Analysis of the Causes of Price Disparity on the Primary and Secondary Housing Markets of the Russian Federation

Abstract

The study aims to identify the causes of the price “gap” between the primary and secondary residential real estate markets. To achieve this, the authors conducted an analysis of statistical data reflecting the dynamics of residential real estate prices over the period from 1998 to 2025, identified the reasons for the uneven price trends in the primary and secondary markets from a historical perspective, determined the factors leading to price differences, and analyzed their combined impact. The study reveals the external factors causing the une-ven nature of these changes: the overall economic situation, the introduction of state support programs, the shift to project financing, and the implementation of escrow accounts. The article systematizes the advantages and disadvantages of the primary and secondary markets for buyers and outlines the challenges associated with quantifying the impact of specific factors on pricing. The findings may prove useful to buyers making mar-ket decisions, developers, and state regulatory bodies.