Portfolio of loans to developers grows by 8% in 2025 Q2
The portfolio of project finance loans in housing construction in 2025 Q2 totalled ₽0.7 trillion (vs ₽0.4 trillion in 2025 Q1). The number of issued loans increased slightly due to the launch of new projects. Contrastingly, repayments decreased as the process of commissioning new houses slowed down.
Project financing accounted for about 60% of the total increase in the corporate loan portfolio in 2025 Q2. At the end of the quarter, developers’ outstanding loans exceeded ₽9.3 trillion (48% of the banking sector capital).
Sales of flats under equity construction agreements edged down in monetary terms (-6% to ₽1.3 rubles), while the inflow of funds into escrow accounts remained at the level of 2025 Q1, i.e. ₽1.1 trillion. The difference between sales and funds received was mainly associated with the use of installment schemes. However, the amount of installment sales is somewhat higher than this difference because part of the receipts to escrow accounts were installment payments on previously received loans.
The weighted average rate on the project financing portfolio rose to 10.7% per annum (+0.4 pp per quarter) but remained significantly below the average lending rate in the corporate segment (18.9%).
More details are available in the review Project Finance in Housing Construction in 2025 Q2.