Housing developers reported on the results of work for 2024
For the first time in three years, the profit of large participants in the housing construction market – the “plane”, the PIC Civil Code – has decreased, and the “standard” doubled the net loss, despite the growth of cash receipts. Such results are a consequence of a decrease in demand that occurred after the cancellation of a mass preferential mortgage last summer, and the growth of loans, which companies took to purchase sites for development. Experts do not expect an improvement in the situation in the near future.
A number of large housing developers in Russia, included in the TOP-20, reported on April 25 on the results of work over the past year. So, for example, the Hax Code recorded a decrease in net profit by 3.2 times a year by the year, to 8.2 billion rubles, while the revenue of the developer increased by 32%, to 339.1 billion rubles.
A similar situation has a peak in the Civil Code: the company’s net profit was reduced by 45%, to 28.7 billion rubles, with an increase in revenue by 15%, to 675 billion rubles. At the “standard”, a pure loss doubled compared to 2023, to 6.9 billion rubles, however, the revenue increased by 44%, to 130.9 billion rubles. Prior to this, in 2020–2023, when the demand for apartments in new buildings, thanks to the mass preferential mortgage, was high, these developers, like many other participants in the housing construction market, the profit only increased.
After the completion of the preferential program in the summer of 2024, sales from developers of housing expectedly went down. According to the estimates of the Analytical Center of the state -owned company Dom.rf, according to the results of last year in Russia as a whole, the volume of transactions in the primary market decreased by 22% year, to 26.7 million square meters. m. The growth of credit load could be influenced by the growth of the players primarily due to the active replenishment of the land bank and the launch of new projects, said Vasily Tanurkov, director of the corporate ranking group of ARRO.
The financial director of the “Airman” Nina Golubnichiy confirmed Kommersant that developers began to increase investments in expanding the business in 2023, when the real estate market grew.
So, according to her, the “plane” in the first half of 2024 sent funds to a noticeable expansion of the land bank, the development of the premium segment of housing in his portfolio and infrastructure decisions. “In mid -2024, cooling began on the market, and the trend changed,” says Mrs. Golubnichi.
In addition, Mr. Tanurkov continues, a high dependence of sales on mortgages could affect the indicator, which is more inherent in the projects of the mass segment. The cost growth factor as a result of the leading rise in the cost of building materials and increasing labor costs is also not excluded.
Some developers managed to increase profit. LSR Civil Code increased the indicator by 11%, to 32 billion rubles, while the company’s revenue increased by only 1%, to 239 billion rubles. The development company Pioneer increased net profit by 2.4 times, to 5.2 billion rubles, and revenue – by 11%, up to 47.1 billion rubles. In A101, net profit increased by 37%, to 50.6 billion rubles, and revenue – by 84%, up to 150.6 billion rubles. Glorax has net profit and revenue by 2.4 times, to 1.2 billion and 32.6 billion rubles. respectively.
In the best situation were those companies that reduced investment activity in time and did not focus on building a portfolio of projects, explains Vasily Tanurkov.
It is unlikely that developers of housing are unlikely to expect a noticeable improvement in the situation in the market for new buildings. In the first quarter of 2025, sales in new buildings continued to decline: this indicator was lower than a year by 6%, or 5.3 million square meters. m, follows from the data « Dom.rf ». “If the key rate is maintained at the 19–22% level predicted by the Central Bank, sales can be expected by 20–25% in the whole year,” says Mikhail Goldberg, head of the Dom.rf analytical center. This will also be the result of a decrease in the volume of issuing a family mortgage, which is now one of the drivers of sales for developers.
