Banks financing housing construction using the escrow system began to demand that developers increase the share of installment sales, which greatly worried the Ministry of Construction and Housing and Communal Services, Deputy Head of the Ministry of Construction Nikita Stasishin was quoted as saying by RIA Real Estate.
According to the official, the current volume of installments in the new building market is “definitely not good.”
“I really want to look at the model that the bank and the developer will come to when opening escrow accounts – will the developer have enough money accumulated in escrow accounts, taking into account the capitalization of interest, in order to cover the loan that was taken out and the interest that was formed <...> Those banks that They require developers to maintain the sales rates described in the models, and they will be responsible together with developers for what they have done,” the deputy minister said.
At the same time, banks in this situation risk much less than developers. According to Stasishin, if the developer eventually does not have enough money to cover the escrow accounts, the bank will take away unsold apartments from him at half price, which it can safely sell at market price.
“Nothing will happen to the bank, it will work in the end anyway. And what should the developer do? How should he start new projects? After the disclosure of the escrow, he has no vacant apartments, no money. And the bank earned money on project financing, on crazy interest rates, on bridges, on mortgages, and also received free apartments at a 50% discount,” the official explained.
News on this topic on June 25, 2025, A skew in sales dynamics, a rejection of finishes and a path to scarcity – Plus Development specialists analyzed the situation in the Moscow market of new buildings and identified key trends.
Источник: www.novostroy.su
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