scholarly journals A mechanism for forming an affordable housing market: russian and international characteristics

2021 ◽  
Vol 7 (Extra-D) ◽  
pp. 472-479
Author(s):  
Vladimir Yurievich Morozov ◽  
Lyubov Semyonovna Morozova ◽  
Elena Evgenevna Kabanova ◽  
Ekaterina Alexandrovna Vetrova ◽  
Tatiana Anatolyevna Evstratova
Keyword(s):  
Housing Market ◽  
Affordable Housing ◽  
Housing Stock ◽  
Housing Prices ◽  
Russian Population ◽  
Housing Sector ◽  
Social Significance ◽  
Life Activity ◽  
Housing Problem ◽  
Privately Owned

Today, the formation of the affordable housing market is one of the priorities of Russia’s socioeconomic policy. Its significance is due to the severity of the housing problem, deformations of the forming housing market, which are speculative in modern conditions with a constant rise in housing prices, and further limiting of its availability for the majority of the Russian population. The relevance of the study is confirmed by the high social significance of housing as a commodity, the presence of significant socioeconomic contradictions in the housing sector as well as the need to find ways to attract significant investment in the housing sector. Currently, about 83% of the housing stock is privately owned, about 13% is in social rent, and 4% in commercial rent. This structure is not effective enough, as it reduces the business and life activity of a large part of the population.

scholarly journals Marketing, management and financial providing of affordable housing

2021 ◽  
Vol 5 (2) ◽  
pp. 213-230
Author(s):  
Svitlana Ianchuk ◽  
Olga Garafonova ◽  
Yuliia Panimash ◽  
Dariusz Pawliszczy
Keyword(s):  
Housing Market ◽  
Affordable Housing ◽  
Social Housing ◽  
Time Lag ◽  
Generalized Method Of Moments ◽  
Housing Prices ◽  
Marketing Management ◽  
Gdp Per Capita ◽  
Local Authorities ◽  
Per Capita

Today’s rising housing prices in most countries worldwide have caused increasable attention to the problem of affordable housing. It is a social or ethical issue and an essential economic direction. Thus, affordable housing has great potential, influencing economic growth, labor forces, innovation, sustainable development, and an inclusive economy. Systematization of informational sources, theoretical and practical approaches for providing affordable housing, and assessing social housing needs indicated many views on this problem among scholars and policymakers. That is why marketing, management, and financial providing of affordable housing are significant mainstreams. The research aims to investigate marketing and management fundamentals of providing affordable housing in connection with funding aspects based on cross-country analysis. For achieving this target, key trends of housing market segmentation were analyzed, considering the distribution of the population by tenure status and analytical house price indicators using the data of the statistical office of the EU, the World Bank, and the OECD. The ways to promote more affordable housing by public and local authorities, private investors in affordable housing, and specific social and affordable housing market organizations were described. Main organizational forms of providing affordable and social housing were also characterized. Particular attention was paid to strategic planning for affordable and social housing, especially housing business plans or affordable housing strategy development as a priority step in marketing, management, and financial providing affordable housing. A SWOT analysis for affordable housing developments was used to show strengths, weaknesses, opportunities, and threats to the affordable housing market. To empirically confirm some relevant strengths, the impact of indicators of financial providing of affordable housing was formalized based on correlation analysis (calculating Pearson or Spearman correlation coefficients with time lags based on results of Shapiro-Wilk testing) and construction of Arellano–Bond linear dynamic panel-data regression model with checking the Sargan test of overidentifying restrictions (the sample from 25 EU countries for 2011–2019) using the Excel 2010 and STATA 14.2 software. The dynamic model made it possible to consider the share of affordable housing owners with mortgage or loan or the share of tenants, rent affordable housing at a reduced price or free. The value of GDP of the previous period affects the current situation (due to introducing lag variables and using instrumental variables or the generalized method of moments (GMM) to obtain adequate estimates). The hypothesis that an increase of 1% of the share of affordable housing owners with mortgage or loan causes the rise in GDP per capita of an average of 0.44% with a two-year time lag was empirically confirmed. An increase of 1% of the share of tenants, rent-free housing or affordable housing at the reduced price, causes the decrease of GDP per capita of an average of 0.5% with a two-year time lag. It was substantiated that governments should continue and improve their policies for financing social and affordable housing. At the same time, they should prefer affordable mortgage lending programs over programs of reduced or free rental housing. The results of this research confirm the significant drivers of policies and practices devoted to affordable and social housing, such as marketing, management, and financial providing. The presented recommendations are useful for scholars interested in this scientific field of research, public and local authorities, investors in affordable housing, and specific affordable and social housing organizations.

