scholarly journals The Impact of the Development of the Mortgage System on the Availability of Residential Real Estate

2020 ◽  
Vol 30 (2) ◽  
pp. 326-336
Author(s):  
Boris Bedin ◽  
Natalya Kovalevskaya
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Mortgage Lending ◽  
Housing Affordability ◽  
Residential Real Estate ◽  
The Real Estate ◽  
The Real Estate Market ◽  
Points Of View ◽  
The Impact ◽  
The Relationship

The article discusses approaches to solving the problem of ensuring housing affordability, which is relevant for many countries, including Russia. The concepts of «residential real estate market» and «housing affordability» are analyzed from various points of view; criteria that characterize housing affordability are defined. The possibilities of using various methods of acquiring residential real estate in a market eco­nomy are analyzed. The features of the Russian system of mortgage lending based on a comparison of approaches to determining the affordability of housing in Russia and abroad are noted. As a key area for solving the problem of housing affordability, the possibilities of a mortgage lending system are considered. Statistical data are presented. They demonstrate the relationship between the indicators cha­racterizing the state of the mortgage lending system and the dynamics of prices in the real estate market. The relationship between the availability of mortgages and the availability of housing is indicated.

scholarly journals Impact of Government Measures to Support Mortgage Lending on Housing Affordability in Russia: Regional Evidence

2021 ◽  
Vol 80 (4) ◽  
pp. 98-123
Author(s):  
Ianina Roshchina ◽  
◽  
Natalia Ilyunkina ◽  
Keyword(s):  
Housing Prices ◽  
Real Estate Market ◽  
Mortgage Lending ◽  
Housing Affordability ◽  
Government Support ◽  
The Real Estate ◽  
The Real Estate Market ◽  
Support Housing ◽  
Quantitative Indicators ◽  
The Impact

This study investigates housing affordability in Russia: factors of affordability, quantitative indicators, and government support measures. We are especially interested in the mortgage rate subsidy programmes that were implemented in 2015–2016 and 2020–2021 and their impact on housing affordability indicators. In order to evaluate impact of the first programme, we use a model of the real estate market and we decompose the index of housing affordability into different factors. As a result of our econometric analysis, we conclude that in general the programme was successful. Data about the second programme are not yet sufficient, so we evaluate its impact by a statistical analysis of the dynamics of the main indicators. We conclude that the impact is ambiguous: up until a particular moment (different in different regions), borrowers could benefit from the programme, but after that moment the increase in housing prices caused by the programme itself were exceeding the benefits from the subsidised rates. In conclusion, we provide some methods to improve the effectiveness of government measures to support housing affordability, which could be useful in the development of new programmes.

scholarly journals MORTGAGE LENDING MARKET IN THE RUSSIAN FEDERATION: CURRENT STATE, PROBLEMS AND PROSPECTS

2021 ◽  
Vol 2 (53) ◽  
pp. 72-78
Author(s):  
S.A. Starykh  ◽  
◽  
S.A. Lavoshnikova  ◽  
 A.D. Chesnokova ◽  
Keyword(s):  
Real Estate ◽  
Russian Federation ◽  
Real Estate Market ◽  
Mortgage Lending ◽  
Mortgage Market ◽  
The Real Estate ◽  
Financial Bubble ◽  
The Real Estate Market ◽  
The Russian Federation ◽  
The Impact

Subject. The market of mortgage housing lending in the Russian Federation. Topic. The impact of the coronavirus pandemic on the mortgage lending market. Purpose. Analyze the housing mortgage lending market in the Russian Federation and identify the reasons for its explosive growth in the 3rd and 4th quarters of 2020. Methodology. Methods of comparative analysis of the housing mortgage lending market in the Russian Federation. Results. The possibility of the formation of a financial bubble in the real estate market in Russia is studied, and the probable prospects for the development of the mortgage market are evaluated Application area. The mortgage lending market, including the behavior of borrowers (buyers in the housing market) and the activities of credit institutions. Conclusions. The article analyzes the housing mortgage lending market in the Russian Federation and identifies the reasons for its explosive growth in the 3rd and 4th quarters of 2020. The article examines the impact of the coronavirus pandemic on the mortgage lending market, including the behavior of borrowers (buyers in the housing market) and the activities of credit institutions. The possibility of the formation of a financial bubble in the real estate market in Russia is studied, and the probable prospects for the development of the mortgage market are evaluated. Keywords: mortgage lending, deferred demand, financial bubble, coronavirus pandemic, mortgage lending rate, key rate, average credit rating of the borrower, overdue debt, bankruptcy, reserves for possible losses.

