Published on: 2026-06-03
Source: Central Bank of Russia – Central Bank of Russia –
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The project financing portfolio for housing construction increased by 1% in the first quarter of 2026 and amounted to 10.3 trillion rubles. Low growth rates have been observed over the past two quarters. This dynamic is mainly explained by the fact that developers actively paid off debts on completed projects and projects complicated by weather conditions at the beginning of the year. Also, developers may have taken a more cautious approach to launching new construction projects due to uncertainty regarding future demand.
1.3 trillion rubles were credited to escrow accounts for the quarter — 33% less than in the record fourth quarter of 2025, when there was increased demand for “Family Mortgage” before its terms were tightened. Moreover, this amount of funds is close to the results of the first to third quarters of the previous year, when the market was not overheated.
Sales are still supported by the installment-based housing realization. The volume of not fully paid contracts for shared participation, mainly formed due to installments, does not decrease from mid-2025 and remains significant — about 1.5 trillion rubles as of April 1, 2026.
The average weighted rate fell below 10% for the first time since January 2025, which is one third less than in the corporate segment (15.4%). At the same time, against the backdrop of a decrease in market rates, the cost of project financing is decreasing more slowly. This is due to the fact that the reduction in the key rate does not generally affect the rate for most of the loan portfolio covered by escrow accounts.
Read more in the review“On project financing of housing construction in the first quarter of 2026”.
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