In most large regions of Russia, the volume of the block of flats shared construction using escrow accounts already accounts for more than half of all construction projects, and in 6 large regions, this figure is in the range of 70-90 per cent, the DOM.RF Analytical Centre reports.
According to the Deputy Head of the DOM.RF Analytical Centre, Nikita Belousov, the Chelyabinsk Region is in the lead, where 93 per cent of all flats projects are implemented with escrow accounts. The Udmurt Republic is in the second place (91 per cent), and the Perm Territory is in the third (83 per cent). It is specified that on average in the country almost 60 per cent of shared construction has already been switched to escrow accounts.
“We see that the escrow portfolio is growing at a good pace: only from the beginning of this year by 9 per cent, and in just a year, from April 1, 2020, to April 1, this year it has grown by 70 per cent. This is largely due to the increase in new project launches, which has been observed for the eighth month in a row in the context of the implementation of the preferential programme for new buildings at 6.5 per cent and low market mortgage rates. In total, from August 2020 to March this year, 23.2 million sq. m of new housing was launched, which is 51 per cent more than in the same period last-before last year,” Belousov said.
It is noted that according to the rules that came into force on July 1, 2019, buyers of flats under construction under the law on shared construction of flats transfer money not to a developer, but to the escrow account in a bank. Thus, a full guarantee of the safety of these funds is provided, since a developer receives them only when a house is put into operation. According to a joint survey by DOM.RF and the All-Russian Public Opinion Research Centre (VTsIOM), 77 per cent of Russians agree that thanks to escrow, the risks for a home buyer at the construction stage have decreased.