Russia: urban development and emerging property markets

Over the past three years Russia has seen tremendous changes. The liberalisation of prices and privatisation have led to the rapid development of market relations in practically all spheres of the economy. At the same time however, the social and economic crisis continues to worsen. In this situation the issues of ownership rights are growing in importance, because only clearly defined and formalised ownership rights can provide for the efficient use of resources. Until recently, little emphasis has been placed on the issues of urban land reform in Russia. Existing land legislation is first and foremost oriented towards agricultural land. Yet, it is in the cities that the real property market is of special significance. Solutions will require new legal, institutional and economic condition