Russian Land Reform Edges Closer

MOSCOW-The Duma, Russia’s state parliament, has cleared the way for reform of the country’s antiquated and restrictive property laws. A new Land Code was passed by a majority of 257 to 130 with one abstention.

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.’