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.

RUSSIAN REAL ESTATE MARKET STATE AND PROSPECTS

2021 ◽  
Vol 3 (5) ◽  
pp. 23-27
Author(s):  
V. A. ERONIN ◽  
◽  
O. E. EMELYANOV ◽  
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
The State ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market ◽  
Market State

The article considers the state, main problems and prospects of development of the real estate market in Russia in modern conditions.

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 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.

Cyclical capitalization and lag vacancy

2017 ◽  
Vol 10 (2) ◽  
pp. 211-238 ◽  
Author(s):  
Maurizio d’Amato
Keyword(s):  
Real Estate ◽  
Market Value ◽  
Real Estate Market ◽  
Mortgage Lending ◽  
Property Market ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market ◽  
Valuation Process

Purpose This paper aims to propose a new valuation method for income producing properties. The model originally called cyclical dividend discount models (d’Amato, 2003) has been recently proposed as a family of income approach methodologies called cyclical capitalization (d’Amato, 2013; d’Amato, 2015; d’Amato, 2017). Design/methodology/approach The proposed methodology tries to integrate real estate market cycle analysis and forecast inside the valuation process allowing the appraiser to deal with real estate market phases analysis and their consequence in the local real estate market. Findings The findings consist in the creation of a methodology proposed for market value and in particular for mortgage lending determination, as the model may have the capability to reach prudent opinion of value in all the real estate market phase. Research limitations/implications Research limitation consists mainly in a limited number of sample of time series of rent and in the forecast of more than a cap rate or yield rate even if it is quite commonly accepted the cyclical nature of the real estate market. Practical implications The implication of the proposed methodology is a modified approach to direct capitalization finding more flexible approaches to appraise income producing properties sensitive to the upturn and downturn of the real estate market. Social implications The model proposed can be considered useful for the valuation process of those property affected by the property market cycle, both in the mortgage lending and market value determination. Originality/value These methodologies try to integrate in the appraisal process the role of property market cycles. Cyclical capitalization modelling includes in the traditional dividend discount model more than one g-factor to plot property market cycle dealing with the future in a different way. It must be stressed the countercyclical nature of the cyclical capitalization that may be helpful in the determination of mortgage lending value. This is a very important characteristic of such models.

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.

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