How flat prices and rents grew in Russia

Data checked and recalculated on 10 August 2026.

When a flat owner compares letting as-is, refurbishing, furnishing, selling the property, and a bank deposit, the outcome depends heavily on three assumptions: how the value of the flat will change, how fast the rent will grow, and what deposit rate is actually obtainable.

There is no ready-made "correct percentage" that fits every property. The average price per square metre and the price of one specific flat are different measures. Asking rents in listings are not the same as the amounts in all signed tenancy agreements. And the yield on a deposit available today for 6–12 months cannot be carried over to the next ten years without caveats.

This page brings together open data from Rosstat, the Bank of Russia, and DOM.RF. It helps you understand the historical range and choose calculation inputs deliberately, but it is not a forecast of future returns.

The short answer

For a Russia-wide calculation over a horizon of up to ten years, the most neutral starting point looks like this:

Six percent is not a promise that flats and rents will appreciate by exactly that amount every year. These are rounded long-term historical reference points, chosen as a starting position for scenario modelling. Any of the three values can be replaced with your own.

Over the last three and five years, both rent and price growth ran well above the ten-year average. But mechanically extending a recent surge into the future is risky: a short window depends far more on the particular phase of the market.

How the average annual growth is calculated

This page uses CAGR — the compound annual growth rate. It shows the rate at which a figure would have had to change evenly every year to travel from its starting value to its final one:

CAGR = (final value / starting value) ^ (1 / number of years) − 1

This is the measure a calculator needs when property value and rent compound annually. The simple average of annual percentages is shown only as a cross-check.

For example, a 10% rise in the first year and a 10% fall in the second do not return the figure to its original level: after two years, 99% of the starting value remains. CAGR accounts for this effect; a plain arithmetic mean does not. For how the calculation itself works, see the methodology page.

Average price per square metre is not the price of a comparable flat

Two measures need separating before the tables.

The average price per square metre depends not only on market movement but also on the mix of properties observed. If one year's sample happens to include more expensive regions, more high-end new builds, or more flats in good condition, the average price can rise noticeably even without every individual flat appreciating by the same amount.

The comparable housing price index better answers the question of how the price of a notionally comparable property would have changed. For a long-term assumption about one specific flat, this index is methodologically more useful than the average price per metre.

Rosstat states directly that the average price is compiled from a sample of organisations operating in the property market and is calculated with the structure of sold floor area taken into account. The official time series are published in the section Indices and average prices on the primary and secondary housing markets, with current files in the Prices and inflation section.

How prices and rents changed in Russia, 2016–2025

The table sets three series side by side:

• the average price per square metre on the secondary market;
• the annual price index for comparable resale housing;
• the "actual rent for housing" component of Rosstat's consumer price index.

The base for the average price is roughly RUB 56,300 per m² in 2015. By 2025 the average reached RUB 130,360 per m² — growth of about 131.7% over the decade. That does not mean every flat in Russia became 2.3 times more expensive.

Sources for the series: Rosstat housing market time series, average prices and indices for 2025, and the Rosstat CPI table for 2010–2025.

Average growth over 3, 5, and 10 years

The main figure in each cell is the CAGR. The plain average of annual changes is given in brackets.

The gap between 8.8% for the average price per metre and 5.9% for comparable housing matters. The first figure absorbs structural changes in the market; the second is the better reference for a flat you have already chosen.

Short windows are not wrong either — they describe recent history honestly. But rent growth of 14.0% a year across 2023–2025 is largely driven by the jumps in 2023 and 2024, at 19.7% and 17.4% respectively. Using 14% as a constant rate for ten years would assume that unusually fast period repeats over and over.

What the 2026 data showed

A long-term assumption should not stand in for the current situation. According to Rosstat's preliminary data for Q2 2026, prices on the primary market rose 1.1% quarter on quarter and 5.0% year to date; on the secondary market, 1.7% for the quarter and 3.5% year to date. These figures are published in Rosstat's report for the first half of 2026.

Live data from listing platforms showed a different picture, because it measures asking prices above all and uses its own geography. According to CIAN, in Q2 2026 the average price of resale housing across the 40 largest locations rose roughly 2% for the quarter and 10% year on year, while supply was 27% lower than a year earlier. In new builds, asking prices rose only 0.2% for the quarter but remained 9% above the previous year; sales were 22% lower than in Q1. Sources: CIAN reviews of the secondary market and new builds.

The divergence does not mean one source is wrong. Rosstat and the platforms observe different populations of properties and treat geography, quality, and the moment a price is recorded differently. For one specific flat, its city, district, building, condition, and actual transaction price matter more than a national average.

Does growth differ by layout and class?

The short answer: it does, but far less than the differences between cities, buildings, and the condition of the flat. No single Russia-wide series covers studios, room counts, and luxury housing simultaneously — these categories belong to different classifications, and the available data is collected under different methodologies.

By room count in Moscow. According to IRN data on completed housing prices, over ten years one-room flats appreciated by roughly 6.4% a year, two-room flats by 6.2%, three-room flats by 5.6%, and larger flats by 3.6%. Smaller flats grew faster than larger ones, but the gap fits within a few percentage points, and the values themselves are reconstructed from an interactive chart — an estimate, not an official comparable-property index.

On rents. DOM.RF reviews based on CIAN listings show roughly 10.7% a year for studios and one-room flats across 2023–2026, 7.1% for two-room flats, 5.6% for three-room flats, and just 1.1% for flats with four or more rooms. These are asking prices, not actual payments under signed agreements.

