Moscow developers refuse to finish apartments

A new trend is gaining momentum in the Moscow new-build market: developers are gradually abandoning ready-made solutions, as evidenced by the steady decline in the share of apartments and flats with full finishing. Moreover, this dynamic affects all segments, from mass to elite. Developers offer large apartments and flats with finishing least of all. the general market trend is to reduce the share of ready-made solutions

"In March 2025, only 27% of apartments and flats on offer in Moscow had finishing. A year earlier, this figure was 37%, in March 2023 - 40%, and in March 2022 - 42%. The supply of new buildings with finishing at such a low level was last observed at the beginning of 2018 (23%)," Ruslan Syrtsov, Managing Director of Metrium, told MK. He and his colleagues studied the dynamics of the supply of ready-to-live-in premises in new buildings in the capital.

According to him, a significant share of the new buildings market in Moscow is occupied by apartments and flats with pre-finished finishing (white box). In March 2025, such premises accounted for 21% of the supply. In 2023 and 2024, this figure was 18%, in 2022 - 24%, in 2021 - 19%, and in 2020 - 12%.

According to the expert, the supply of finished premises is decreasing most noticeably in premium-class new buildings. In March 2025, the share of such apartments and flats was only 10% of the total volume — this is the absolute minimum in the entire history of observations. At the same time, the share of premises without finishing reached a record 73%. The share of apartments and flats with pre-finishing in this segment also decreased, amounting to 17% in March 2025. For comparison: in March 2024, the share of finished premises in the premium class was 18%, in March 2023 — 15%, in March 2022 — 31%, in 2021 — 37%, and in 2018 — 22%.

"The growth in the supply of premium flats and apartments with free layouts in Moscow is partly due to a change in buyer preferences," Akop Kirakosyan, CEO of the developer of the multifunctional complex Dom Dau, told MK. Among wealthy clients, in his opinion, the share of those who buy housing for long-term residence has increased, expecting that they, their families and children will live in it, and not for investment. "Buyers in the premium segment often prefer premises without finishing in order to furnish the apartment to their taste, according to their needs and tasks. The choice of apartments with free layouts and the creation of individual design projects, in the development of which clients take an active part, reduces interest in ready-made solutions in this segment," the developer added.

Following the premium class, the supply of new buildings with full finishing in the high-budget segment (elite and deluxe class) is declining most rapidly. In March 2025, only 25% of real estate in these segments were offered with finishing from the developer. Most apartments and flats (63%) did not have any finishing. The share of premises with pre-finishing (white box) accounted for 12%. As in the premium class, the supply of apartments with finishing in high-budget new buildings has noticeably decreased: in March 2024, they accounted for 37%, in March 2023 - 35%, and in March 2022 - 46%. Thus, developers of the most expensive new buildings in Moscow are also gradually abandoning ready-made solutions.

"To a large extent, the difficulties with finishing in the high-budget segment are caused by external restrictions," explained Ekaterina Borisova, development director at Rariteco. In her opinion, many developers in the elite and deluxe segments today find it difficult to provide decent quality of the finished design solution due to the lack of premium materials and technologies. "That is why they refuse to fulfill the corresponding obligations. Only the most experienced developers manage to maintain the quality of finishing corresponding to the high class," the specialist emphasized.

In the business class, the supply of apartments and flats with full finishing is traditionally low. However, in this segment, too, it has continued to decline over the past year. Thus, in March 2025, only 10% of apartments and flats in new business class buildings were offered with full finishing. The share of premises without finishing accounted for 64%, and premises with pre-finishing - 26%. If in March 2024 the share of apartments and flats with full finishing in the business class was 15%, then by March 2025 it had decreased to 10%. Thus, the business class is characterized by the predominance of premises without finishing, a low supply of premises with full finishing and an increase in the share of apartments and flats with pre-finishing.

"The share of apartments without finishing is decreasing for several reasons, and first of all, it is the rise in the cost of construction and finishing materials," noted Igor Sibrenkov, Commercial Director of GC "Osnova". Even though developers include the predicted price increase in the economics of their projects, due to inflation, the growth in logistics costs, the rise in the cost of imported components and raw materials, the cost of materials at the time of finishing in apartments may be much higher. In addition, the range of materials available on the market may change significantly. "We see that buyers in new buildings of business class and above often want to do the finishing themselves, sometimes preferring to give the most labor-intensive work to the developer," the developer said.

The reduction in the supply of finished premises also affected the largest segment of the Moscow new-build market — the mass segment, where such apartments and flats have predominated in recent years. In March 2025, the share of fully finished premises in this segment was 53%. 30% of flats and flats were offered without finishing, and 17% with pre-finishing. However, the general market trend towards a reduction in the share of ready-made solutions is also evident here. A year earlier, in March 2024, the share of fully finished premises reached 63%, in March 2023 — 68%, and in March 2022 — 70%.

"There is a steady trend towards a reduction in the supply of fully finished apartments and flats on the Moscow new building market," Mr. Syrtsov emphasized. According to him, this trend affects all segments, from mass to elite, and can be seen both in the total supply and in terms of the number of rooms. Developers are increasingly focusing on unfinished or white boxed premises, which is probably due to rising costs and changing consumer preferences, especially in segments above business class. "Clients focused on long-term residence prefer to design and decorate their apartments themselves, creating individual interiors that fully meet their needs and tastes. At the same time, fully finished apartments still retain their leading positions in the mass segment, although their share is also gradually decreasing," the expert concluded.