Real Estate & Construction News Round-Up (09/28/22) – Virtual Property, ESG Reporting, and Economic Sanctions | Pillsbury – Gravel2Gavel Construction & Real Estate Law

This week’s round-up features virtual land marketplaces, proposed sanctions from the European Commission against Russia, ESG reporting and transparency in the real estate industry, and more.

  • The European Commission is expected to announce a new round of sanctions against Russia, including a ban on real estate sales to Russian citizens and companies unless they are EU residents. (Sunniva Rose, The National News)
  • Prices of virtual land marketplaces are dropping due to a combination of falling cryptocurrency prices and slow infrastructure development. (Florence Muchai, Cryptopolitan)
  • The uptick in sustainability reporting and mandatory disclosure requirements for building performance is said to be a new mark of transparency in the real estate industry. (JLL)
  • While residential construction contractors brace for a recession, commercial and industrial building is on the uptick, making the economic divide between construction sectors all the more visible. (Gemma Smith, levelset)
  • For the first time in decades, US home prices have fallen, with the biggest month-over-month declines being in San Francisco (-3.6%), Seattle (-2.5%) and San Diego (-2%) in July. (Prashant Gopal, Time)
  • Using government land to attract private capital to green infrastructure initiatives is projected to help emerging economies drive decarbonization goals, create jobs, and build the foundation for a more sustainable, resilient future. (Salma Ali, Ali Abid Hussain, Jonathan Woetzel, and Ahmed Youssef, McKinsey)

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