scholarly journals COVID-19: assessment and forecast of the development of the residential real estate market of the Russian Federation using the housing affordability factor model

2021 ◽  
Vol 101 ◽  
pp. 02013
Author(s):  
Tatyana Tretyachenko ◽  
Galina Pivovarova ◽  
Svetlana Sogomonyan
Keyword(s):  
Real Estate ◽  
Factor Model ◽  
Real Estate Market ◽  
Housing Affordability ◽  
Residential Real Estate ◽  
Current Crisis ◽  
The Real Estate ◽  
Domestic Literature ◽  
Public Health Emergencies ◽  
The Impact

The situation in the Russian real estate market can be significantly aggravated in the context of the crisis caused by the pandemic COVID-19. To understand how soon the Russian residential real estate market will be able to adapt to the new realities, it is necessary to give a forecast of the main trends that will occur in this sector in the post-viral era. The impact on the residential real estate market of the crisis caused by the widespread introduction of the quarantine regime and other restrictive measures in the framework of countering the pandemic of viral infection, the declaration of public health emergencies has not been investigated in the international and domestic literature. Since the current crisis is caused by the shock of demand and the shock of supply, which allows us to talk about it as a financial crisis with massive bankruptcy of both legal entities and individuals, the authors in their study relied on scientific works, the subject of which were the development of the real estate market in the context of the economic crisis. The main results of the study include: highlighting the characteristics of the residential real estate market that developed on the eve of the outbreak of the crisis; in conditions of shock period; its restoration and possible directions for the development of the residential real estate market in the near and medium term. In order to predict the situation in the domestic residential real estate market, a model of housing affordability ratio was applied (taking into account mortgage support). The findings of a study of the situation in the residential real estate market allowed the authors to propose a number of measures that need to be taken at the level of state authorities in the context of the "pandemic effect."

scholarly journals Real estate market in the time of pandemic: current trends and projections

2021 ◽  
pp. 51-62
Author(s):  
Irina Alekseevna Korostelkina ◽  
Nadezhda Vladimirovna Voronkova
Keyword(s):  
Real Estate ◽  
The United States ◽  
Real Estate Market ◽  
Mortgage Lending ◽  
The State ◽  
The Real ◽  
The Real Estate ◽  
Expert Opinions ◽  
The Real Estate Market ◽  
The Impact

The object of this research is the real estate market, while the subject of is the socioeconomic relations between all actors of the real estate market established in the context of implementation of restrictive measures due to COVID-19 pandemic. The authors examine the key theoretical aspects of the real estate market, analyze the dynamics in the housing (including premium segment), commercial, office and other property; make projections and align expert opinions on long-term development associated with the COVID-19 pandemic. Emphasis is placed on the impact of changes in mortgage lending with a lower interest rate under the State Support 2020 program development for the development of new-build property market. The following conclusions were made: paradoxicalness of the development of real estate market during the COVID-19 pandemic, in which the obvious negative factors did not lead to a drop in property prices; ambiguity of forecasts for the development of real estate market after the coronavirus pandemic, considering its consequences; situation on the real estate market of China, Hong Kong, and the United States during the coronavirus pandemic indicate similar development scenarios, while the premium segment prices differ significantly. The authors’ special contribution consists in aligning various expert opinions and assessments on the particular elements of real estate market (reinforced by the statistical data of different countries), and formulating a general conclusion on the state of this economic segment under the current conditions of pandemic.

scholarly journals ПОЛІТИКА ЧЕСЬКОГО НАЦІОНАЛЬНОГО БАНКУ ЩОДО РИНКУ НЕРУХОМОСТІ

2021 ◽  
pp. 70-75
Author(s):  
Олександр Володимирович Києвич
Keyword(s):  
Czech Republic ◽  
Real Estate ◽  
Real Estate Market ◽  
Safe Haven ◽  
The Czech Republic ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market ◽  
The World ◽  
The Impact

