Strategies for the new reality

The fall in the Moscow Exchange Index has reinforced doubts about the prospects for new listings. High key rates make deposits and bonds more attractive than equities, reduce company valuations, and push potential issuers either to postpone IPOs or accept significant discounts. Andrey Stroganov, Senior Analyst at the Yakov & Partners Analytics Center, notes that both macroeconomic and geopolitical factors are weighing on the IPO market. Another risk is the changing investor base: retail investors now account for roughly 70–80% of market activity, compared with about 41% in 2021, increasing sensitivity to news and market volatility.

The development of Luzhniki as a major sports and public cluster is increasing the appeal of nearby districts and influencing real estate values. New restaurants, services, landscaped embankments, and sports infrastructure are creating a self-sufficient urban environment that buyers receive together with their homes. Anna Danchenok, Head of Real Estate and Urban Development at Yakov & Partners, notes that major points of attraction increase the intensity of business and social connections, generating additional economic activity. International benchmarks suggest that housing near such assets can command a 5–15% premium, while commercial rents may be 10–35% higher than in comparable locations.

Large-scale AI adoption could generate a total effect of around RUB 900 billion for construction and real estate. According to Anna Danchenok, Partner at Yakov & Partners, this could offset approximately 5–6% of the decline in developer margins and bring the industry closer to its 2022 performance levels. Around 64% of developers already use AI, most actively in sales. The next stage will involve expanding AI into other processes where automation can improve productivity and reduce costs.