Funds in escrow accounts in construction grow to 4.6 trillion rubles
The high volume of housing sales in 2023 Q2 contributed to the growth of funds in escrow accounts, which exceeded 1.0 trillion rubles. As a consequence, the balance of funds in these accounts reached almost 4.6 trillion rubles at the end of the quarter. However, the launch of new projects outpaced sales both in Russia in general and in most regions, as evidenced by the increase in the volume of unsold housing.
The portfolio of loans issued to developers increased by 9% over the quarter and totalled 5.4 trillion rubles. The amount of lending limits also grew by 9% and exceeded 14.0 trillion rubles, following the volume of construction projects implemented in the market.
More details on financing trends in equity construction are available in the review Project Finance in Housing Construction in 2023 Q2.