Over the past decade Russia has grown into Europes largest property market, with investment surging to US$8bn annually. Foreign capital makes up about 35% of total sector investment, with two-thirds of money going into office properties and the remaining going into residential, shopping malls and sports facilities projects. The Government has introduced a number of policy measures to stimulate growth in the sector, including new public-private partnership schemes. What other measures are needed to stimulate the inflow of private investment in the housing and utilities sectors? What are the best ways to enhance returns for foreign investors and which PPP models are demonstrating the strongest results?