EVENT: The principal working day of FIABCI Congress
28 May 2019

Today the 70th Worldwide Congress of the International Real Estate Federation (FIABCI) continued its work at World Trade Center Moscow. Within the framework of the official opening, delegations from almost 50 countries all over the world discussed the Russian real estate market, the advantages and problems of using big data and «blockchain» technology in construction and development, digital technologies education and so on. The participants of the Congress have also discussed the over-regulation problem of the sector, the modern technologies introduction and the comfortable urban environment formation.

The participants were greeted by the Mayor of Moscow, Sergei Sobyanin and the Minister of Construction, housing and communal services of the Russian Federation, Vladimir Yakushev.

«Moscow is one of the most dynamically developing megalopolises in the world where the new metro stations, roads traffic interchanges, tunnels and overpasses, schools and kindergartens, hospitals and clinics, theatres and concert halls are being built. Sergei Sobyanin noticed: «the International Real Estate Federation, being a part of the Economic and Social Council of the United Nations is actively involved in the UN program "Habitat", promoting sustainable development of human settlements».

 «The WorldWide Congress of the real estate marketing professionals became an important platform for searching practical solutions and new business projects, which would improve comfort and enhance the quality of people’s lives all over the world. I’m confident that the 70th Worldwide Real Estate Congress FIABCI will contribute to the development of cooperation with new business partners, and the proposals and ideas developed at the Congress will find their application for the benefit of many cities in the world»- stressed the Mayor of Moscow.

Minister of Construction and Housing of the Russian Federation, Vladimir Yakushev is convinced that «The theme «Digital era of real estate» declared by the organizers sparks interest among the representatives of different countries, as it is aimed at solving issues of the construction industry such as: the usage of digital technologies in design, construction and operation of real estate, increasing the comfort of the urban environment, housing affordability and others. The Congress is an opportunity to establish strong partnerships with investors, manufacturers of technologies and building materials from different countries, as well as develop concrete solutions to existing problems».

Managing Partner / President of Grant Thornton, Sergey Shapiguzov spoke of the economic potential of the Russian real estate market. He pointed out that positive tendencies were observed in the market of real estate in 2018-2019, moreover, trade volumes were growing. However, stagnation in the construction industry and a reduction in investment are still being observed. The expert explained that «Investors behaved very carefully. First of all, it concerns Russian investors». The office sector remains the most dynamic, with a steady growth in the residential sector. Partly owing it to more affordable mortgages and shared construction. According to him, more than 90% of houses purchased in 2018 were mortgage-financed. The markets of Moscow, St. Petersburg and the Moscow region remain the most profitable, but the investment attractiveness of other regions is growing.

The main report of the Congress was delivered by Elena Panaritis, the economist, an ex-top-manager of the World Bank, Economic Advisor to the Greek Government. She urged not to introduce digital technologies «thoughtlessly» (for example, the smart-contracts) in places where the market isn't ready for them. She said that people can't use smart technologies if they have the mentality of the 19th century.  «Blockchain is a really complex system. Do you really think that society or lawyers understand how it works? What should they do? Hire consultants specializing in this particular field!». She also claimed that we should make the information more available and integrate it into practice.

She also urged to make trustful relationships between companies and banks in those spheres where digital platforms are already being used and are based on blockchain technology.

“The only thing that really matters is that we have to build trust between the bank, the company and the digital platform. Each side should understand how the system works. If there is no trust, you will go to simpler and more understandable markets, where transactions are understandable”.

Another important statement: «Blockchain will not eradicate corruption. Overregulation cannot be simplified. We must understand it. Every effort should be made to customize the data verification procedure, to simplify the regular system».
She also noted that the goal was to have data on real estate that could be trusted. “We don't ask a Central Bank if the paper or ink is good or not. We trust the rouble and the dollar. The same should be present in the real estate sphere”.
The President FIABCI WORLD Assen Makedonov called the heads of all representative offices of the Federation to the stage and congratulated Vladimir Strashko, the General director of WTC Moscow, Efim Basin, the President of Cross Regional Association of Constructors andGeorge Petrov, the Adviser to the President CCI Russia on taking part in The Congress.

“The FIABCI Congress is one of the most authoritative platforms for the exchange of experience and the development of partnerships with foreign investors, manufacturers of technologies and building materials, which, under conditions of unceasing sanction pressure, will provide significant support to the Russian real estate market and projects”. The FIABCI World Congress has been held annually since 1949.

International Real Estate Federation (FIABCI), established in 1951 in Paris, is the most representative non-political network organization in the world for all professionals, involved in the real estate industry. FIABCI operates on 5 continents through 49 national and multinational branches (federations). More than 100 national associations, 95 governments and academic institutions, 2,300 permanent companies and more than 1 million associate members from 70 countries join our organization.
Representing more than 40 professions, including architects, developers, investors, property managers, appraisers, brokers, notaries and other experts, FIABCI is known worldwide — both in the industry and among other global organizations that share our common interests, including the United Nations, with which we have special consultative status with the Economic and Social Council (ECOSOC).

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