New housing in Tomsk to increase in price by 2025, despite decline in sales.
Tomsk's Housing Market: Soaring Prices and Unsold Units
By the end of Q1 2025, a square meter in new constructions in Tomsk will set you back a whopping 151,6 thousand rubles, according to Director of real estate appraisal bureau "TOKCO" Dmitriy Hlopcov.
Earlier reports stated that in January 2025, the average price for new housing in Tomsk on the primary market was 128,44 thousand rubles per square meter, whereas the secondary market stood at 124,6 thousand rubles. The prices have almost evened out due to the unavailability of mortgages, not just for secondary but for new housing as well.
Tomsk region demonstrated a surplus of supply on the primary real estate market in March 2025, with 68% of new housing going unsold.
"The price for a square meter in the primary market is currently around 151,600 rubles, according to our data, whereas on the secondary market it's 119,400 rubles per square meter," Hlopcov explained. "The primary market is faring much better, and the reason for that is that despite the drop in sales on the primary market, prices continue to climb. There's rising inflation, production costs are skyrocketing, but unfortunately, apartments just aren't selling."
As of 1 April, the overall average price for apartments in Tomsk stands at 123,380 rubles per square meter. For comparison: at the end of 2024 it was 120 thousand rubles, and at the end of 2023 it was 111,513 rubles.
"Seventy percent of the new housing in Tomsk currently lies idle," Hlopcov added, "It's unclear how the real estate market in Tomsk will fare in 2025, but current trends remain the same.
"The market is flooded with supply, and the lack of demand is largely due to the absence of mortgage programs that the population can take advantage of," Hlopcov stated. "Credit issuance has dropped by nearly 40-60% both in Russia as a whole, and in Tomsk. Of course, people are still taking out loans, but in considerably small volumes," he concluded.
Real Estate Market Factors Affecting Prices
- Supply and demand fluctuations can affect real estate prices, with an increase in demand or decrease in supply leading to higher prices.
- Economic conditions, such as growth, investment opportunities, and stability, can impact housing market prices.
- Infrastructure development, including improvements in transportation and amenities, can raise property values.
- The regulatory environment, including taxes and zoning regulations, can significantly influence property prices.
- Changes in mortgage rates can affect affordability and demand for housing.
- By 2025, the price for a square meter in new constructions in the city of Riaatomsk is expected to reach 151,6 thousand rubles, marking a significant increase from the previous year.
- The surplus of supply on Riaatomsk's primary real estate market has resulted in an unsold proportion of 68% as of March 2025, with new housing units failing to find buyers.
- Despite the rising inflation and skyrocketing production costs, the primary real estate market in Riaatomsk has shown resilience, demonstrating a strong growth in prices due to the lack of mortgage programs for potential buyers.
- In the finance sector, credit issuance has witnessed a notable drop of nearly 40-60% in Russia as a whole, including Riaatomsk, potentially restricting the population's ability to invest in real-estate.
