On the development side, the market is dominated by local companies, Karbasnikoff said. Prolific players like Multi and Redevco, both of which have been very active in Turkey, have not ventured into the racy Russian market. Karbasnikoff: ‘It’s not an easy market, several foreign developers have tried, but there are significant legal hurdles and other obstacles.’ While development financing is scarce or even non-existent in most markets in Europe, in Russia it is not as big an issue, Karbasnikoff said.