All Moscow real estate sales contracts have been signed online since the start of the year
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Since the start of the year, following the results of real estate auctions, the city has concluded 250 sales contracts, with the total area of real properties being 25,200 km2. All the contracts have been signed online on investmoscow.ru, said Vladimir Yefimov, Deputy Moscow Mayor for Economic Policy and Property and Land Relations.
The first city real estate sales e-contracts were entered into in January. This has facilitated the bidding process. Today, just in three clicks, investors sign sales contracts and bill of sale e-forms, apply for the state registration in their personal accounts, and pick up the keys to the property purchased. Previously, transactions were consummated in writing.
“Transactions online attract more buyers, as now they do not have to spend time visiting different authorities and do much paperwork,” said Vladimir Yefimov.
Head of the Moscow Department for Competition Policy Ivan Shcherbakov noted that this year 847 participants bid for a city real estate sales contract compared with 592 last year. According to the official, multiple property selling formats, including ascending and descending price auctions, is one of the factors that has increased the figures. Plus, some individual properties are put up for an auction without announcing an opening bid since participants themselves offer the price.
Maxim Gaman, Moscow Government Minister, Head of the Department of Municipal Property, pointed out that city property purchase has been in demand for the past three years. This is due to the popularity of different types of reauction, including selling through the public offer and selling without a starting bid, which accounted for more than 70% of all transactions. In addition, property purchased can be used for general purposes, so new owners can set up any kind of business there or use it for personal needs.
Since the start of 2020, properties in the Southwestern, Central and Southern administrative districts were in the greatest demand among city real estate buyers.
Learn more about putting up real estate for Moscow auctions and bid campaign procedures on the investment portal of the Moscow Government.