Moscow The Forum on “Sustainable Real Estate Markets: Principles and Guidance for Development” was held today to draw attention to ways in which secure and well protected property rights, and accurate and accessible information, can attract greater investment and increase economic growth. The event was hosted by the World Bank and co-organized with the Ministry of Economic Development of the Russian Federation, UNECE and its Real Estate Market Advisory Group.
Opening the Forum, Deputy Minister of Economic Development of the Russian Federation, Igor Manylov, said that “as we can see from the recent global financial crisis, the stability of national economies, as well as of the world's financial and economic well-being, depends on the sustainable development of the real estate markets, and on their effective functioning and regulation”.
To promote an understanding of critical issues in the real estate sector and define key rules and principles for developing sound real estate markets, in 2010 the Real Estate Market Advisory Group published a “Policy Framework for Sustainable Real Estate Markets: Principles and guidance for the development of a country's real estate sector”.
According to the Chair of the Group, Giampiero Bambagioni, who is also one of the authors, “if regulated and based on transparent real estate and financial markets, the real estate sector could be a driving force for sustainable development”.
Government officials, representatives of the private sector, as well as international experts exchanged views on the current situation in the real estate sector of the Russian Federation, and how to apply the principles and guidance of the Policy Framework in that country's particular institutional context. In the area of registration and cadastre, the Russian Federation has gained much experience which it can share with modern multifunctional centres in selected regions offering excellent client service and available online information.
Participants from UNECE, the World Bank and the Ministry of Economic Development agreed to further expand and develop their cooperation in sharing international best practices and promoting reforms in housing and land management. Specifically the Round Table participants recommended establishing working groups that will develop recommendations for updating legislation in the Russian Federation on the topics of property evaluation, taxation and social housing.
UNECE promotes sustainable housing and land management through offering policy advice, exchange of best practices among its 56 member States, and setting up model technical projects. One of UNECE's objectives is to promote efficient land administration.
For more information on the event, please contact
Giampiero Bambagioni, Chairman
UNECE Real Estate Market Advisory Group
Email: [email protected]
Gulnara Roll, Head
UNECE, Housing and Land Management Unit
Email: [email protected]
Telephone: +41 22 917 22 57