Portfolio of loans to developers edges up in 2026 Q1
The portfolio of project finance in housing construction was up by 1% in 2026 Q1 to ₽10.3 trillion. The past two quarters saw low growth rates, which was mainly attributable to developers actively settling their debts under completed projects and unfavourable weather conditions for construction at the beginning of the year. In addition, developers were probably more cautious about launching new projects due to uncertainty of future demand.
Credits to escrow accounts totalled ₽1.3 trillion over the quarter, showing a 33% drop against the record-high value of 2025 Q4 when the demand for loans under the Family Mortgage programme was elevated in anticipation of the tightening of its terms. Notably, this amount is close to the figures of 2025 Q1–Q3 when the market was not overheated.
Sales are still supported by purchases of homes under instalment plans. The volume of outstanding shared construction agreements, predominantly consisting of unpaid instalments, has not been decreasing since the middle of 2025, remaining considerable at around ₽1.5 trillion as of 1 April 2026.
The weighted average interest rate fell below 10% for the first time since January 2025. It is one-third lower than the one in the corporate segment (15.4%). That said, the cost of project finance is going down more slowly amid declining market rates. The reason is that key rate cuts generally have no effect on the interest rate on most loans in the portfolio that are covered with funds in escrow accounts.
More details are available in the review Project Finance in Housing Construction in 2026 Q1.