Buyers of housing ready to overpay for insurance against risk of long-construction
Experts of Sberbank note the interest of individuals to residential construction projects, implemented under the scheme using escrow accounts.
Obviously, buyers are willing to overpay a little to get a guarantee that their future housing will not become protracted, since the construction money is placed on bank accounts, from which the developer can only withdraw them if they fulfill their obligations in full.
“Within the pilot projects that are being implemented in our country, you can buy a similar apartment with and without escrow from the same developer in the same project. So now we see that buyers are ready to overpay about 5% for insurance in the form of escrow”, said Svetlana Nazarova, managing director, head of the Sberbank Real Estate Finance Department.
Source: Unified Register of Developers