scholarly journals Affordable housing for internally displaced persons: The priorities for investment and development in Ukraine

2021 ◽  
Vol 18 (1) ◽  
pp. 101-113
Author(s):  
Lyudmyla Alekseyenko ◽  
Oksana Tulai ◽  
Yuriy Petrushenko ◽  
Andriy Kuznietsov ◽  
Julia Derkash
Keyword(s):  
Housing Market ◽  
Affordable Housing ◽  
Social Protection ◽  
Housing Prices ◽  
Real Estate Market ◽  
Learning System ◽  
Housing Construction ◽  
Internally Displaced Persons ◽  
Displaced Persons ◽  
Internally Displaced

The institution of home ownership provides for the functioning of affordable housing for low-income people and new groups in need of social protection, including the reintegration of migrants to new places of residence. The aim of the study is to substantiate the priorities of investments into affordable housing for internally displaced persons promoting their adaptation and social reintegration in the context of administrative-territorial decentralization.The study is based on use of empirical, economic and statistical methods, which in the process of correlation, regression and canonical analysis showed that many indicators that characterize the housing market are closely correlated with the scale and development level of administrative units in Ukraine. To characterize the state and investment attractiveness of the residential real estate market, a set of indicators was used in the modeling: population, the number of employed, household income, regional domestic product, volume of commissioned housing, construction investments, regional human development index, total housing stock, housing prices in the regions of Ukraine and Kyiv. The most significant parameter that affects the volume of housing construction is the amount of investments into per capita housing construction. The article also discusses the housing market situation, which differs in regions or some cities due to the significant differentiation of their development, which affects the ability to obtain affordable housing. The implementation of regional development programs should determine investment priorities of social protection, particularly the possibility of buy-out schemes through the mechanism of leasing of social housing by internally displaced persons. Acknowledgment This research was funded by a grant from the Ministry of Education and Science of Ukraine “Reforming the lifelong learning system in Ukraine for the prevention of the labor emigration: a coopetition model of institutional partnership” (No. 0120U102001).

scholarly journals Housing Prices in Unregulated Markets: Study on Verticalised Dwellings in Santiago de Chile

Buildings ◽  
2019 ◽  
Vol 10 (1) ◽  
pp. 6 ◽  
Author(s):  
José Francisco Vergara-Perucich ◽  
Carlos Aguirre-Nuñez
Keyword(s):  
Housing Market ◽  
Affordable Housing ◽  
Housing Prices ◽  
House Price ◽  
Housing Price ◽  
Housing Affordability ◽  
Price Formation ◽  
Land Values ◽  
Santiago De Chile ◽  
Data Transparency

Chile faces a housing affordability crisis, given that most of the population is unable to secure a house. While housing prices between 2008 and 2019 increased by 63.96%, wages only increased by 21.85%. This article presented an analysis of the housing price configuration for the main borough in the country—Santiago. The assessment focused on verticalised housing constructed between 2015 and 2019. The article developed an exploratory study on the price of housing in Santiago to generate a diagnosis to identify the role played by expectations of profitability when configuring price. Based on the information generated, we sought to contribute to the discussion on public policies that advance the development of affordable housing in central boroughs with high urban value, as is the case for Santiago’s borough of Greater Santiago. We hypothesised that profit expectation of real estate developers plays a key role in the housing prices, and an adjustment in the profit ratios might increase the affordability while keeping the housing market above profitable rates. This research addressed the lack of data transparency in the Chilean housing market with archival research, reconstructing costs and earnings from projects based on official registrations of transactions at the borough level. In Chile, the access to investment costs, land values, yields, and house price formation are not publicly available, even though these factors imply that many households are facing severe difficulties in paying for and accessing decent housing.

