023 with 15,867 transactions. In 2024, there was a decline to 9,000, and in 2025 the market partially recovered - 11,811 shared participation agreements were registered. In the first quarter of 2026, about 2,700 transactions were concluded - averaging about 900 per month. However, according to the speaker's assessment, in January the figure was comparable to 1,700, while in February and March it was around 500 shared participation agreements per month. This indicates a slowdown in pace. The recovery of demand in the second half of 2025 was associated with a decrease in the key rate, partial withdrawal of funds from deposits, and expectations of preferential mortgage programs. In 2026, the situation changed: previously realized demand was exhausted, and the conditions for preferential mortgages tightened. An additional factor was the accumulated market tension since 2022. Also, according to Elena Titova, the market is experiencing overstocking. If previously up to 90% of standard-class apartments were sold by the time a building was commissioned, now sales may stretch for another year to a year and a half. In 2025, the implementation level was about 33% in active shared participation agreements against a norm of 48%, indicating a decrease in consumption rates. "In 2025, the supply of apartments in apartment buildings remained at the same level, while demand increased: in quantitative terms - by 30%, in square meters - by 10%. This indicates a decrease in the average area of purchased apartments - from 54 square meters in 2024 to 42 square meters in 2025," she said. The comfort class feels the best in the current conditions, accounting for about 60% of the supply. The premium segment, on the contrary, shows the largest discounts - up to 20% - and weaker sales dynamics. The average price per square meter in Nizhny Novgorod rose from 173,000 rubles in December 2024 to 193,000 rubles in December 2025, while in the region it increased from 151,700 to 177,800 rubles. The speaker associates the price increase with the rising cost of construction since 2024 and the limitations of developers' financial models. At the same time, the secondary market remains about 20% cheaper than the primary market. According to Titova, the increasing gap reduces buyers' opportunities to sell secondary housing to acquire new buildings. According to the expert's assessment, the further dynamics of the market will largely depend on the key rate and developers' adaptation to the changing structure of buyers. Earlier, Elena Titova discussed the impact that Zoomers will have on the real estate market in 3-5 years. NIA "Nizhny Novgorod" has channels on Telegram and MAX. Subscribe to stay updated on major events, exclusive materials, and timely information. Copyright © 1999—2025 NIA "Nizhny Novgorod". When reprinting, a hyperlink to NIA "Nizhny Novgorod" is mandatory. This resource may contain materials 18+