Impact of changes in the key rate on project financing in the housing construction industry

This article examines the relationship between changes in the key rate and project financing of housing construction. The paper examines the main aspects that influenced the change in the rate and volume of project financing: the policy of the Bank of Russia in the field of mortgage lending and its impact on the project financing market. Based on an analysis of the dynamics of rates and volumes of loans issued in the primary housing construction market, an inverse relationship was identified between rates and volumes without a time lag, which as a result affects the actual volume of primary housing commissioning. Based on the identified patterns, a forecast for the housing construction industry was compiled and ways to minimize the risk level of project financing transactions for developers and investors were proposed.