Ten of the most anticipated events of the year 2019 in real estate
The outgoing year was not easy and interesting for the Russian real estate market, but the coming year promises to be no more boring and no easier. Will continue to solve the problems of defrauded investors, and that there are no new, tougher requirements for developers. Mortgage may become even more affordable, and Russian cities – more comfortable.
New rules of the game in the "dolevku" One of the landmark events of 2019 will, of course, the transition from 1 July to the scheme of share building with use of escrow accounts. From this date, the funds of shareholders must be credited to a special Bank account, and developers will not be able to get them before the transfer of apartments to buyers, and will build on Bank loans. According to the Deputy head of the Ministry Nikita Staresina, the rate on such loans to developers will be 6-8%. Developers could try this scheme since July 1 of this year, but so far it was voluntary, and in 2019 it will become a mandatory requirement. The changes caused a lot of discontent and disputes in the market. Developers believe that the transition to escrow accounts can lead to an increase in the cost of projects and, accordingly, to an increase in prices for the buyer. A business Ombudsman Boris Titov said that the new rules will lead to a drop in the volume of housing construction. The Deputy mayor of Moscow for the construction Marat Khusnullin, among others, criticized the innovations.