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. Last Updated: 07/27/2016

Real Estate in Brief

Kazan Kremlin Under Fire

The Tatarstan branch of the Federal Inspection Service for Mass Media, Telecommunications and the Protection of Cultural Heritage has warned that excessive building around Kazan's Kremlin could lead to it being excluded from UNESCO's list of World Heritage sites, Kommersant reported Monday.

An inspection found that buildings, including the construction of the local Agriculture Ministry's offices, were blocking views of the Kazan Kremlin, which became a protected site in 2000, the newspaper said. The agency has already ordered the ministry to halt its construction inside the protected zone, Kommersant said.

Muscovites Complain Less

Moscow residents filed 162 complaints about problems with new buildings through April 28, a drop from 221 grievances issued in the same period last year, according to city statistics, RIA-Novosti reported Monday.

"The majority of the complaints coming in on the hot line … were from the Western Administrative District, where most of the city's new housing is being built," the city's building agency said in a statement, RIA-Novosti reported.

The statement said the most common complaints were poorly fitted windows, problems with balconies and plumbing, and poor heat and sound insulation.

Finns Plan $1Bln Center

ST. PETERSBURG — Finnish developer SRV Group will spend $1 billion to build a business center in St. Petersburg, said Dmitry Leostrin, deputy dean of the International Banking Institute that will be based in the planned complex, Kommersant reported last week.

The building will include 700,000 square meters of commercial real estate, the newspaper said.

Office space will account for about 70 percent of the development which will also include retail and entertainment outlets.

The development, located on an 8-hectare site, will be near the headquarters of Gazprom Neft.