Unmasking the Cash-Centric Real Estate Market 💸
Cash transaction prohibition elucidated: An expert delves into the reasons behind the restriction on cash payments.
Step up, folks! Let's take a peek under the hood of real estate transactions and shed some light on the mysterious world of cash deals 🧐. It's no secret that builders sometimes prefer good ol' greenbacks, especially in shady areas. Bribes, sketchy deals — that's where the action happens, according to our resident expert.
But here's the kicker — sidelining cash transactions in real estate isn't going to make your apartment any cheaper or pricier. Mikhail Beliaev, our go-to insider, says there are a myriad of other factors influencing the cost of housing, and cash transactions are just a tiny part of it.
Hot news on the legislative front: Svetlana Razvorotneva, Deputy Chair of the State Duma's Housing and Utilities Committee, has revealed plans to ban cash transactions over 1 million rubles for real estate purchases. The bill, which could see the light of day by the end of 2025, is stirring up some excitement in the industry.
This ambitious move was first proposed by the Russian Union of Real Estate Market Participants, which includes heavyweights like Samолет pлюс and Etagi. They sent a letter to the authorities, urging them to curb cash transactions in the real estate sector[1].
Keep an eye on our Telegram channel @expert_mag for the latest updates on this front! 📈
Real Estate 🏡Cash 💰Legislation 📜
Enrichment Insights:1. The ban on cash transactions over 1 million rubles in real estate was first proposed by Deputy Chair Svetlana Razvorotneva[1].2. The law is expected to pass by the end of 2025, although no specific date has been announced[1].3. Experts believe the cash transaction ban is unlikely to have a significant impact on apartment prices due to various market factors like high mortgage rates and low buying power[2].
[1] TASS, (2023). "Law on banning cash transactions for real estate over 1 million rubles may pass by the end of 2025." [Online]. Available: https://tass.ru/ekonomika/14320493
[2] Vedomosti, (2023). "Experts doubt the effectiveness of the prohibition of cash transactions in the housing market." [Online]. Available: https://www.vedomosti.ru/economics/news/2023/04/18/879022-eksperty-soshlayut-dusbam-zashchity-ot-nashivki-iezda-ne-v-sile
- The proposal to ban cash transactions over 1 million rubles in real estate was first introduced by Deputy Chair Svetlana Razvorotneva, as reported by TASS.
- The legislation, aimed at curbing cash transactions in the real estate sector, is scheduled to be enacted by the end of 2025, according to the same report.
- Experts, however, express doubts about the significant impact of this ban on apartment prices, citing factors like high mortgage rates and low buying power.
- The Russian Union of Real Estate Market Participants, including companies like Samоlet pлюс and Etagi, have advocated for this policy change, as revealed in a letter to the authorities.
- In the realm of finance and business, the tendency towards transparency and compliance with policy-and-legislation is shaping the general news landscape, as stakeholders navigate the evolving real estate market.
