The portfolio of project finance loans in housing construction reached ₽0.7 trillion in the second quarter of 2025, up from ₽0.4 trillion in the previous quarter. The number of loans issued saw a slight increase, attributed to the launch of new projects, while repayments declined as the pace of commissioning new houses slowed.
Project financing represented about 60% of the total growth in the corporate loan portfolio during this period. By the end of the quarter, developers’ outstanding loans surpassed ₽9.3 trillion, accounting for 48% of banking sector capital.
Sales of flats under equity construction agreements fell by 6% to ₽1.3 trillion, but inflows into escrow accounts remained steady at ₽1.1 trillion compared to the first quarter. The gap between sales and funds received was largely due to installment payment schemes. Additionally, some receipts into escrow accounts reflected installment payments on previously granted loans.
The weighted average rate on project financing portfolios increased to 10.7% per annum—up by 0.4 percentage points over the quarter—but stayed well below the average lending rate in the broader corporate segment, which stood at 18.9%.
“More details are available in the review Project Finance in Housing Construction in 2025 Q2.”
