RUB 4 billion of shareholders' funds accumulated in bank accounts in Dagestan

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In Dagestan, funds in escrow accounts in banks have increased almost sevenfold compared to the beginning of May last year. According to the National Bank of Dagestan, the total amount of investments in joint construction makes approx. RUB 4 billion.

As of May 1, 2024, 1159 trust accounts were opened in the republic. Their number has more than doubled during the year. "The growth in the number of escrow accounts shows that project financing in housing has become more popular in the region. Buyers' money deposited in special accounts is protected.

Developers receive it only after the object is commissioned and build houses at their own expense or with credit funds" Svetlana Batsyna, the deputy Head of the Bank of Russia's office in the Republic of Dagestan said.

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