Creating a gap that can be filled: Constructing and territorializing the affordable housing submarket in Gauteng, South Africa

2020 ◽  
Vol 52 (1) ◽  
pp. 173-199
Author(s):  
Siân Butcher
Keyword(s):  
Housing Market ◽  
Affordable Housing ◽  
Market Failure ◽  
Housing Prices ◽  
Housing Markets ◽  
Shape Space ◽  
City Region ◽  
Domestic Capital ◽  
Housing Submarket ◽  
Property Markets

As the housing bubble burst in overheated property markets around the world, South Africa’s so-called ‘affordable housing market’ appeared to be bucking the trend. From 2010, affordable housing prices were rising and selling quickly, especially in Gauteng, Johannesburg’s city-region, chronically short of actually affordable housing and with a growing black middle class. Touted as ‘SA’s best-kept investment secret’, the affordable housing market offered a lifeline to the property industry and the potential to democratize segregated property markets. Yet, in practice, the tapping of South Africa’s lower-income housing market by capital has been a limited one, narrowly catering to particular subjects and spaces. Drawing on heterodox approaches to ‘actually existing markets’ and qualitative fieldwork conducted in Johannesburg between 2012 and 2013, this paper traces how the boundaries of the affordable housing and mortgage submarket are produced and shift through the investments of multiple communities with their own theories of housing markets and different interests in ‘making the market work’. Despite these investments and contestations, the submarket is narrowly territorialized within developer-driven housing largely in Gauteng for public-sector workers, to optimize the market within mortgage capital’s frameworks of risk, return, race and space. The South African mortgaged affordable housing submarket is not so much in need of market information or constitutive of a new frontier of global finance, as a territorial fix for domestic capital vis-à-vis development imperatives. To investigate struggles over this submarket, I draw together socio-institutional approaches to markets with critical political economy of housing markets and put them into conversation with critical development studies scholarship on markets. This combination allows us to make space for multiple projects of ‘improvement’ and profit in our analyses of market-making, as well as how these are shaped by, and shape, space and conjuncture. I seek to contribute to a growing literature on the geographies of markets from a Global South context where housing is framed as both a market good and constitutional right by examining a case of apparent ‘market failure’.

scholarly journals State support for housing construction in the Republic of Kazakhstan: problems and prospects

2021 ◽  
pp. 149-160
Author(s):  
Yu. V. Fedyarova ◽  
A. M. Rakhmetova
Keyword(s):  
Housing Market ◽  
Housing Stock ◽  
Residential Buildings ◽  
Housing Prices ◽  
Housing Construction ◽  
Existing Problems ◽  
Current Trends ◽  
Role Of The State ◽  
Analysis And Synthesis ◽  
The Republic

The purpose of the study based on the analysis of current trends in the development of housing construction and the assessment of the role of the state in this process, to identify existing problems and propose promising ways to solve them in the Republic of Kazakhstan.Methodology. The article uses such research methods as comparison, generalization, analysis and synthesis, modeling (making a trend forecast).Originality / value of the research. The results of the assessment of the development of the housing market in the Republic of Kazakhstan over the past 18 years allowed us to identify current limitations and problems in its development, including on the basis of the forecast of the development of the housing market until 2025 in order to develop appropriate recommendations for their solution.Findings. According to the results of the study, the process of housing construction development from 2003 to 2020 in Kazakhstan was carried out mainly thanks to state financial support. The results of the trend analysis for the period from 2020 to 2025 showed that the peak of commissioning of residential buildings put into operation will be observed in 2023, and housing prices will increase. In this regard, the authors have proposed recommendations for solving such problems as reducing the level of corruption in the system of distribution of tender purchases, in the process of adoption and commissioning of the housing stock, as well as in the distribution of housing, the closedness of general plans of settlements to the population, insufficient quality of housing and others.

