Bank loans to developers increase by 10% over quarter
9 March 2023
News
As of the end of 2022 Q4, the portfolio of project finance in housing construction expanded to 4.8 trillion rubles, accounting for 8.1% in the overall corporate portfolio of Russian banks.
New housing sales surged by the end of the year, increasing the inflow of funds into escrow accounts — it reached 851 billion rubles over the quarter. However, the total balance of such accounts declined for the first time over the quarter to 4.1 trillion rubles, specifically because of the active use of escrow accounts under completed projects.
More details on financing trends in equity construction are available in the review Project Finance in Housing Construction in 2022 Q4.
Preview photo: Another77 / Shutterstock / Fotodom