Development of financial infrastructure for affordable housing in Russia

2020 ◽  
pp. 136-145
Author(s):  
О.В. Жукова
Keyword(s):  
Affordable Housing ◽  
Real Estate Market ◽  
Housing Affordability ◽  
Financial Instruments ◽  
The Real Estate ◽  
The Real Estate Market ◽  
Housing Issue ◽  
Financial Infrastructure ◽  
The Russian Federation ◽  
The Government

В статье проводиться анализ финансовой инфраструктуры доступного жилья в России. По данным Финансового института развития в жилищной сфере АО «ДОМ.РФ» на конец мая 2020г. в пятнадцать крупных банков поступило более 120 тыс. заявок, из них одобрено 81,9 тыс. заявок (68%), при этом выдано только 22,8 тыс. кредитов (19%) на 57,5 млрд рублей, что составляет 6,4% от плановых показателей Программы льготной ипотеки (900,0 млрд руб.). Правительство доступными финансовыми инструментами, увеличением предложений на рынке недвижимости за счет увеличения объёмов жилищного строительства добилось масштаба клиентской активности, но неожиданно для себя встретилось с неготовностью финансовых институтов (банков, финансовых посредников) обеспечить потребителей доступной квартирой. Причина в том, что в России неразвиты финансовые инструменты доступности жилья, и одной Программой льготной ипотеки решить жилищный вопрос сложно. The article analyzes the financial infrastructure of affordable housing in Russia. According to the Financial Institute for the development of housing «JSC BUILDING. Of the Russian Federation» at the end of may 2020 fifteen major banks received more than 120 thousand applications, of which 81.9 thousand applications were approved (68%), while only 22.8 thousand loans (19%) were issued for 57.5 billion rubles, which is 6.4% of the planned indicators of the preferential mortgage Program (900.0 billion rubles). The government has achieved the scale of client activity with affordable financial instruments and increased offers on the real estate market by increasing the volume of housing construction, but unexpectedly met with the unwillingness of financial institutions (banks, financial intermediaries) to provide consumers with affordable apartments. The reason is that financial instruments for housing affordability are not developed in Russia, and it is difficult to solve the housing issue with a single program of preferential mortgages.

Residential Policy in Market Economies

Equilibrium ◽  
2009 ◽  
Vol 2 (1) ◽  
pp. 147-157 ◽  
Author(s):  
Małgorzata Kędzierska
Keyword(s):  
Real Estate ◽  
Family Life ◽  
Real Estate Market ◽  
Advanced Economy ◽  
The Real Estate ◽  
Living Space ◽  
The Real Estate Market ◽  
The Family ◽  
The Government ◽  
Stimulation Of

Living space plays an important role in the hierarchy of human everyday requirements. Not only does it alleviating the basic requirements, but also those of the superior rows. The proper residential conditions are the foundation of the development of the family life and, in the wider context, the whole societies. Consequently, residential requirement are of particular interest to the state, in fact, in modern advanced economy, the residential problem should be regarded as a preemptive public task. However, it does not mean that the government is obliged to substitute for the citizens in their aspirations to own an apartment. To the contrary, its role should concentrate on regulation rather than stimulation of the real estate market.

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 Price Bubbles in the Real Estate Markets - Analysis and Prediction

2022 ◽  
Vol 19 ◽  
pp. 292-303
Author(s):  
Paweł Dec ◽  
Gabriel Główka ◽  
Piotr Masiukiewicz
Keyword(s):  
Real Estate ◽  
Predictive Analytics ◽  
Real Estate Market ◽  
Point Of View ◽  
Subprime Crisis ◽  
The Real ◽  
The Real Estate ◽  
Price Bubbles ◽  
The Real Estate Market ◽  
The Government

