Ah, the wonders of private-market real estate: 23.8% a year. Not bad, even in rubles, with the current central bank’s key rate at 14%. Too bad those returns only exist on the platform’s dashboard. Here’s what actually happened.

I invested 600 000 rubles in total. Just to test the waters. Over nearly two years, I’ve gotten back 76 272 rubles, of which 17 032 was profit. The remaining 523 728 rubles is still tied up (I have a screenshot, but I’m not posting it).

So where exactly does that 23.8% come from?

There’s also some “average growth” of 22.3% in the platform’s stats. That one’s easy: 17 032 / 76 272 = 22.3%.

So apparently they calculate “returns” on the principal that’s been paid back, not on the total amount invested. Well, that’s inventive. A for creativity, F for math.

Based on the transaction history the platform does at least publish, the money-weighted return (MWR) works out to 1.64% a year so far.

Meanwhile, the project’s Telegram chats are one big lovefest. Like after like. “Yes, please! Give us more of these amazing real estate investments!” Who are these people?