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1 Introduction Both the Russian Constitution adopted in 1993 and the Civil Code adopted in 1994 uphold the right to own private property which includes both land plots and buildings Despite these guarantees however land reform was for a long time the subject of national political debate Several proposed land codes worked their way through the State Duma the lower house of Parliament only to have the President reject them largely because these codes infringed rather than defended basic property rights Finally the Land Code of the Russian Federation the Land Code was approved by the State Duma on September 20 2001 by the Federation Council on October 10 2001 and was signed by the President on October 26 2001 As provided in the Law On Implementation of the Land Code No 137 FZ the Implementing Law the Land Code came into force on the date of its publication by Rossiyskaya Gazeta on October 30 2001 The Land Code represents a significant reform most particularly because of the sanction and encouragement that it gives to the creation of private ownership rights to land There are also some other new and exciting developments resulting from the policy of Land Code to provide and develop Russias real estate market Russian legislation provides also for the possibility of private ownership of other real estate objects importantly of the industrial premises Due to the privatization processes which took place during the mid-90s a market for private real estate was created in Russia This market includes all types of real estate objects including industrial commercial residential and retail space any of which may be offered by their owners for sale or for development Currently despite certain limitations investors have a significant array of choices in terms of using leasing and even owning property under current Russian law It is however important to understand that there are still different regulations for land and buildings Moreover when dealing with a private owner
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