In the first quarter of this year, the capital’s real estate market is demonstrating an unprecedented increase in the use of escrow accounts in transactions with new buildings. According to the capital’s Rosreestr department, the share of such transactions reached a record 97%, which is the highest figure over the past three months. This figure significantly exceeds last year’s data: compared to the first quarter of 2023, the growth was 5%, and compared to the same period in 2022 – as much as 17%.
From January to March 2024, 29,110 real estate purchase and sale agreements using escrow accounts were registered in Moscow, which is 10.8% more than in the first quarter of the previous year. However, compared to the first quarter of 2022, there is a decrease of 6.1%.
In March of this year, the number of concluded share agreements increased by 41% compared to February, reaching 11,920 units. The share of transactions using escrow accounts in March amounted to 96.6% of their total number in the primary market.
For the entire 2023, 154,700 contracts were executed in Moscow using escrow accounts, which is 93% of the total number of transactions with new buildings. These data highlight a steady trend towards an increase in the share of escrow accounts in the structure of the housing market, which indicates an increase in the level of protection of the rights of consumers and investors in the capital’s real estate market.
Our Telegram
