In March 2024, the number of equity participation agreements in construction in the residential and non-residential real estate market using escrow accounts registered by the Rosreestr Office in Moscow increased by 41%. This was announced by the head of the Rosreestr Office for Moscow, Igor Maidanov.
Thus, in March, 11,924 DDUs were registered using escrow accounts, while in February their number was 8,449. Despite a slight decrease in the indicator in annual terms by 3.4% (12,340 in March 2023), the share of the total the number of registered preschool children (96.6%) increased by 1.7% over the year (94.9% in March 2023).
“Over the three months of this year, the share of registered DDUs using escrow accounts has remained at 97%. At the same time, despite the record figures of last year, the share of January-March 2024 exceeds not only the first (by 5%), but also the fourth quarter of 2023 (by 0.3%). Thus, we state that in the first trimester of this year, a new maximum indicator for the share of registered contracts using escrow for the entire period of statistics was achieved,” noted Igor Maidanov.
In total, in January-March 2024, 29,112 primary contracts using escrow accounts were registered, which is 10.8% higher than the same period last year (26,278). The share of escrow accounts of the total number of DDUs registered in Moscow for the first quarter of 2024 (30,088) amounted to 96.8%. In the first trimester of 2023, the share of registrations of such preschools reached 92%, and in the first quarter of 2022 – 80%.
In July 2019, Russian developers switched to project financing using escrow accounts, which made it possible to secure the investments of citizens participating in shared construction, as well as to eliminate the possibility of new defrauded shareholders. According to the Bank of Russia, as of March 1, 2024, the number of escrow accounts in Moscow amounted to more than 196.5 thousand.
Tags: record share DDUs escrow accounts recorded capital quarter
