Due to the use of installments about 1 trillion rubles. do not fall on escrow accounts

The Central Bank recorded the record volume of installments issued by developers to customers of housing: the total amount is 1 trillion rubles. Moreover, such funds are not taken into account on escrow accounts that ensure the safety of equity holders. Including for this reason the Central Bank criticizes the mass practice of installments when buying apartments in new buildings. This not only leads to an increase in housing prices for end customers, but, according to the regulator, increases potential risks for the developers themselves and does not allow them to reduce design funding rates.

As the director of the Banking Regulation and analytics of the Central Bank, Alexander Danilov, was organized on April on the development of the housing market, was organized by the Sberbank of the Housing Market, due to mass installments about 1 trillion rubles. Do not fall on the escrow account. At the same time, as of March 1, 2025, the total amount of funds taken into account on escrow accounts amounted to 6.4 trillion rubles.

Funds that do not immediately fall on escrow accounts create a serious risk for buyers.

In addition, for them, due to the prolongation of payments, the final price of housing increases. This is due to the fact that buyers are actually credited by the developer who lays their interest in the price of the area. Such a scheme is risky for the developers themselves, Mr. Danilov believes. When using installments, they will not be able to fill the escrow accounts in the necessary volumes, which means that the design financing rate will remain at a high level.

At the same time, the Central Bank admits that it is precisely due to the filling of escrow accounts that the cost of project financing for housing developers is noticeably lower than in other segments of corporate lending. Now the average design financing rate for developers is 11%, although it was previously at the level of 3-4%, said Sberbank Vice President Sergei Bessonov. For comparison: the average corporate lending rate is about 23%.

Disputes around the provision of installments to customers of housing between the Central Bank, curators of the construction industry in the federal government and developers are constantly being carried out.

The last time this topic was raised on April 15, 2025 at an expanded meeting of the State Council, where housing construction problems were discussed. Then the Deputy Prime Minister Marat Khusnullin proposed to work out the introduction of installments on new buildings and after putting the houses into operation, if the developers « completely calculated with banks, closed the escrow accounts, and should not do anything to anyone. » To do this, it is necessary to provide for the possibility of establishing a pledge on such property, said Mr. Khusnullin. That is, at his proposal, the developer could withdraw in his favor the apartment in case of non -payment by the buyer of the entire remaining amount.

The head of the Central Bank Elvira Nabiullina, who answered the offer of the Deputy Prime Minister, opposed this: “It seems to me that this is wrong. I would ask not to resort to this. ” At the same time, as the owner of the Sberbank conference, the owner of the National Development Group of Companies, Alexander Gaidukov, it is more profitable for developers to provide installments than a discount from the declared price, for example, 20%.

For the primary housing market, the mass of installments was really a serious problem.

According to Sergey Zaitsev, the director of the network of real estate agencies, the share of the floor of real estate agencies, the share of residential complexes in large cities now reaches 60–70%. At the same time, even those who have the right to family mortgage are formed: such buyers prefer to take a loan closer to the final stage of readiness at home, the expert adds.

“In fact, when installments for buyers, there is only one risk – the inability to pay the entire amount. This may be due to the preservation of high market rates on a mortgage, ”said Roman Sokolov, director of sales of EST-A-TET. According to him, in any case, the amount that the buyer paid to the developer by the time of termination of the contract will be returned. At the same time, however, penalties against buyers who have not fulfilled their obligations can be recorded in the contracts. In turn, for developers, the mass of installments can lead to an increase in the design funding rate, thereby increasing the costs of the project and reducing its profitability, Mr. Sokolov agrees.

Khalil Aminov