The Russians called the lack of knowledge a key barrier to investment in real estate through ZPIF

Residential real estate is losing the status of a risk-free investment asset in the eyes of Russians: only 3.8% of respondents consider this segment to be the most profitable on the horizon of the next ten years.

Such data is given by the Criminal Code "Modern Real Estate Funds" (MC "SFN") following a survey conducted in September 2026. It was attended by more than 7 thousand people from 37 cities of Russia with a population of more than 500 thousand people.

According to the Domklik platform, an apartment in a mortgage for subsequent rental was issued by 4% of survey participants, for further resale - another 1%. At the same time, every second respondent could not name a segment of real estate that has a chance to become a leader in the investment sector. This is reported by the website newstula.ru.

Against the background of such estimates, there is growing interest in commercial real estate as a more promising and manageable alternative. The most attractive direction of the survey participants called warehouses and logistics - 12.1% of responses. Comparable results were shown by hotels (5.8%) and offices (5.2%).

The study also identified the main barriers to investing in commercial real estate through closed mutual funds. 33.5% of respondents cited a lack of knowledge about the mechanism of the tool. Among those familiar with ZPIF, the main advantages are the low entry threshold (37.4%), professional selection of real estate (36.2%), and regular payments from rental flow (14.7%). When choosing a management company, the key criterion for 41.9% of respondents is the composition and quality of facilities under management.

The results of the study show that 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. This was told by the General Director of the UK “SFN” Ekaterina Chernykh. According to her, the Russians, before investing in the funds of a company, want to clearly understand what facilities it manages. It is important for the market not just to give an opportunity to invest in commercial real estate, but to explain transparently what the fund consists of, how income is formed, and what risks and restrictions are there.

The demand for the tool is confirmed by statistics: for the first 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. In addition, a new fund appeared on the market - ZPIF "Modern Collection 3". Its strategy involves investing in quality Class A business centers in Moscow. Each object will undergo a comprehensive inspection and will be insured. The life of the fund is 15 years, its forecast return is comparable to the current yield of short deposits. The starting cost of the unit is 100 rubles. The fund is also available to unqualified investors. Shares can be purchased in the application "Sberbank Online".

As Ekaterina Chernykh reported, there is a shortage of high-quality office facilities on the market - vacant offers and large lots are not enough. Expectations of a shift to remote work after 2020 have kept the pace of new business centers flat, while demand for modern offices, especially in Prime and A categories, remains strong. The current conditions, according to the Criminal Code, formed the 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 private investors access to quality office real estate and professional management with a low entry threshold, Chernykh stressed.

The Modern Collection 3 Foundation develops the previously launched line: it was opened by the Modern Collection Foundation, created on the basis of the White Square business center in the center of Moscow. Earlier, the MC "SFN" completed the work of the fund "Modern Rental Business": according to the company, for 10 years its profitability exceeded 280 percent, and payments when repaying shares amounted to more than 9 billion rubles. In the Criminal Code, these results are regarded as confirmation of the effectiveness of collective investments in commercial real estate as a tool for long-term capital growth.