Press centre News

December 15, in Moscow Marriott Grand Hotel, the annual Christmas Summit on the results of the real estate market development was held. Igor Chumachenko, Head of "Real Estate. Land. Construction" practice at VEGAS LEX made a speech on the  major trends of the legislative changes in 2011-2012.

Christmas Summit, in which the key players summarized the outgoing year, marked the trends, and made forecasts for the industry sector, is organized annually in December by the non-profit partnership "Guild of Managers and Developers." Over 500 industry executives, government officials, investment institutions and banks attend summits, which are usually held in different cities in Russia. This year Christmas Summit for the first time will be held in Helsinki.

In Moscow the summit was held on December 15 at the Marriott Grand hotel and was divided into two theme sections:

1. Development of new areas of Moscow.
2. Commercial real estate in Moscow in new environment: results, trends and prospects.Discussions touched upon all segments of the real estate market; but the most attention was paid to the quality of development projects. Also at the Christmas Summit the results of the real estate market of Moscow and the major developments in Moscow were discussed in detail.

Igor Chumachenko, Head of "Real Estate. Land. Construction" practice at VEGAS LEX presented a report, which emphasized the pros and cons of the legislation changes in 2011 for developers and investors. He also informed the audience about the changes expected during the next year and touched upon the topic of unilateral refusals from the authorities in Moscow and St. Petersburg regarding investment contracts.

The program of the event was created in the light of current trends in the real estate market and was enthusiastically accepted by the participants of the Christmas Summit - 2011. Once again on the same site, the representatives of the different structures of the real estate market were able to discuss the most pressing issues, summarize the results of the year, and congratulate the colleagues on the coming New Year.