Nowadays, when we still see the impact of COVID not only in the Czech Republic, but all over the world, when the value of money is constantly decreasing due to inflation and negative trends in the economy, people usually try to save their savings where they are confident that they will not lose value. The purpose of the article is to characterize the policy of the Czech National Bank in relation to the real estate market. Research hypothesis. The population of the Czech Republic now perceives housing as a safe haven and protects their savings by buying real estate. That is why, according to practicing economists, the great interest of Czechs in investing in real estate will continue in the coming years. Presentation of the main material. Wealthy people in the Czech Republic are now investing their money in apartments to protect their savings from inflation, which was largely fueled by covid restrictions. Rising inflation and volatility in world currencies is a serious blow to those who keep their savings in cash, so people want to own any asset that has any hope of going up. Originality and practical significance of the research. It has been proven that overheated markets sometimes collapse with dire consequences for a country's economy. And this is the responsibility of the regulators, who must anticipate and prevent such trends in the markets. Conclusions and prospects for further research. The current situation with the pandemic has not affected the real estate market, which is perhaps surprising. The population of the Czech Republic now perceives housing as a safe haven and protects their savings by buying real estate. The main task today of all financial market regulators, not only in the Czech Republic, but all over the world, is and will be the task of preventing a sharp collapse of the formed bubbles, including the real estate market.

scholarly journals The Mathematical Model of Forecasting the Price Level in the Regional Market of Residential Real Estate

2019 ◽  
pp. 40-55
Author(s):  
Ekaterina Voronina ◽  
Olga Yarosh ◽  
Natalya Bereza ◽  
Marina Rossinskaya
Keyword(s):  
Mathematical Model ◽  
Real Estate ◽  
Real Estate Market ◽  
Residential Real Estate ◽  
The Real ◽  
The Real Estate ◽  
Goods And Services ◽  
Regional Market ◽  
The Real Estate Market ◽  
Intelligent Data Processing

The purpose of this article is to develop a mathematical model for estimating the value of a real estate object, taking into account the trends in the residential real estate market using indicators of the object’s state and indicators of the real estate market. The real estate market is a complex mechanism that includes subjects, objects, processes and infrastructure. The real estate market has its own characteristics that distinguish it from the market of goods and services related to the duality of real estate, its special characteristics. Despite the high conservatism, there are certain innovative trends in the development of the residential real estate market (innovations in construction, architecture, services and marketing, logistics, customer focus). The article considers the residential real estate market as a complex socio-technical system, to predict the development of which it is advisable to use a combination of classical forecasting methods and soft computing or intelligent data processing methods. A forecast of the development of the residential real estate services market was made using foresight technologies (industry roadmap). The analysis was carried out and the main factors acting on the market were identified, and their influence on the development of market trends was determined. A mathematical model for predicting the value of residential real estate based on the theory of fuzzy sets has been developed.

scholarly journals Early effects of theCOVID_19 pandemic on the real estate market in Georgia

2021 ◽  
Vol 16 (02) ◽  
pp. 58-65
Author(s):  
Natia Terterashvili Natia Terterashvili
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
State Regulation ◽  
Recent Experience ◽  
The Real ◽  
The Real Estate ◽  
Crisis Situation ◽  
The Real Estate Market ◽  
Early Effects ◽  
The Impact

The article analyzes the early effects of the COVID_19 pandemic on the Georgian real estate market. There are studies examining the impact of health deterioration and pandemic shocks on housing markets. Based on the analysis of the economic consequences caused by similar events in the past and the tools of state regulation in a crisis situation, parallels are drawn with the modern Covid pandemic. In studying the crisis situation in the real estate market, we also rely on the experience of the global financial crisis of 2007-2008, which is most often associated with the current situation. The research is mainly based on the data of the Georgian Public Registry on the real estate market, which is updated by months. The article also discusses the role and importance of government decision-making in the development business, which has helped the real estate market to some extent. Crises are particularly damaging to the construction and real estate sectors, but we also expect that the real estate market will recover rapidly with the lifting of restrictions. This is based on the recent experience of Georgia, in particular, our simultaneous analysis of the results of the first wave of the COVID_19 pandemic. The situation was different during the crisis of 2007-2008, which was accompanied by war with Russia. Then the turn over of the construction sector decreased by 12% per year and it took about three years for the market to fully recover. At the same time, before 2008, the prices in the real estate market were very high, which confirmed the existence of a real estate "bubble". In modern conditions, it is difficult to talk about the existence of a "bubble", because before the pandemic real estate prices were balanced and stable. This fact allows for additional optimism. The paper summarizes the main findings, identifies all the challenges the market are facing and also provides relevant recommendations for market participants. Keywords: COVID_19 pandemic, Real Estate, Crisis, development business, State regulations.

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