According to Michael Lange, Head of Jones Lang LaSalle's Moscow office, the Land Code will permit both Russian and foreign entities and citizens to own land outright. Two more hurdles need to be overcome: the new law needs to be approved by the Federal Council and by President Putin but if all goes as expected, the sale of land cold be legalised in about a month.'This is a very important event for the development of the civilized land relations in the country,' said Lange. 'The Land Code puts an end to the confusion created by the hundreds of existing local and federal decrees and regulations governing property in Russia.'

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.