Within individual segments the spread becomes so wide that it stops working as a reference. The average price of a studio in Moscow new builds grew by roughly 21% a year over three years — but the source itself attributes the jump to a shift in the mix of supply and the depletion of budget units, not to one and the same studio becoming more expensive. In the luxury resale segment, the calculated growth for 2022–2025 exceeds 26% a year, yet the same series contains a fall of nearly 16% in 2023 and a rise of over 70% in 2024. That volatility points to the influence of sample composition: transactions are few and the properties are not comparable.

What the rental market looked like at the start of 2026

DOM.RF reviews show why recent growth cannot be extended in a straight line. As of 1 January 2026 there were around 95,000 active rental listings in Russia — 17% more than a year earlier and more than double the 44,000 at the start of 2024.

At the end of 2025 the average asking price was:

• Moscow — RUB 97,800 per month, −3% year on year;
• St Petersburg — RUB 52,400, +3%;
• other locations — RUB 37,500, unchanged year on year.

The median time on market reached 28 days in Moscow, 40 days in St Petersburg, and 42 days elsewhere. This is a useful liquidity indicator but not a ready-made vacancy rate: how long a listing stays live and how many days a flat actually sits without a tenant are different things.

The calculated gross rental yield fell to 4.7% in Moscow, 4.9% in St Petersburg, and 5.5% in other cities. It is derived as the ratio of annual payments to the median primary-market flat price and does not account for an individual owner's costs.

Source for this section: rental market reviews from the DOM.RF Analytical Centre for Q4 2025 and for 2023.

If you are choosing between letting and selling, these figures are worth reading alongside the calculation: sell or rent out a flat.

How to compare a flat with a deposit

A deposit rate differs from rent and property value in that it moves quickly. Rent Calc pre-fills 8.5%, which is noticeably below what banks are offering today. The reason is the horizon rather than caution: the calculator opens on a five-year view, and a 6–12 month deposit does not lock in a yield for five years. Once the term ends, the money has to be placed again at whatever rate applies then.

Two official Bank of Russia indicators are worth checking:

1. The maximum rate of the ten banks holding the largest volume of household deposits. In the third ten-day period of July 2026 it stood at 12.845%, against 15.102% in the first ten-day period of January 2026.
2. Weighted average rates on deposits actually placed. In May 2026 these were 12.8% for short-term household deposits in roubles — up to one year, including demand deposits — and 10.9% for terms over one year.

The first is an upper bound based on the best offers from the largest banks; the second is closer to what people receive on average. Both describe a deposit opened today, and neither answers the question of what rate the same money will earn three years from now.

The 8.5% default is derived differently: it starts from today's rate on the first deposit, prices every subsequent rollover off the Bank of Russia key rate forecast, and collapses the whole trajectory into a single figure for the calculator field. Over 3 years that gives 9.5%, over 5 years 8.5%, over 10 years 7.5%. The full derivation, with formulas and scenarios, is in Which deposit rate to use in the calculation.

Enter the rate of a specific deposit, taking into account the amount, term, compounding, and any restrictions on topping up or early withdrawal.

If a calculator applies a single rate across the whole horizon, it is modelling annual rollover on the same terms. That is why the default is tied to the horizon rather than to what banks advertise today: a deposit cannot be rolled over at 12% for ten years running, and a calculation on that basis would systematically overstate the deposit against the flat.

Which values to use in your own calculation

Historical statistics do not replace an assessment of the specific property. A practical order of work:

1. Estimate the current value of the flat from comparable listings and, if the decision is material, from actual transactions or a professional valuation.
2. Determine the current rent from nearby properties in the same district, allowing for condition, furniture, floor, tenancy length, and seasonality. Listing prices are the upper end of a negotiation, not a guaranteed payment.
3. Estimate vacancy from the property's own history. Use time on market only as a secondary reference.
4. Test value and rent growth across several scenarios. For a neutral Russia-wide model you can start at 6% and 6%, but always look at the result with zero growth.
5. Take the deposit rate from the terms of a specific deposit, and do not treat today's rate as guaranteed for ten years.
6. Compare like with like: after the same set of taxes and costs, and accounting for whatever free capital remains.

If the question is whether furniture, appliances, and refurbishment will pay off, these assumptions are easier to test against a concrete set of investments: preparing a flat to let.

Why Rent Calc uses 6% and 6%

The choice rests not on guessing next year but on the fit between model and data:

• the calculator applies compound annual growth;
• the ten-year CAGR for comparable resale housing is roughly 5.9%;
• the ten-year CAGR for actual rent paid is roughly 6.2%;
• rounding to 6% keeps the base scenario legible;
• the three- and five-year figures are available as more optimistic historical references but are not the default, because the 2021–2024 period weighs on them heavily.

These are base assumptions, not a forecast and not investment advice. The outcome for any specific flat may be higher or lower because of location, condition, costs, vacancy, taxes, liquidity, and the timing of purchase or sale.

Frequently asked questions

Sources and methodological notes

Related material. Property-value and rent growth are one side of the comparison. The deposit rate is covered in Which deposit rate to use in a calculation.

About the Rosstat links. These official pages may not open in some browsers because of the certificate they use.

This material is provided for information only. The calculations are based on open aggregated data, depend on methodology, and do not guarantee future property value, rental income, or deposit rate.

This material is for information only. The calculations are based on open aggregated data, depend on the methodology, and do not guarantee a future property value, rental income, or deposit rate.