The city authorities of St Petersburg announced a freeze on any new real estate construction in the historical part of the city. It will be impossible for developer to obtain construction permission until new regulations are adopted. It is planned that new regulations will be adopted in mid-summer. But experts say that the process of adoption of these regulations can drag on.
According to the chief architect of St Petersburg, new construction regulations will have been ready by July 5, 2017. Some experts think that this fact can lead to the increase in premium-class real estate prices up to 15%.
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