Vitaly Mutko, Deputy Chairman of the Government of the Russian Federation for Construction and Regional Development, said that due to the transition of developers to new rules, prices for
real estate in Russia in 2019 will inevitably go up.
According to Vitaly Mutko, a ban on financing
new buildings by means of equity holders force developers to pass the costs on to buyers. “The decision on project financing has been made. Here, simple arithmetic: the cost of the resource was zero, now the developer must receive a loan, ”explained the Deputy Prime Minister in charge of the housing industry. “The cost of a loan for developers is about eight percent. To whom will they be passed on? Certainly, per citizen,” the official added.
The head of Sberbank German Gref also said that 2019 would be quite critical for the construction industry. Adapting to the new rules for developers will create inevitable problems. According to the head of Sberbank, the cost of loans for companies at the initial stage of project construction will be 12.5 percent.
The new procedure for financing housing construction comes into force on July 1, 2019. From now on, developers will not be able to raise funds from equity holders to finance new projects. Buyers' funds will be kept in escrow accounts, access to them will not be available to companies until the commissioning of
new buildings. Supposed, that construction companies will use bank loans at the initial stage of construction.
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