Housing Submarkets and Future Demographic Developments

2020 ◽  
pp. 351-365
Author(s):  
Dimitris Kyriakidis
Keyword(s):  
Housing Market ◽  
Current Literature ◽  
Housing Stock ◽  
Housing Prices ◽  
Demographic Variables ◽  
Real Economy ◽  
Social Phenomena ◽  
Housing Submarkets ◽  
Relationship Of ◽  
The Relationship

Europe is undergoing a profound demographic change. This change will affect significantly all aspects of modern economies including the demand and the prices of the housing stock. The relationship between prices of the housing market and associated demographic variables has been long established. However, in the current literature, the housing market is considered to be unitary and coherent, that is one price reflects the housing stock without taking into account the housing characteristics which in real economy are considered essential for price calculation. To this respect it must be noted that housing submarkets existence has been long established based on the current literature. However and in relation to housing submarkets, the actual goal of the studies currently exist was the definition process, the models and the techniques that should be employed in order to acquire best results. Housing submarkets are considered important in the understanding of different social phenomena. In this chapter an attempt is made to review the relationship of housing prices to demographic variables and then a review on the definition process of housing submarkets.

Determinants of Indian housing market: effects and counter-effects

2019 ◽  
Vol 38 (2) ◽  
pp. 199-218
Author(s):  
Richa Pandey ◽  
V. Mary Jessica
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Housing Market ◽  
Financial Stability ◽  
Feedback Loop ◽  
House Prices ◽  
Housing Prices ◽  
Housing Sector ◽  
Content Type ◽  
Market Shocks

Purpose The purpose of this paper is to study the effect of the 2008 global financial crisis on housing market dynamics in an emerging economy like India using quarterly data (Q4 2008–2009 to Q1 2018–2019). The study explores the extent of linkages between housing prices, monetary policy and financial stability by explaining the nature of the shocks to the housing sector and the degree of impact of those shocks; the possibility of adverse feedback loop which is beyond the natural levels; and the usefulness of explicit and direct role of monetary policy for the housing market stability, which was the loudest demand immediately after the crisis. Design/methodology/approach The paper follows a three-step methodology: data transformations, a variable selection process “general-to-specific modelling” with the help of OxMetrics 6 Package, and vector autoregressive modelling with the help of EViews 10. F-test was used to describe the short-term relationships between the variables. Impulse response and variance decomposition were used to explain the type of relationship (negative or positive) and the period of the relationships, respectively. Findings The study finds that the housing sector is sensitive to the monetary policy shocks, whereas the contribution of the housing market shocks to the fluctuations in other market variables is not substantial, though not negligible. As far as the nature of the shocks is concerned, the observed dynamics in the real house prices are diverging from their fundamental levels. The housing market shocks are more or less static; it rules out the chances for a self-reinforcing feedback loop with the existing setup. Research limitations/implications The study concludes that the observed dynamics in the real house prices are diverging from their fundamental levels. Given the limitation, the researchers could extend this study by decomposing the part of the risk to the sector contributed by the other drivers, which may be inherent imperfections in housing markets, weak and unreliable wealth effect, and the presence of behavioural biases. Practical implications The present study finds countercyclical measures to be more useful for this sector as compared to the forward-looking monetary policy reforms in this sector. The central bank in India should continue to refrain from responding directly to the housing sector fluctuations. Investors can enjoy investing in the housing sector without any fear of the crisis as of now. The effect of speculation is small but not negligible, which enjoins the investors and the policy-makers to remain watchful. Interest rate, money supply and inflation lead (Granger-cause) the housing prices. This information is relevant for spending and investment decisions. Social implications The study feels that banks should avoid using monetary policy to balance the house prices. This will be beneficial both for the economy and the society, as any change in monetary policy to especially curb out surging housing prices may adversely affect the output, and finally, may lead to the deflation. The fear of deflation may cause devastating economic, financial and social effects. Originality/value The study contributes to the literature by shedding some new insights about the interrelationship between macroeconomic variables, housing prices and financial stability in the aftermath of the 2008–2009 financial crisis. Such types of studies are absent from emerging markets, particularly from India.

