Growth in portfolio of loans to developers speeds up markedly in 2026 Q2
The portfolio of project finance in housing construction grew by 6% (vs +1% in 2026 Q1), reaching almost ₽11 trillion. Such dynamics were mainly associated with the beginning of active construction after the winter period, as evidenced by the increase in the volume of housing built for sale, among other things.
Over 2026 Q2, ₽1.2 trillion was credited to escrow accounts, 12% down from the previous quarter. The decrease was caused by unusually high sales at the beginning of the year before the tightening of the Family Mortgage terms effective 1 February 2026. However, this amount of receipts was close to the figures of 2025 Q1–Q2 when the terms of the government-backed programme remained unchanged.
Instalment plans remained a driver of housing sales. The amount of outstanding payments under shared construction agreements, predominantly resulting from instalment options, had not been decreasing since mid-2025, remaining significant (around ₽1.5 trillion).
The weighted average interest rate on loans to developers continued to gradually decline (-0.03 pp QoQ), amounting to 9.9%, which is a third less than in the corporate segment (14.7%).
More details are available in the review Project Finance in Housing Construction in 2026 Q2.