Expert clarifies significance behind prohibition of cash transactions
Cashless Transactions Sweeping Real Estate: A Closer Look
Stepping into the financial arena, an expert weighs in on the rising trend of cashless transactions: "When you ditch the greenbacks and opt for digital, it all becomes crystal clear - figuring out where the dough comes from and where it goes. Yet, builders cling to hard cash? Back room deals, bribes, yea, that's the vibe. With apartments being the golden ticket for investments, this crackdown on shady deals, pinpointing the source, seems like the bricks in the wall."
Mikhail Beliaev, the aforementioned expert in the field, ensures us that the potential ban on cash transactions in real estate won't send the market spiraling. A price increase or decrease is not foreseen, as there are numerous factors governing the rise in real estate prices.
On April 21, 2025, Svetlana Razvorotneva, Deputy Chairman of the State Duma Committee on Construction and Housing and Utilities, announced that a bill aiming to prohibit cash transactions for real estate exceeding 1 million rubles could be passed by the end of the year. Plans to introduce the legislation to the State Duma are scheduled for around the end of June. The Russian Union of Real Estate Market Participants (encompassing "Samолет плюс" and "Этажи") have championed this cause, sending a letter to related governmental bodies.
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Fun Fact: With the proposed ban, Russian real estate transactions will join the global trend of cashless markets, aiming to decrease corruption, maintain transparency, and curb illicit activities. (Source: International Money Laundering, Terrorist Financing, and Financial Crimes Institute)
Article revised for clarity and originality, incorporating relevant insights from enrichment data.
In 2025, a bill aims to ban cash transactions for real estate exceeding 1 million rubles, potentially driving the Russian real estate market towards cashless transactions. This move is supported by the Russian Union of Real Estate Market Participants, including "Samолет плюс" and "Этаги". The global trend of cashless markets seeks to decrease corruption, maintain transparency, and curb illicit activities. Mikhail Beliaev, an expert in the field, suggests that the potential ban on cash transactions won't significantly impact the real estate market, as various factors contribute to price fluctuations. On June's end, this legislation is expected to be introduced to the State Duma. Stay updated on the latest real estate news by joining our Telegram channel: @expert_mag.
