scholarly journals FINANCIAL SUPPORT AND EFFICIENCY OF IMPLEMENTATION OF GOVERNMENT HOUSING ACCESSIBILITY PROGRAMS IN UKRAINE

2021 ◽  
Vol 5 (40) ◽  
pp. 178-183
Author(s):  
D. Shteingauz ◽  
A. Kuznyetsova ◽  
D. Achimovich
Keyword(s):  
Real Estate ◽  
Financial Support ◽  
Real Estate Market ◽  
Housing Affordability ◽  
The State ◽  
Residential Real Estate ◽  
Mortgage Loans ◽  
The Real Estate ◽  
Financial Leasing ◽  
State Programs

Abstract. The state of financial support of seven state programs of housing affordability, which currently operate in Ukraine, has been studied and analyzed. As a result, the most effective programs in terms of state aid and the average amount of state aid per recipient were identified. The main significant shortcoming in the implementation of state programs for housing affordability is their constant underfunding from the state budget, which hinders the manifestation of a synergistic positive effect. Deficit of budget funds and restrictions or complete refusal to allocate budget allocations to finance state support for housing affordability programs for various categories of the population negatively affect the state of development of the residential real estate market in Ukraine. This constrains both the demand and the supply of housing due to the lack of financial resources to cover the existing investment needs both at the construction stage and during the sale of already built residential real estate. The multiplier effect from the implementation of state programs of housing affordability on the revival of the real estate market by attracting citizens’ own funds to the construction industry is determined. The priority mechanisms for providing housing to Ukrainians are outlined: mortgage loans at 7% per annum with a down payment of 15% of the cost of housing and financial leasing at 5% without down payment, which are aimed primarily at supporting the population of Ukraine and strengthen protection of interest’s citizens. There is a need to improve financial and credit instruments that overcome the problem of lack of financial resources for the real estate market and help to quickly create the necessary residential real estate, taking into account the strategic interests of all participants — individuals (investors), developers, banks and non-bank financial institutions, state and local authorities, as well as local communities. Keywords: financial support, state program, investment projects, financial and credit instruments, mortgage loans, financial leasing, residential real estate market. JEL Classification G21 Formulas: 0; fig.: 1; tabl.: 1; bibl.: 10.

scholarly journals The Role of Macroprudential Policy in Bank Housing Loans Portfolio Quality Assurance

2021 ◽  
Vol 59 (2) ◽  
pp. 281-296
Author(s):  
Mirela Mitrašević
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Residential Real Estate ◽  
Macroprudential Policy ◽  
Mortgage Loans ◽  
Real Estate Markets ◽  
The Real Estate ◽  
Business Conditions ◽  
Policy Measures ◽  
The Impact

Abstract The subject of this paper is the contemporary trend in residential real estate markets in European countries and their impact on the quality of banks’ housing loan portfolios. Due to the fact that these are the markets that still have not fully recovered from the previous financial crisis, and at the time of writing were exposed to significant uncertainty related to the effects of specific business conditions caused by COVID-19, the research on the risks related to these markets and tools which can mitigate their consequences are of paramount importance. Given the fact that the importance of monitoring the emergence of systemic risks in the financial system and the design of macroprudential tools for Bosnia and Herzegovina is yet to come, one of the aims of the paper is to present the results of the research on the effectiveness of certain macroprudential policy measures for mitigating the impact of price fluctuations in residential real estate markets. A special attention is paid to the challenges that the real estate market and mortgage loans have been facing during the crisis caused by the COVID-19 pandemic. The paper provides a basis for future researches examining to which extent the applied macroprudential policy measures in some countries have been effective in hitherto unprecedented business conditions

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 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 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.

ANALYSIS OF FACTORS AFFECTING HOUSING AFFORDABILITY IN RUSSIA

2021 ◽  
pp. 103-111
Author(s):  
Елена Евгеньевна Тимофеева ◽  
Юлия Евгеньевна Острякова
Keyword(s):  
Real Estate ◽  
Affordable Housing ◽  
Real Estate Market ◽  
Housing Affordability ◽  
Housing Estate ◽  
Pricing Policy ◽  
Factors Affecting ◽  
The Real ◽  
The Real Estate ◽  
State Programs

