Inflow of funds in retail ZPIF real estate for nine months exceeded 130 billion rubles

Residential real estate, for decades considered by Russians the most reliable investment, is rapidly losing its reputation as a win-win asset.

This conclusion was reached by analysts of the Criminal Code “Modern Real Estate Funds” (MC “SFN”), who interviewed more than 7 thousand residents of 37 million cities and large regional centers of the country. A study conducted in September 2026 showed that only 3.8% of Russians are ready to call housing the most profitable segment of real estate for the next decade. This is reported by newstula.ru.

According to the Domklik platform, only 4% of survey participants took a mortgage to rent out the purchased apartment, and another 1% - in the hope of resale. Every second respondent could not name the segment of real estate that could qualify for the role of the most reliable investment asset.

Commercial real estate is different: more and more private investors see it as a more promising and manageable alternative to housing. The most attractive direction of respondents called warehouses and logistics – they voted for 12.1% of participants. Hotels (5.8%) and offices (5.2%) are behind, but with comparable results.

The main barrier to investments through closed mutual funds (SPIF) 33.5% of respondents called the lack of knowledge about how this tool works. Those who have already figured out the topic appreciate the low entry threshold (37.4%), professional selection of objects (36.2%) and regular payments from the rental flow (14.7%). And when choosing a management company, almost 42% of respondents are guided by the composition and quality of assets under its management.

According to Ekaterina Chernykh, the general director of SFN, the results of the study show that the interest in commercial real estate among Russians has formed, but the understanding of its economy remains limited. Choosing a promising segment of real estate is important, but not enough: the financial result of investments will depend on the purchase price of a particular object, its location and technical condition, the quality of tenants, the terms of contracts and the professionalism of the management company. According to Chernykh, investors want to understand in advance what objects the fund manages, so it is not enough for the market to simply open access to commercial real estate - you need to explain transparently what the fund consists of, how income is formed and what risks and restrictions are.

Demand for the tool, however, does not suffer from a lack of knowledge: for nine months of 2026, the volume of investments in retail ZPIF real estate under the management of the SFN Criminal Code exceeded 130 billion rubles. The company on this wave launched a new product - ZPIF "Modern Collection 3", focused on class A business centers in Moscow. Each object will have a comprehensive inspection, after which it will be insured. The fund is designed for 15 years, its forecast yield is not inferior to short deposits, and the entry threshold is symbolic - the share costs from 100 rubles. Purchase shares will be able, including unqualified investors through the application “Sberbank Online”.

Bet on offices, explains Ekaterina Chernykh, is not accidental: quality business centers on the market are chronically lacking, free space and large lots are few. Expectations of a mass transition to remote work after 2020 have not been met: few new offices are being built, while demand for modern space in Prime and A categories remains high. This, according to the company, creates a long-term investment potential of the segment. The new fund will include only objects that have passed a multi-stage selection. The company’s task is to give investors access to quality office real estate and professional management with a low entry threshold, Chernykh stressed.

“Modern Collection 3” is not the first experience of the Criminal Code in this field. The line was opened by the Modern Collection Foundation, created on the basis of the White Square Moscow business center. And the completed fund “Modern Rental Business”, according to the company, for ten years brought investors more than 280 percent of profitability, and payments when repaying shares exceeded 9 billion rubles – a result that the Criminal Code cites as proof of the effectiveness of collective investments in commercial real estate.