Housing in Russia: Who Rules the Process?
||Housing in Russia: Who Rules the Process?
||Book of Abstracts: 2005 European Real Estate Society conference in association with the International Real Estate Society
||The purpose of this paper is the wide analysis of real estate development and housing issues in the Russian cities, especially with regard to market aspects (prices, supply etc.). Point is that one of the most notable trends of the last years in Russian was the tremendous increase in the construction of apartment buildings together with the growth in prices. This trend attracted considerable attention of real estate and financial specialists, politicians, journalists and became a very popular topic for debates last year. That is why researches here have a significant interest. The paper aims to address the following questions: what impacts on housing process in cities (subjective and objective aspects) and how we can analyze this process using the affordable data. The paper consists of three parts: (1) large overview of housing process in Russia in the last 3-4 years, (2) price dynamic, supply, and demand in cities, (3) quantitative analysis of the impact of current economic aspects on the prices. The key conclusion of this study is that the housing process (together with market trends) in Russian cities has the common laws which can be described within the range of uniform theory.
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