Published in «Russian Journal of Housing Research»4 / 2018
DOI: 10.18334/zhs.5.4.39694

Imbalances in the housing investment market: analysis of causes and impact assessment

Ovsyannikova Tatiana Yurevna, Tomsk State University of Architecture and Building (TSUAB), Russia

Rabtsevich Olga Valerevna, Tomsk State University of Architecture and Building (TSUAB), Russia

Yugova Irina Vladimirovna, Tomsk State University of Architecture and Building (TSUAB), Russia

Диспропорции на рынке жилищных инвестиций: анализ причин и оценка последствий - View in Russian

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Highlights:
The housing investment market is a set of socio-economic relations in the sphere of housing reproduction and plays a special role in both national and regional economies.

The complexity of subject-object relations in the housing investment market not only determines the special methodological approaches to its study, but also determines the complex mechanisms of its regulation, the need for careful study and justification of measures of state influence on the market.

The study of the housing investment market involves the study of economic behavior and interaction of subjects in three different markets of the regional economy – the investment market, the construction market and the real estate market.

The imperfection of economic relations of constituent entities of the market of housing investment and deformations in its functioning, due, in particular, and the lack of effectiveness of applied methods of state regulation of the market, lead to the emergence of imbalances in the development of the market of housing investment, which, in turn, determine the impossibility of sustainable growth and hamper the development of the entire economic system.

The housing investment market in Russia is developing unbalanced and is characterized by a number of structural, reproductive, spatial, price and other imbalances. The identification of market distortions, the analysis of their causes and the assessment of their consequences are extremely important in the development and justification of measures of state influence on the housing investment market.

Abstract:
The article is devoted to the study of market distortions inherent in the housing investment market. The object of the study is the housing investment market, in which investments are made in the reproduction of the housing stock: production, distribution, exchange, consumption and renovation of housing. The aim of the study is to identify and analyze market distortions in the housing investment market and assess their consequences. This market plays a special role in the development of national and regional economies due to the significant multiplier effect caused by investments in the reproduction of housing. The relevance of the work is due to the identified negative trends in the functioning of the housing investment market, manifested in the existence of structural, reproductive, quantitative, price, spatial and other imbalances in its development. The revealed disproportions are the result of serious deformations of production relations in the housing market and ineffective measures of state regulation. At the same time, they lead to new imbalances, manifested in the low availability of housing for the population, the unfavorable competitive environment in the housing investment market, the increasing deterioration of the existing housing stock, the imbalance of prices in the housing market and others. Identification and assessment of imbalances in the housing investment market are necessary to adjust the state policy in the field of housing reproduction, the development of effective measures of state influence on the subject-object relations in order to balanced sustainable development of the housing investment market and the solution of the housing problem in the country.

Keywords:

housing, housing investment, housing investment market, housing reproduction, market distortions, state housing policy

JEL-Classification: D4, D52, E22, E66, L11, L16, L98, O18

Citation:
Ovsyannikova T.Yu., Rabtsevich O.V., Yugova I.V. (2018). Imbalances in the housing investment market: analysis of causes and impact assessment [Disproportsii na rynke zhilischnyh investitsiy: analiz prichin i otsenka posledstviy]. Russian Journal of Housing Research, 5(4). (in Russian). – doi: 10.18334/zhs.5.4.39694.


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