"For Sale!" Helping Create Real Estate Markets in Russia
Madison, WI, October 30, 2001 -- From 4-11 November, 12 high-ranking Russian land management officials will come to the University of Wisconsin–Madison for training. Funded by the World Bank, the training is part of the "Land Reform Implementation Support Program," which is helping Russia develop real estate markets for the first time.
Very recently, it became legal to buy and sell certain types of land in Russia. The country has an opportunity to make real estate a vital part of its new economy. By illustrating the elements of well-functioning real estate markets in the United States, experts at the University of Wisconsin will provide a dynamic and successful model for the Russian delegation.
The visitors include an advisor to Russia's Duma, or parliament, and the heads of several cadastre and land committees. These committees are governmental units in charge of land management, much like planning and zoning agencies and deeds registries in the United States. The people chosen for this training opportunity are among those who will have the most impact implementing a successful land market in Russia.
The visitors will study the general characteristics of land markets, land valuation, methods of taxation, mortgage, and credit. Visits to local lending institutions, real estate brokers and appraisers, and government land regulation agencies will allow the Russians to observe the application of land market practices in the United States.
The Land Tenure Center (LTC) and the University of Wisconsin-Madison Business school have organized the program, led by LTC Senior Scientist Peter Bloch and Business School Professor Roderick Matthews. Other faculty and staff from the Business School and Law School also will work with the visitors.
Established in 1962, LTC conducts research and training and provides technical assistance on issues relating to landownership, land rights, land access, and land use.