The Central Bank of Russia published its 2025 Q4 review of project finance in housing construction, reporting that the portfolio of bank loans to developers rose by 2% in the quarter as large-scale escrow account releases at year end supported active loan repayments. The portfolio still increased by 24% over 2025 to RUB 10.2 trillion, supported in part by a rise in new construction projects. Escrow account inflows in 2025 Q4 rose by 46% from Q3 and by 58% year on year to around RUB 2 trillion, lifting full-year inflows to RUB 5.5 trillion, 11% above 2024. The Bank linked stronger end-year sales to an upcoming tightening of the Family Mortgage programme from February 2026, including a ‘one subsidised loan per family’ rule. It also estimated that about RUB 1.4 trillion of cumulative payments had not yet been credited to escrow accounts, mainly for homes bought under instalment plans in 2025, although the share of unpaid instalments in total shared construction agreements fell for a second consecutive quarter. Escrow funds covered 69% of developers’ debt in Q4, broadly unchanged in the quarter but down 3.4 percentage points over 2025, while the weighted average interest rate on developer loans was 10.2% compared with 16.0% for corporate loans.
Central Bank of Russia 2026-03-13
Central Bank of Russia review finds developers’ project finance loans grew 24% in 2025 but slowed to 2% in Q4 as escrow funds were released
The Central Bank of Russia's 2025 Q4 review shows a 2% quarterly increase in bank loans to developers, reaching RUB 10.2 trillion, driven by large-scale escrow account releases. Escrow inflows rose 46% from Q3 and 58% year-on-year to RUB 2 trillion, with full-year inflows at RUB 5.5 trillion, partly due to anticipated changes in the Family Mortgage programme. Escrow funds covered 69% of developers' debt, while the average interest rate on developer loans was 10.2%, lower than the 16.0% for corporate loans.