Portfolio of loans to developers exceeds ₽10 trillion in 2025 Q3
The portfolio of project finance loans in housing construction expanded by 8%
Sales of flats under equity construction agreements increased by 18% in monetary terms quarter on quarter, due to a rebound in demand for housing. The total value of equity construction agreements concluded reached ₽8.7 trillion as of 1 October 2025, while balances in escrow accounts stood at ₽7.2 trillion. The difference between these figures was mainly associated with outstanding obligations under instalment plans offered by developers. Though remaining significant, it had decreased by 1 pp to 17% for the first time since early 2025. This was attributed to the rising affordability of mortgage loans, which was reducing developers’ demand for additional sales instruments.
The rate of loan disbursements by banks was outpacing the accumulation of funds in escrow accounts. Therefore, debt coverage by escrow funds fell by 1.4 pp to 69%, though remaining adequate.
The easing of market lending conditions had a positive effect on the weighted average interest rate on loans to developers, i.e. over the quarter, it went down to 10.2% (-0.5 pp), which was more than a third below the weighted average interest rate on corporate loans (16.8%). The interest rate differed across federal districts. In two of them, it was notably higher
More details are available in the review Project Finance in Housing Construction in 2025 Q3.