The ban on buying and selling housing for cash is getting closer: the Prosecutor General's Office has approved the initiative.
The Prosecutor General's Office has supported a ban on cash real estate transactions. This applies to amounts exceeding 1 million rubles. State Duma deputies from United Russia previously proposed this initiative. The oversight agency explains the need for stricter controls as a means to combat fraud involving transactions conducted remotely. The ban could be implemented by the end of 2025.
"This is one of the steps toward creating a comprehensive system for securing real estate purchases and sales in Russia. The dire statistics confirm its necessity," Svetlana Razvorotneva, the initiative's author, explained to Izvestia. According to her, more than 6 crimes related to apartment foreclosures were recorded in 2022, and over 8 in 2023.
Furthermore, it is proposed to extend the real estate title registration period to 20 days (currently 10-12 days) or even suspend the process if a transaction appears suspicious. Experts believe this regulation could have a significant impact on the market and cause discontent among large real estate businesses, as it will slow down the home sales process.
The Prosecutor General's Office believes it is necessary to require people over 65 to have their transactions notarized.