Three construction companies from Dagestan (Stroyservis LLC, Dagestanstroymaterialy LLC and Alreko LLC) have applied for bank loans to finance housing construction, Bakhtiyar Ullaev, the Acting Minister for Construction, Architecture, Housing and Communal Services in the Republic of Dagestan said.

Besides, 5 more companies have recently started constructing residential buildings by opening escrow accounts. At present, 15 developers in Dagestan are utilizing this mechanism for a total of 25 projects. Two developers are based in Makhachkala, five developers are located in Kaspiysk and eight developers operate in Derbent and district.