Yandex Realty Introduces Cashback Offer for Apartment Purchases

Yandex Realty has announced the launch of a cashback program for users buying new apartments. The new initiative from the real estate classifieds site will see Yandex Plus subscribers offered at least 1% of the cost of the apartment as points redeemable on things like hotels, travel, home improvements or electrical appliances.

According to the company's Head of Real Estate, Ilya Tikhomirov, users can activate points accumulation on listings from developers aligned with the program. After this, they can purchase an apartment from the participating developer and submit the necessary documentation to the Yandex support chat and once everything is verified, their points will be credited within 30 days. These accrued points remain valid for a span of two months.

A company statement noted that 17 developers and more than 55 residential complexes across Russia have already joined the program.

Yandex is the Russian internet giant that runs the country's most popular search engine as well as a suite of online classifieds assets. Its Plus subscription package operates across the company's portfolio and its inclusion in real estate is designed to save users money on things they likely would have to purchase after buying a new property.

Since Russia invaded Ukraine Yandex Realty, along with its competitor Cian, has benefitted from an increased desire among Russians to invest in real estate. In Q2 the company posted record quarterly revenue of around $57 million.