- RESEARCH AND DESIGN CENTER "CITY DEVELOPMENT" - CONSTRUCTION COMPLEX
- Solvent Demand And Housing Affordability Levels In The Moscow Residential Real Estate Market
- UDC 332.851 DOI: 10.33622/0869-7019.2020.11.63-68
Yuliya N. BOGDANOVA1,2, e-mail: email@example.com
Zhanna A. HORKINA1, e-mail: firstname.lastname@example.org
1 Research and Design Center "City Development", prospekt Mira, 19, str. 3, Moscow 129090, Russian Federation
2 Institute of Economics of the Russian Academy of Sciences, Nakhimovsky prospekt, 32, Moscow 117218, Russian Federation
Abstrcat. In this work, the features and factors of solvent demand of the population in the Moscow residential real estate market are considered. The analysis of the dynamics of the housing mortgage credit market in Moscow was performed for a number of indicators: weighted average rates of the housing mortgage credits, the number and weighted average term of the mortgage credits, the cost of apartments, etc. The minimum income level of the population required to the housing purchase with their own and borrowed funds was estimated, and the limiting factors of applying the approved methodology for determining the level of the "Housing affordability for Moscow" were identified. According to this methodology, housing affordability level is defined as the proportion of the population whose monthly income exceeds the minimum income required to buy a home (according to data on the distribution of the population by average per capita monetary income). The article concludes that over the past three years, Moscow has developed a tendency to reduce effective demand and housing affordability, which is currently aggravated by the crisis processes in the country's economy, rising housing prices and a reduction in real incomes. As a result, recommendations are given to reduce the rate of falling housing affordability in the capital.
Key words: solvent demand, housing affordability level, residential real estate market, income level, housing cost, mortgage credit.
1. Kievskiy L. V., Sergeeva A.A. Renovation planning and effective demand. Zhilishchnoe stroitel'stvo., 2017, no. 12, pp. 3-7. (In Russian).
2. Burdin D. A. Formation of solvent demand for the housing. Nauka i sovremennost'. 2010, no. 5-2, pp. 134-137. (In Russian).
3. Fedotov I. V. Stimulating effective demand in civil construction. Vestnik KIGIT, 2013, no. 12-2(42), pp. 79-81. (In Russian).
4. Bagmetov V. V. Improvement of economic instruments for increasing effective demand in the housing market. Nauka i biznes: puti razvitiya, 2014, no. 11(41), pp. 41-44. (In Russian).
5. Luchsheva V. V. Research on effective demand and housing prices. Vestnik Rossiyskogo gumanitarnogo nauchnogo fonda, 2012, no. 3(68), pp. 62-69. (In Russian).
6. Mikitchenko D. V. The most important task is to expand effective demand. EKO, 2015, no. 9(495), pp. 19-29. (In Russian).
7. Kubasova T. I. On the issue of formation of the affordable housing market based on the effective demand of the population. Baikal Research Journal, 2015, vol. 6, no. 5, p. 6. (In Russian).
8. Rayzberg B. A., Lozovskiy L. Sh., Starodubtseva E. B. Sovremennyy ekonomicheskiy slovar' [The dictionary of modern Economics]. Moscow, INFRA-M Publ., 2011. 512 p. (In Russian).
9. Samigulova R. Z., Abdulkadyrov A. S. Housing problem: the need for innovative approaches to ensure effective demand in construction. Transportnoe delo Rossii, 2011, no. 11, pp. 174-178. (In Russian).
10. Available at: http://docs.cntd.ru/document/3666722 (accessed 17.08.2020). (In Russian).
- For citation: Bogdanova Yu. N., Horkina Zh. A. Solvent Demand and Housing Affordability Levels in the Moscow Residential Real Estate Market. Promyshlennoe i grazhdanskoe stroitel'stvo [Industrial and Civil Engineering], 2020, no. 11, pp. 63-68. (In Russian). DOI: 10.33622/0869-7019.2020.11.63-68.