A whim of the sea: buyers of resort housing leave Sochi
Interest in real estate by the sea is shifting from Sochi to other locations. The main drivers of the change in demand were an inflated entry threshold and a shortage of new housing projects in the country's main resort. Meanwhile, other cities are actively developing infrastructure, attracting developers and offering apartments and houses at more affordable prices with high cost growth potential. What directions are being chosen today and how the market will change — in the Izvestia article.
Which destinations are being chosen today
Home buyers by the sea are increasingly considering not only Sochi. It retains its position as one of the key resort markets in Russia, but its own growth points are appearing in other coastal cities, the Neometria development company and the Macon consulting company told Izvestia.
The number of transactions in Sochi decreased by 70%, and the volume of construction decreased by 43% (data for the summer of 2025 are compared with the same period in 2026). One of the reasons that there are fewer new properties in the city is the shortage of vacant land plots. Mountainous terrain, existing buildings and urban planning restrictions significantly reduce the opportunities for the implementation of new projects.
In nearby Novorossiysk, the number of purchases increased by 8%, and the volume of construction increased by 21%. At the same time, prices in the two cities increased almost equally. In Sochi, the increase was 11.5%, to 351.7 thousand rubles per square meter, and in Novorossiysk — by 11%, to 210.9 thousand rubles.
— Sochi and Novorossiysk today offer different scenarios for the purchase of real estate on the Black Sea coast, — said Lenaria Khasiyatullina, commercial director of the federal developer Neometria. — Sochi is developing towards a premium resort: the hotel and tourist infrastructure is being actively built here, and the limited supply of new housing supports the value of real estate.
A record increase in the number of transactions was recorded in Dagestan's Kaspiysk. The number of purchases there increased by 114%. Prices in the city on the shore of the Caspian Sea also jumped by 15%, to 124.3 thousand rubles per square meter.
According to the founder and director of the portal "Vseostroike.Russia" by Svetlana Opryshko, Russians are increasingly considering Anapa as a resort accommodation — it has become the main interceptor of demand: in the first half of 2026, the number of lots in transactions increased by more than 40%.
"There is a growing interest in the Tuapse region, in Crimea, where federal developers are visiting, and the quality of projects is improving," the expert noted. — These locations benefit from their affordability. Interest is growing not only in cities by the sea: buyers are increasingly looking at Krasnodar and, for example, the Caucasian Mineral Waters.
Sochi has always been the main Black Sea brand in the real estate market and a trendsetter, but now people are reorienting to other areas, said Pavel Bykov, director of the federal company "Floors" in this resort city.
"We have seen record price increases since the pandemic, when restrictions on construction were imposed due to the adoption of the master plan," he said. — Now investors are looking at other cities in the Krasnodar Territory, where infrastructure is actively developing, but the price has not yet caught up with Sochi. Locations where transport accessibility is improving look particularly attractive against the background of plans to build a highway that will connect the entire coast, the North and South Caucasus and go towards Asian countries. Naturally, this will expand the flow of tourists and investments from the BRICS countries, which is what buyers are counting on.
People began to evaluate alternative resort destinations more carefully, such as Crimea, the cities of the Krasnodar Territory and the Baltic States, Anatoly Ogarkov added.
— For many, Crimea is a proven location with a sea, a special climate and a recognizable landscape, — the expert emphasized. — The dynamics is especially noticeable in the west of the peninsula: 16 service apartment hotels with a total number of about 8.9 thousand units are being built in Yevpatoria and the city of Saki at the beginning of October 2026.
Why are investors leaving Sochi
Due to the development of domestic tourism in Russia, interest is being formed in new resort destinations that can become an alternative to traditional tourist centers, confirmed Elena Kondratieva, Marketing and Product Director of the Relikt premium residence.
— It should be understood that when choosing a resort property for an investor, it is important to have stable year-round demand, a growing tourist flow and the potential for developing high—quality infrastructure, - the expert added.
Sochi remains the country's tourist capital and the most recognizable location, but it is its popularity that has led to high competition, limited supply and a noticeable increase in prices, said Anatoly Ogarkov, CEO of the Samsara resort complex.
The change of interest is due to an imbalance in the price-quality ratio, Svetlana Opryshko believes. Sochi has long been perceived as the premium and most expensive destination in the south, where the cost of living and real estate has approached the Moscow standard. This forces us to look for more price-balanced options. At the same time, improved infrastructure makes alternative resorts increasingly attractive for year-round living and investment.
How will the market develop
The potential of this market segment today is not limited to seaside towns, said Elena Kondratieva. Year-round wellness and tourism centers such as Kislovodsk form an independent segment, where a combination of sustained demand, natural constraints on building and infrastructure development creates the prerequisites for further growth.
"From an investment point of view, promising resorts at the stage of active development can provide opportunities to enter the market before further growth in demand and limited supply lead to a significant increase in the value of real estate," the expert emphasized.
Sochi and Crimea will develop according to different models, Anatoly Ogarkov believes. Sochi will retain its status as a premium and most liquid destination, but the supply remains limited.
—Crimea, on the contrary, has a reserve of territory and the ability to form new clusters with modern infrastructure," the expert believes. — With a more affordable price level, this makes the region attractive to those who are looking for quality holiday accommodation without overpaying, typical for the most hyped locations.
In the coming years, the buyer will choose not just the sea, but a combination of natural advantages, building quality, service and prospects of the territory.
Vladimir Kovalev, General Director of the Luchi resort, added that, for example, in Anapa, we should expect steady growth without sudden jumps. The main deterrent factor is the high cost of debt financing, so the increase will occur gradually.
According to Svetlana Opryshko, the market will continue to fragment.: Sochi will remain a premium location with limited supply and high price, while Anapa, Novorossiysk and other seaside cities popular with buyers will increase sales due to lower entry costs.
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