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After we told you how to survive your apartment hunt in Moscow, we now go even further. To find out what you have to do to buy your first flat or other property in Russia, we talked to experts from the Russian Agency of Housing Mortgage Lending (AHML).
The realtor will be very important for you because he or she can check the registration documents of your future property: the certificate of ownership and grounds for acquisition, the agreement of all co-owners, and perhaps existing mortgages.
Because we expect more from our associates, you can expect more from us when it comes to the important sale or purchase of your property. When it comes to your next move, we want you to experience the difference exceptional real estate service can make.
Apartments in Moscow from the developers are offered on installment plan basis, profitable promotions are announced, discounts are provided, and investor-buyer receives new modern communications and well-thought-out layouts. Investments generate high passive income (rent, resale) as property prices rise.
With as many as 800,000 Russians moving to Crimea permanently since the occupation and others snapping up holiday homes or buying apartments and houses to let, it's not surprising that the local property market had been surging.
Following the destruction of part of the Crimean Bridge in October and the liberation of Ukraine's port city of Kherson a month later, property sales on the peninsula have now ground to a virtual halt.
In Pichuyev's opinion, Ukrainian drone attacks, sabotage, and air-defense activities in Crimea have now fueled an exodus from the Crimean property market, with many reluctant to invest in an area so close to a war zone.
Although officially a lot of real estate is being offered at prices that have been reduced by up to 2 percent, many owners are happy to knock off up to 20 percent of a property's declared value in order to get it off their hands as quickly as possible, according to Natalia Massalskaya from Multidom, a Sevastopol realtor.
Dmitry Zhidelev, the chairman of the Crimean Guild of Realtors, says that that the peninsula's real estate has become such a buyer's market that advertised property prices are being slashed by as much as 50 percent by the time a purchase is agreed.
If it happens, Ukrainian authorities have already made it clear that most Russians who have bought property in Crimea will simply lose their apartments. "The population that arrived illegally on the territory of the peninsula must leave...by voluntary departure or forced expulsion," said Tamila Tasheva, the permanent representative of the president of Ukraine in Crimea.
Should the peninsula be liberated, experts predict that local courts might also have to resolve thousands of cases dealing with the thorny issue of Ukrainians who re-registered property in Crimea or sold real estate to Russians in accordance with legislation that applied under Moscow's occupation.
In their view, "all property of Ukrainian citizens must be returned to the hands of their rightful owners, and losses must be compensated." They also advocate ensuring that "the Russian military and collaborators should be deprived of property" and that such people should not be allowed to transfer ownership of this real estate to their families and friends.
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We will help you to find the right property to buy in Moscow. Most of the real estate properties for sale can be offered to you without an agency fee. You are welcome to buy a residential property with the help of our real estate agents. Our specialists will offer you all apartments for sale, all luxury penthouses for sale, houses for sale and commercial real estate for sale available in Moscow shortly after your request.
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One of the most popular and reliable ways to preserve andmultiply capitals is investing in residential property. Suchinvestments were widespread in pre-revolution Russia and thepractice is now thriving. This article focuses mostly on questionsindividual investors should keep in mind when considering to buy(or receive as a gift) residential property in Russia. They are: 1)who can acquire residential property in Russia; 2) what kind ofproperty can be qualified as residential; 3) the limitations onpurchasing and using property protected as cultural heritage; 4)due diligence: how to get and check information about residentialproperty; 5) execution of a sale and purchase agreement or donationagreement and state registration of the title transfer; 6) purchaseprice payment and compliance with currency control regulation; 7)tax on residential property; 8) renting out residential property(requirements and taxes); and 9) disposition of residentialproperty.
Nowadays, Russia has adopted a well-structured and detailedregulation on all the aspects of acquisition, use and dispositionof residential property. While the Housing Code of the RussianFederation (Housing Code) defines the characteristics ofresidential property, another two laws regulate its acquisition anddisposition in Russia: the Civil Code of the Russian Federation;and Federal Law # 122-FZ on State Registration of Titles to andContracts with Real Property, dated July 21, 1997. The latter twolaws will be discussed below.
This article will not explore ownership through enveloping (thepractice of residential property purchased by individuals throughcompanies) because new Russian laws have made this practice lessprofitable and unattractive in terms of paperwork. We will alsoleave uncovered the issues that arise out of living in and the useof condominiums. The latter questions are regulated by the HousingCode and are worthy of a separate article.
Generally, any individual, regardless of his or her citizenship,can acquire residential property in Russia. There is no direct banon foreigners owning residential property anywhere in the country.However, they are not permitted to own land in state borders or seaport areas, for example. This means that they can buy a house, butnot the land beneath it. That also means that the house owners arethen dependent on the mood of the landlord.
The Housing Code defines residential property as an isolatedspace legally qualified as real property and suitable for permanentliving (i.e. it meets sanitary, safety and other technicalrequirements adopted by the Russian Government for residentialproperty).1 It can be in the form of a flat, a house, apart of a house, or a room. As for the last form, rudimentaryKommunalka (a communal flat owned and inhabited by two or morefamilies) still exists in Russia. During the last decade, Russiahas seen an apartment boom. What is an apartment? Most of the worldconsider an apartment synonymous to a flat but this is not the casein Russia. Here, an apartment technically means a non-residentialtype of real property which can be used for an overnight or atemporary stay (e.g. in the hotel business), not for living.Initially, such things popped up everywhere as a result of oldindustrial buildings being converted into habitable areas. However,the sanitary requirements for nonresidential property are lowerthan for residential ones, which makes these apartmentsnon-residential. Non-residential status also leads to higherutility bills and property tax. In addition, people can physicallylive in apartments, but they are not allowed to legally reside (tolive permanently) there or use them as resident addresses. Thistriggers one more risk. Under the Russian Civil Procedure CodeÂ446, a court, ruling on remedies to be paid by an individual(e.g. in case of debt recovery, bankruptcy procedures), cannotseize the only residential property of that individual deprivinghim or her of a place to live. So, the only residential propertymay still stay "intact" while the apartment willdefinitely be arrested and sold. Hypothetically, apartments can beconverted into flats if they meet a range of requirements set outfor residential property.2
Residential property can be protected by the federal or regionalgovernments as cultural heritage. Cultural heritage status imposesmany extra requirements or even restrictions upon the sale andpurchase process, upon potential use, restoration and renovationworks such as a ban on changing the room plans or thebuilding's exterior, including its colour.3 One cancheck a piece of property against the federal and a respectiveregional register of cultural heritage. These are the links to theopen federal register ( -egrkn/) and the Moscowregister ( -obekty-kulturnogo-naslediya-ivyyavlennye-obekty-kulturnogo-naslediya).
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