ИСТИНА

This study examines the price gap between primary and secondary housing markets in Russian regions during 2022–2025. The analysis is based on 24.5 million apartment sale listings processed using a two-stage matching procedure to pair properties with comparable characteristics. The results reveal substantial heterogeneity: in most regions new housing is more expensive, but cases of zero or negative gaps are also observed. At the second stage, a factor analysis was conducted using panel and spatial fixed-effects models. The findings show that the magnitude of the gap depends not only on macroeconomic conditions, but also on industry structure and the availability of financial services. These results have practical implications for both homebuyers and regulators, highlighting the need to account for the institutional environment when designing mortgage support programs.