The share of housing being built by the four largest Russian developers with construction delays has increased almost fivefold over the past year — from 3.2% to more than 15%. As of April 2026, this amounts to over 2.4 million square meters in the portfolios of GC “Samolyot”, PJSC “PIK”, the company “DOGMA”, and GC “FSK”, and the figure continues to grow.
The situation is worst for “Samolyot”: out of 4.95 million square meters under construction, 1.66 million have already fallen behind schedule. In “DOGMA”, the share of problematic projects jumped from 3.1% to 8.7% in just two months. Among regional developers, the situation is even worse — in some cases, delays already affect 50–60% of projects.
The causes are described as systemic industry degradation. A high key interest rate has killed mortgage demand, debt burdens are weighing on developers, and construction costs are rising due to more expensive labor and materials. As a result, developers are cutting costs where it is easiest — materials, engineering solutions, contractors, and quality control. Ultimately, buyers suffer.
93% of new homeowners in Russia have reported defects in newly delivered housing. Every fourth complains about leaks, every third about crooked walls and floors, and more than two-thirds about faulty windows. The new housing market has effectively turned into a market of warranty claims.
The combination of expensive credit, weak demand, and inflated costs leaves developers with little room to maneuver. The most vulnerable are regional companies and those that took on debt at the market peak: for them, delays risk turning into liquidity crises, lawsuits from buyers, and debt restructuring. For the broader Russian economy, this means a slowdown in related sectors, an increase in non-performing loans in the banking system, and additional pressure on already strained regional budgets.
