Russia’s historic buildings go on the market for 1 ruble
Russia has placed 19th-century gates in St. Petersburg, a house from a Turgenev novel and other significant historical buildings on the market to save them from destruction.The cost to rent them? One ruble.
When city authorities put a building up for auction, investors can rent or buy it on favorable terms if they agree to restore the structure. Auction winners typically agree to a 49-year lease. During the first seven years, renters carry out restorations of the property. When restoration is completed, the new owners can convert the buildings into hotels, shops and cafes while still paying one ruble per year in rent.