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Russia is offering to introduce escrow accounts for the construction of private houses

Russia is offering to introduce escrow accounts for the construction of private houses
Photo: pixabay.com

Russia is planning to support the development of low-rise construction. To do this, it is proposed to extend to this area the escrow account system, which previously proved to be good in shared construction.

As they write "News", Now in Russia a strategy for the development of the construction industry until 2035 is being developed. Due to the high cost of loans for housing construction and negative macroeconomic trends, the cost of apartments over the past year has grown significantly - by an average of 19%. To support the development of low-rise construction and make it affordable, the authorities are considering the possibility of introducing escrow accounts.

According to the proposals of participants in the construction market and public figures, the creation of a system for cheaper construction of low-rise buildings will help equalize prices in the real estate market. Moreover, due to the pandemic, the demand for cottages and private houses has increased, while the supply on the market has decreased. In 2019 alone, the cost per square meter in a private house was 1,5-2 times lower than in an apartment.

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