Russian State Duma passes law simplifying sale of confiscated housing

© изображение сгенерировал ИИ

Russian lawmakers have passed a bill in second and third readings that simplifies the procedure for selling real estate seized from corrupt officials.

Under current legislation, seized properties can only be put up for auction if their market value on the secondary market is at least twice the amount calculated by multiplying the total area of the property by the average cost per square meter in the region. However, only 8% of apartments meet this criterion.

The new law removes this restriction. It also eliminates the requirement to wait six months after unsuccessful auctions.

(State Duma is the lower house of the Russian parliament)