Cashless Real Estate Transactions: A Crackdown on Corruption? 🏐💰🏠
Expert clarifies the intention behind prohibiting cash transactions
Gone are the days of under-the-table deals in the real estate market, or so it seems. An expert has shed light on the potential move to ban cash transactions in real estate, suggesting a crackdown on corruption, bribery, and other gray activities.
As per this expert, the ban on cash won't significantly impact real estate prices. Mikhail Beliaev explains that housing prices are influenced by numerous factors[1].
On the legislative front, Svetlana Razvorotneva, Deputy Chair of the State Duma's Housing and Utilities Committee, has hinted at the adoption of such a law by the end of 2025[2]. The initiative is expected to be brought to the State Duma around the end of June[2].
According to reports, the Russian Union of Real Estate Market Participants (represented by companies "Samолет плюс" and "Этажи") have proposed this cash ban[2].
Stay Updated Here: Following our Telegram channel @expert_mag for the latest news on real estate and legislation. 📰📲
- #RealEstate
- #AntiCorruption
- #Legislation
Under the Microscope:
The exact cash transaction threshold for this proposed ban remains unclear, with sources focusing on a blanket prohibition for all real estate purchases made in cash[1]. To keep tabs on the progress of this legislation, it's essential to monitor updates from the State Duma[1].
Although not directly related, international sanctions (such as the UK/EU asset freezes and investment restrictions)[3][5] may indirectly influence Russia's domestic financial regulations. The specifics of the ban, including exemptions or phased implementation, will depend on parliamentary debates and committee reviews[1].
For individuals transacting real estate deals close to the proposed 1 million ruble benchmark, it is advised to consult official Russian government channels or legal advisories once the law is officially published.
- The expert's proposal for a cash ban in real-estate transactions aims to combat corruption, bribery, and other shady activities.
- The Russian Union of Real Estate Market Participants, including companies "Самолет плюс" and "Этажи," have advocated for this cash ban.
- According to the Deputy Chair of the State Duma's Housing and Utilities Committee, Svetlana Razvorotneva, the adoption of such a law is anticipated by the end of 2025.
- Reports suggest that the cash transaction threshold for this proposed ban remains unclear, with a possible blanket prohibition for all cash real-estate purchases.
- For updates on this policy-and-legislation development, it's essential to follow the State Duma and our Telegram channel @expert_mag for the latest news on real estate and legislation.
- The international sanctions, such as the UK/EU asset freezes and investment restrictions, may indirectly impact Russia's domestic financial regulations, including the real-estate cash ban legislation.