Mitigating housing glut: an application to the Malaysian housing market

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Chee Yin Yip ◽  
Abdelhak Senadjki ◽  
Hui Nee Au Yong ◽  
Azira Abdul Adzis
Keyword(s):  
Economic Growth ◽  
Housing Market ◽  
Affordable Housing ◽  
Positive Impact ◽  
Housing Prices ◽  
Housing Price ◽  
Relative Effect ◽  
Housing Affordability ◽  
Third Party ◽  
Content Type

Purpose This paper aims to construct a model procedure to mitigate housing glut by using both qualitative and quantitative approach. The model applied in the Malaysian context analyzes the following: information contained in media articles and reports issued by Bank Negara Malaysia (BNM) on the housing market to extract the true picture of the housing glut issue; the relative impact (effectiveness) of housing affordability, housing prices and economic growth in influencing housing glut, and how it can be overcome so that appropriate preferential policies can be taken to mitigate the problem. Design/methodology/approach This study uses quarterly data from 2000 to 2017 to conduct economic analysis, economic theory analysis and cointegrating regression, whereas information from media-published housing articles and reports issued by BNM are examined and interpreted to draw the true picture of housing glut. Findings The results obtained from quantitative analysis show that housing affordability exerts very mild relative effect (0.0097) negatively on housing glut, whereas economic growth and housing price produce a relatively mild positive impact of (0.020) and (0.022), respectively, conflicting to the common consensus that the two factors have a significant effect on housing glut. Qualitatively, the results of this study show that housing glut seems to be relatively larger for affordable housing, which is contrary to the quantitative results, pointing to the existence of other influencing factors. Research limitations/implications There is an imperative need for a third-party survey to gain a comprehensive understanding of the market conditions and buyers’ sentiment and preference. Originality/value This study compares both quantitative and qualitative results with expected housing market movements and responses based on conventional wisdom.

Housing Submarkets and Future Demographic Developments

2017 ◽  
pp. 216-229
Author(s):  
Dimitris Kyriakidis
Keyword(s):  
Housing Market ◽  
Current Literature ◽  
Housing Stock ◽  
Housing Prices ◽  
Demographic Variables ◽  
Real Economy ◽  
Social Phenomena ◽  
Housing Submarkets ◽  
Relationship Of ◽  
The Relationship

Europe is undergoing a profound demographic change. This change will affect significantly all aspects of modern economies including the demand and the prices of the housing stock. The relationship between prices of the housing market and associated demographic variables has been long established. However, in the current literature, the housing market is considered to be unitary and coherent, that is one price reflects the housing stock without taking into account the housing characteristics which in real economy are considered essential for price calculation. To this respect it must be noted that housing submarkets existence has been long established based on the current literature. However and in relation to housing submarkets, the actual goal of the studies currently exist was the definition process, the models and the techniques that should be employed in order to acquire best results. Housing submarkets are considered important in the understanding of different social phenomena. In this chapter an attempt is made to review the relationship of housing prices to demographic variables and then a review on the definition process of housing submarkets.

ANALYSIS OF ECONOMIC DETERMINANTS OF AFFORDABLE HOUSING PRICES

2016 ◽  
Vol 3 (2) ◽  
Author(s):  
Abdullateef Olanrewaju ◽  
Lee Lim Tat ◽  
Seong Yeow Tan ◽  
Mine Naoto ◽  
Zafarullah Nizamani ◽  
...  
Keyword(s):  
Affordable Housing ◽  
Housing Stock ◽  
Housing Prices ◽  
Housing Supply ◽  
Cross Sectional Survey ◽  
Cross Sectional ◽  
Economic Determinants ◽  
Income Distributions ◽  
Supply And Distribution ◽  
The Government

There is high possibility that the housing shortage in Malaysia will remain for a long time. However, while the existing housing stock is insufficient, constraints on income distributions have created affordability gaps by creating an imbalance between demand and supply. To increase housing supply, the government is providing homes directly as well as providing tax reliefs and subsidies to the developers, contractors and prospective home buyers. However, despite the measures the housing supply and distribution gaps are growing persistently. Therefore, there is the need to provide answers to a number of questions. It is the aim of this current study to examine the economic determinants of affordable housing. Through a cross sectional survey questionnaire, involving 71 homeowners, 13 cost determinants were established for affordable housing. The study provides insight into cost determinants of affordable housing. The results will be useful to policy makers, developers towards and the prospective home buyers.

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