Влияние новой модели финансирования жилищного строительства на основе эскроу-счетов на характеристики сделок на рынке первичной жилой недвижимости

Регион: Экономика и Социология. 2020. № 3(107). С. 242–269.

Lipatnikov V. S., Удалова А. А.

The goal of the paper is to identify the impact of the model of financing based on escrow accounts on the costs of developers and purchasers of homes. The research includes an interview with a representative of a bank that provides credit finance for building companies. This interview helped to identify the typical structure of cost for building projects and the price characteristics of homes. The evaluation of change of cost is based on the analysis of the change of cost price of building projects, profitability of sales and increase of home prices. The method of sensibility analysis is used.

The research demonstrated that the cost price of building and real estate prices will increase by no more than 10% in average. The profitability of building companies will also decrease by no more than 10%. The discount given in case of purchase at earlier stages of construction will not decrease.

It can be concluded that the goal of the introduction of the new model of financing was not to make homes more affordable, but to decrease the social risks associated with developers’ inability to carry out construction projects at the minimal cost for the state. Banks are main beneficiaries of the implementation of the new scheme of financing.

Keywords: рынок недвижимости, real estate market, construction industry, строительная отрасль, долевое финансирование, construction financing, shared financing, escrow accounts, финансирование строительства, эскроу-счета