Доступность жилья является очень многогранным понятием, отражающим социально-экономические процессы, происходящие в обществе, учитывающее ожидания населения и его доходы. Проведен анализ факторов, определяющих ценовую политику в секторе недвижимости. Выявленные факторы разделены на две группы: объективные и субъективные. К группе объективных факторов отнесены такие, которые зависят от макроэкономической ситуации, ситуации на рынке недвижимости и факторы, на которые не могут повлиять домохозяйства. К субъективным отнесены факторы, которые зависят от особенностей самих домохозяйств или могут быть ими изменены. Показано, что влияние выявленных факторов необходимо рассматривать комплексно, что обусловлено их взаимосвязью и непропорциональной взаимозависимостью. На примере мониторинга цен для Иваново показан существенный разброс цен в сегменте жилья как эконом-класса, так и бизнес-класса. Проведены примеры анализа влияния различных факторов на формирование стоимости жилья в различных категориях. Предложено разделение понятий доступное жилье» и «доступное комфортное жилье». В частности, при расчете критериев доступности жилья (независимо от методики расчета) следует брать в расчет среднюю цену за наиболее экономичные варианты новостроек. Приводится обоснование важности участия государства в формировании доступного жилья за счет регулирования доходов граждан, а также внедрения государственных программ поддержки граждан по приобретению жилья. Housing affordability is a very multifaceted concept that reflects the socio-economic processes in society, which take into account the expectations of the population and its income. We carried out analysis of the factors determining the pricing policy in the real estate sector. All identified factors are divided into two groups: objective and subjective. The group of objective factors included those ones that depend on the macroeconomic situation, the situation in the real estate market and which cannot be influenced by households. Subjective factors include the ones that depend on the households or can be changed by them. We show that the influence of the identified factors must be considered comprehensively, which is due to their interrelation and disproportionate interdependence. On the example of price monitoring for the city of Ivanovo (Russia), we demonstrate a significant variation in prices in the segment of housing estate, both economy and business class. We give some examples of the analysis of various factors influence on the formation of cost of housing estate in various categories. We offer differentiation of the concepts of affordable housing estate and affordable comfortable housing . In particular, when calculating the criteria for housing affordability (regardless of the calculation method), the average price for the most economical options for new buildings should be taken into account. As well we offer substantiation of the importance of state participation in the formation of affordable housing estate both by regulating the income of citizens and by introduction of state programs to support citizens in home buying.

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 FOR SALE… BUT FOR HOW LONG? A METHODOLOGICAL PROPOSAL FOR ESTIMATING TIME-ON-THE-MARKET

2015 ◽  
Vol 19 (4) ◽  
pp. 309-324 ◽  
Author(s):  
Vanda C. S. MARTINS ◽  
Marlene N. M. FILIPE ◽  
Fernando A. F. FERREIRA ◽  
Marjan S. JALALI ◽  
Nelson J. S. ANTÓNIO
Keyword(s):  
Real Estate ◽  
Evaluation System ◽  
Socioeconomic Development ◽  
Cognitive Mapping ◽  
Real Estate Market ◽  
Residential Real Estate ◽  
Analytic Hierarchy ◽  
The Real Estate ◽  
Time On The Market ◽  
Measurement Framework

Residential real estate assumes crucial importance in a country's socioeconomic development. It is an important field of study, and much work has gone into better understanding the sector and the factors determining sales within it, such as time-on-the-market (TOM). TOM can be influenced by a variety of elements; a fact that in effect raises a lot of issues, because these determinants are often interpreted in an ambiguous or unstructured way. This study aims to bring greater accuracy and structure to our understanding of these factors, by showing that the integrated use of cognitive mapping with the Analytic Hierarchy Process (AHP) can give rise to a conceptually coherent and empirically valid framework to calculate TOM indices in the residential real estate market. Because it takes into account both tangible and intangible characteristics of a house, this measurement framework also boosts strategic planning support and allows for more informed business planning, which we believe can be a real contribution to the development of the real estate market. The practical implications and limitations of this evaluation system are also discussed.

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 Application of the Beta Coefficient in the Market of Direct residential Real Estate Investments

2014 ◽  
Vol 22 (2) ◽  
pp. 13-21 ◽  
Author(s):  
Rafał Wolski
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Formal Structure ◽  
Residential Real Estate ◽  
The Real Estate ◽  
Real Estate Investments ◽  
Beta Coefficient ◽  
Capm Model ◽  
The One ◽  
The Cost

Abstract The beta coefficient is one of the most popular indices used in contemporary finances. Despite the fact that there are justified doubts connected with its application, it is currently difficult to imagine a situation in which the cost of capital would be calculated without the use of the CAPM model. Thus, an attempt at answering the question whether and to what degree beta may be used in the real estate market constitutes an interesting problem. This is because on the one hand, the formal structure suggests that beta should not be used for assets which are not included in the benchmark but, on the other hand, such a benchmark should, at least theoretically, contain all market assets. Therefore, a decision was made to have a closer look at this issue, with the analysis of the possibility of using the beta coefficient in the residential real estate market set as the objective. Using the database of prices in the direct real estate investment created by the NBP, a comparison was conducted with regard to features of undertaken investments on the basis of an analysis of systematic risk calculated using selected indices available on the Polish market.

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