Russians will be protected from losing money when buying country houses

Ministry of Construction has prepared a bill on the introduction of escrow accounts in the suburban real estate market

the real estate market, writes “Rossiyskaya Gazeta”. It is assumed that it will help protect citizens from the risk of losing money when buying low-rise housing. This, in turn, stimulates the demand for individual houses.

According to the bill, developers will be able to attract funds from citizens for the shared construction of individual houses according to the scheme already in force in multi-apartment construction. All settlements will be made through authorized banks and using escrow accounts. Thus, the developer will receive money only after the private house is put into operation. This will reduce the likelihood of abandoned villages appearing, the newspaper notes.

For participants in the suburban market, escrow accounts are a novelty. Experts believe that their use will help increase market transparency and reduce risks for buyers. Some fear that the introduction of project financing may provoke an increase in house prices.

The bill also provides that the common property in the territory of suburban settlements, upon completion of construction, will be transferred to the joint ownership of equity holders or state or municipal property. In this case, the owners will be required to maintain this property.

Earlier it became known that 52 percent of Russians would like to buy housing outside the city. 31 percent already own it, and 17 percent, in principle, do not want to acquire this type of real estate. 56 percent of citizens are ready to live outside the city permanently.



Leave a Reply