Subject. The article addresses the transformation of requirements for participants in housing development related to changes in legislation. Objectives. The study aims to make a retrospective analysis of the impact of new requirements on project participants in house construction, and the key interest rate on mortgage lending in the Russian Federation. Methods. The study rests on analytical, statistical methods, and comparative analysis. Its methodological basis was formed by the works of Russian scientists devoted to housing development in Russia through the mechanisms of project financing. It also employed relevant acts and documents of federal executive bodies of the Russian Federation, the data from the Bank of Russia, Rosstat. Results. The paper reveals the specifics (terms) of escrow accounts opening that are required in shared housing construction financed by bank loans. It provides the dynamics of the number of developers using escrow accounts, construction of housing projects, and their commissioning, presents the comparative analysis of the key rate impact on investment project implementation in the context of its volatility; comparative analysis of average market value of one square meter of total floor space of residential premises by federal district. Conclusions. There is an important connection between changes in the key rate and the volume of borrowed funds attracted by developers and equity holders for housing construction project implementation. This indicates that changes in the monetary policy can significantly affect the real estate market. The article is a comprehensive study of factors influencing the development of the housing construction market in Russia, including economic and legal aspects.
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