Number of escrow accounts in shared construction increases by more than 11,000 in February
Project financing indicators for shared-equity housing construction continued to grow in February 2020, according to a survey of authorised banks that can open settlement accounts of developers and escrow accounts for settlements under contracts for participation in shared-equity construction.
The number of escrow accounts increased by more than 11,000, or 22%. As of 2 March 2020, there were almost 63,000 accounts. The amount of funds placed by equity construction participants in escrow accounts grew to 216.7 billion rubles — an increase of almost 22% over the month.
Banks have signed 943 loan agreements with developers. The amount of credit lines exceeded 1 trillion rubles. The debt of developers to banks, which is formed based on the developers’ need for funds for construction, amounted to 341.8 billion rubles.
In half of the Russian regions, 104 projects using escrow accounts have been completed: in 43 regions, more than 4,400 escrow accounts have been opened, and the amount of funds transferred from them to developers and banks to repay loans is almost 10 billion rubles.