The market for real estate zpiphs is growing against the background of high rental rates
In the first quarter of 2025, the assets of retail zpiph of real estate increased by almost 41 billion rubles, to 617 billion rubles. Managers note the increase in demand for such investments due to the preserved high inflation and the trend that began this year to reduce deposits. As a result, pure attraction to such funds increased more than doubled compared to last year, to 28.4 billion rubles. Market participants are waiting for the emergence of new funds for such real estate segments as recreational and hotel.
The total assets of the market zPIFs of real estate according to the results of the first quarter of 2025 increased by 7.1%, to 617 billion rubles, follows from the assessment of the UK « sail management of assets ». The growth rate was higher than in the fourth (6.1%) and the first (5.4%) quarters of 2024. At the same time, indicators of ZPIF real estate “Dom.rf” were added to the assessment of market funds, in which a significant increase in the share of real estate and an increase in the number of shareholders have recently occurred.
In the context of the rapid development of the real estate ZPIFs market, the Sailry Management Asset Management was allocated to separate segments of the data center and Light Industrial (production and navigation areas for small and medium-sized businesses), which were previously part of the logistics real estate segment. So, according to the results of the first quarter of 2025, the data center segment took third place among real estate sectors (67.2 billion rubles), displacing trade real estate (65 billion rubles) to the fourth line. In particular, the data center « Medvedkovo » with an area of 73.8 thousand square meters. m is located in the Foundation « Modern Commercial Real Estate » (Criminal Code « Modern Real Estate Funds »). A year ago, Alfa Capital began to develop a line of Light Industrial Foundations (see Kommersant on April 10, 2024). “In the near future, we expect the line of ZPIFs will be replenished with recreational and hotel real estate assets,” said Elena Mikhailova, head of marketing research and analysts of the Sailry Management Management Criminal Code.
The main contribution to the growth of the market was investment. According to the results of the quarter, the fund customers invested 28.4 billion rubles in them, more than twice aside the indicator of the same period of 2024. According to Elena Mikhailova, the key factor in growth is the protective properties of real estate, especially commercial, as “absorbs inflation” – rental payments are growing and the assets themselves in price. Over the past year, income from the rental of warehouse real estate, which makes the basis of the market, increased from 10-12% to 16% per annum. About 8–10% more brought a revaluation of the value of objects.
Investment preferences could also affect deposit rates in early 2025. According to the results of the first quarter, the average maximum rate of the largest banks, calculated by the Central Bank, decreased by more than 1.4 percentage points, to 20.3% per annum. According to Ekaterina Vasilchenko, the director of projects of the Criminal Code of the Criminal Code, the behavior of investors is influenced by expectations to reduce the key rate and deposit rates.
Vladimir Stolnikov, head of the alternative investment management of alternative investments of the Alfa Capital Criminal Code, believes that the current rather high profitability can be recorded on the horizon of three to five years. At the same time, according to him, « the new money coming from customers goes to new projects with contracts from three to eight years without the right to leave the tenant. »
In case of maintaining a trend in reducing bets on deposits, managers are waiting for increased interest in real estate sibs, as investors will look for stable rental profitability and potential for cost growth due to high construction inflation. The interest in the Bank of Russia, which is stored tough monetary policy (DCP) of the Bank of Russia, will also maintain interest. “The tough DKP will continue to restrain lending, and therefore new construction, which will lead to an increase in rental rates and the cost of a square meter for real estate for investment quality,” said Ekaterina Vasilchenko.