The article concerns the issue of price bubbles on the markets, with particular emphasis on the specificity of the real estate market. Up till now, more than a decade after the subprime crisis, there is no accurate enough method to predict price movements, their culmination and, eventually, the burst of price and speculative bubbles on the markets. Hence, the main goal of the article is to present the possibility of early detection of price bubbles and their consequences from the point of view of the surveyed managers. The following research hypothesis was verified: price bubbles on the real estate market cannot be excluded, therefore constant monitoring and predictive analytics of this market are needed. In addition to standard research methods (desk research or statistical analysis), the authors conducted their own survey on a group of randomly selected managers from Portugal and Poland in the context of their attitude to crises and price bubbles. The obtained results allowed us to conclude that managers in both analysed countries are different relating the effects of price bubbles to the activities of their own companies but are similar (about 40% of respondents) expecting quick detection and deactivation of emerging bubbles by the government or by central bank. Nearly 40% of Polish and Portuguese managers claimed that the consequences of crises must include an increased responsibility of managers for their decisions, especially those leading to failures.

scholarly journals Housing Affordability Index: Real Estate Market and Housing Situations

2014 ◽  
Vol 11 ◽  
pp. 527-535
Author(s):  
Leopoldo Sdino ◽  
Paola Castagnino
Keyword(s):  
Real Estate ◽  
Public Administration ◽  
Supply And Demand ◽  
Real Estate Market ◽  
Housing Affordability ◽  
Territorial Development ◽  
The Real ◽  
The Real Estate ◽  
Synthetic Index ◽  
The Real Estate Market

One of the main problems in defining strategies for the real estate market (whether in terms of planning and, therefore, in public administration, or whether of a considerably more speculative nature, and therefore, in the private sector) lies in the operator’s less than perfect knowledge of the aspects of supply and demand, due to the real estate market’s characteristics. The prerequisite to starting or sustaining virtuous dynamics in territorial development is knowledge of the real estate market, an area that has now been widely studied, in terms of the potential for economic, social and territorial development. This paper proposes the application of a synthetic index, the Housing Affordability Index (HAI), which was developed in detail at the municipality level to identify areas where housing is inadequate. The territorial scope includes Northwest regions of Italy, Liguria and Lombardy. HAI describes what happened and must then be understood conducing multi-disciplinary examinations, intended to explain why it happened.

scholarly journals Possible Focus Areas of Government Regulation of the Real Estate Market

2018 ◽  
Vol 28 (3) ◽  
pp. 508-516 ◽  
Author(s):  
Boris Bedin
Keyword(s):  
Real Estate ◽  
Government Regulation ◽  
Real Estate Market ◽  
The State ◽  
Residential Real Estate ◽  
The Real ◽  
The Real Estate ◽  
Meaningful Participation ◽  
The Real Estate Market ◽  
The Government

The housing problem is relevant for many countries, including Russia. The solution of this problem is impossible without active and meaningful participation by the state. The residential real estate market has specific characteristics that significantly distinguish it from other markets. The article highlights the features of the residential real estate market as an object of government regulation. The author describes specific features of the government as a subject of management of the residential real estate market, substantiates rationale for the active participation of the state in the management of the real estate market, and outlines possible directions of government regulation of the residential real estate market. The author also describes the Russian experience of implementing certain measures in the framework of direct and indirect forms of government regulation of the residential real estate market as well as the results of such events.

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 Analysis on the Regulatory Effect of Financial Policies on China’s Real Estate Market

2020 ◽  
Vol 5 (3) ◽  
pp. 197
Author(s):  
Haisheng Hu
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Regulatory Effect ◽  
Financial Policies ◽  
Control Policies ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market ◽  
The Government ◽  
Stable Development

<p>To deal with the negative problems emerged in the rapidly developing real estate market in the recent years, the government of China has put forward some corresponding financial policies, which aimes to regulate the real estate market macroscopically. Based on this, this article analyzes the regulatory effect of financial policies on the real estate market. Starting with the necessity of macro-control policies and combining with the actual conditions, it expounds the financial policies adopted in China in recent years and the achieved results. Meanwhile, this article puts forward some specific strategies to strengthen the regulatory effect in order to promote the stable development of the real estate market.</p>

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