Managing partner of BKMP LEGAL commented on the latest legislative draft on non-residential apartments in Russia to IZVESTIA newspaper.

According to Pavel Bulgakov, a Managing Partner at ВКМР Legal, above all business needs clarity on this issue, a balanced, comprehensive and in-depth study of the peculiarities of this segment.

“The market demand for apartments is driven by a number of material factors that are not reduced to merely a slightly more attractive price”, he said. “In one case, these include the specifics of urban planning and development (for example, the lack of space eligible for residential development in the Central Administrative District); in other circumstances, these may include the cluster’s uniqueness (for example, apartments in Moscow City or refurbished manufactories whose prices are clearly not the most attractive component).

He further noted that avoiding regulatory errors that could cause serious market disruptions was more important.

“On the one hand, the need to adopt this bill has been brewing for many years and, apparently, has now come to the boil and, on the other hand, the hasty adoption of a half-baked regulation may seriously affect the interests of citizens, developers and, as a result, the market as a whole”,he said.

The full version of the article is available on Izvestia website