Real estate lawyers look towards CIS

Lawyers have begun to eye the Commonwealth of Independent States (CIS) for real estate work as the Middle East property market reaches a saturation point , according to an article in The Lawyer.com. This was clear at the recent Mipim trade fair, where numerous developments ranging from upscale property projects to gambling and leisure projects were on display.

'Considerable natural resources, a rise in foreign direct investment and the leverage afforded major corporations through their proximity to their respective political elites, have fast created a super-rich class that is driving the development of major projects,' the publication said.

Yet while it may not be difficult to begin doing legal work in the real estate field in CIS countries, the publication noted it may be more difficult to make an long-term investment in a legal real estate team. At the same time, while political risk of investing in these countries is priced into returns, lack of transparency can also lead to 'an unpredictable business environment'.