In what year was the Russian real estate market formed? Structure and functions of the real estate market

The real estate market in the Russian Federation is one of thelargest segments of the national economy. At the same time, its development largely depends on the state of affairs in other key sectors of the economy. The real estate market in Russia is sensitive to crises, to the macroeconomic situation. How can this dependence be traced at different stages of its development? What are the main periods of formation and growth of the real estate market in Russia?

Real estate market in Russia: structure

Considering the main stages of development andthe formation of the real estate market in Russia, it will be useful to examine it from the point of view of the functioning of 2 rather different segments - deals with residential properties and legal relations, the subject of which is the purchase and sale and lease of commercial property.

It can be noted that both these spheres fulfill a number of important functions for the national economy of the Russian Federation:

- stimulation of demand in the credit market;

- stimulation of supply in the construction market;

- stimulating the growth of the money supply in a large number of other business segments - real estate consulting, production of building materials, varnishes, paints, finishes, wallpapers;

- solving urgent social problems related to providing citizens with housing;

Thus, the real estate market is one of the most important drivers of the country's economic growth as a whole. Let us now consider how its most important segments were formed and developed.

The residential real estate market in Russia: the first years of development

In what year was the Russian real estate market formed in the sphere of transactions with residential properties? There are several points of view on this score.

According to many researchers, the residential marketreal estate in the relevant segment began to be formed in 1990 - after the publication of the Law "On Property", which approved the institution of private property in the USSR - for the first time in a long time. Before that, in the Soviet Union, this or that property, including apartments, was in the personal possession of citizens. But not in private property - the corresponding institution in the USSR was associated mainly with the capitalist system, which ideologically opposed socialist principles.

As soon as the Law "On Property" was adopted, inThe disposal of citizens of the USSR turned out to be houses and apartments, which by that time they had acquired in the order of the current credit formats. It should be noted that these loans were quite far from the mortgage programs common to today's man in the street, but to some extent similar to them. The owners were also able to sell their property on the market.

The factor of privatization

In turn, since 1992, a large-scaleprivatization of apartments received by that time from the state. This predetermined the formation of large volumes of supply in the market, and due to the fact that the free distribution of housing from the state was minimized (except in the framework of certain social programs), there was also a demand for real estate.

If we talk about when the market arosereal estate in Russia, then we can just orientate ourselves for the period when privatization of state flats began. That is, it's 1992. However, some experts believe that the Russian real estate market was formed in 1991, just after the Law "On Property" fully earned, and the first commercial transactions for the purchase and sale of housing began to be implemented. But due to the rather small volume of demand and supply, those mechanisms that characterized the market before could not be considered as fully marketable. Only with the beginning of privatization, those began to form.

Thus, the stages of market formationReal estate in Russia, if we talk about the residential segment, it is more legitimate to count down since 1992. It is another matter that the corresponding sphere of commercial relations presupposed the existence not only of an institution of private property, but also of a large number of legal and financial mechanisms through which transactions for the purchase and sale of apartments could be carried out. Let's consider this aspect in more detail.

When the legal mechanisms of the real estate market of the Russian Federation were formed?

So, in what year was the Russian market formedreal estate, if we talk about its residential segment, we now know - in 1992. However, in its original form it functioned within the framework of obsolete legal systems, which were still largely oriented toward the socialist period. What to say - even the Constitution of the state at that time was absent. But in 1993 she appeared. Later, laws on state registration of real estate rights were adopted and enacted in 1997, and on mortgages in 1998.

Legal and Financial Institutions: Impact on Market Development

Thus, despite the fact that the Russianthe real estate market was formed in 1992, it took him a while to acquire appropriate mechanisms for legitimizing transactions for sale and purchase, as well as lending.

Actually, the fact that in the legislativelevel, mortgage programs were approved, predetermined the beginning of the formation of a new stage in the development of the housing market in the Russian Federation, characterized by a steady increase in demand, and as a result, property prices. Regarding periodization, it corresponds to the 2000s before the crisis of 2008-2009 began.

Let's consider its specifics in more detail.

The residential real estate market in Russia: from the beginning of the 2000s to the crisis of 2008-2009

The main factors in the development of the Russian marketreal estate in the relevant period of steel, thus, mortgage programs (especially the intensive demand for them became in the mid-2000s), the growing salaries of citizens, as well as the constantly high demand for housing. As a result, apartment prices in the 2000s were skyrocketing. The factor of their decline could be crisis phenomena in the economy, which would have predetermined a slowdown in the mortgage market, as well as a decline in demand for housing due to a slowdown in the growth of wages.

Similar conditions arose in the autumn of 2008, whenagainst the backdrop of negative financial indicators of the world market, problems arose in the Russian economy. The incomes of Russian citizens in the period up to 2010 ceased to grow, at least at the rates that were observed before the crisis of the autumn of 2008. Banks began to more rigorously assess the solvency of mortgage borrowers, which is why the rate of housing loans declined.

As a result, during the 2008-2009 crisis, priceson real estate in Russia significantly decreased. But as the macroeconomic situation stabilized, the growth of incomes of citizens began to be outlined again in the country, the banks once again became more active in terms of housing loans, and the real estate market of Russia, which has already taken shape, entered a new stage of development. Let's study its features.

The residential real estate market in Russia: from 2010 to the crisis of 2014

Against the background of a significant increase in intensityhousing loans, the continued high demand in this period in Russia again began to skyrocket the price of real estate. However, this trend, as analysts say, was not typical for all Russian regions. In particular, in the largest cities of Russia, primarily in Moscow and St. Petersburg, the rise in prices for residential real estate was not so noticeable in relative terms. This analysts connect mainly with the saturation of the market. Despite the fact that the largest cities of Russia remained attractive for relocation, the development of the housing market in Moscow and St. Petersburg to some extent offset the high demand for real estate.

New crisis and real estate market

Anyway, in many other cities of Russia inThe connection with the lack of supply of property prices has grown steadily. The factor of their slowdown, again, could be crisis phenomena in the economy. Those in connection with the complication of the foreign policy environment, cheapening of oil and some structural problems in the national economy of the Russian Federation arose in 2014.

The income of the population grew again. In a particularly negative way, the new crisis affected the banking sector - the Central Bank was forced to increase the refinancing rate, and commercial credit institutions, in turn, tightened the terms on loans. As a result, the mortgage market has slowed considerably. These factors predetermined a new recession in the residential real estate market in Russia.

What are the prospects for this sphere of property and legal relations in connection with the current economic situation?

The Russian residential real estate market: prospects

The stages of market development that we consideredreal estate in Russia show that the crisis phenomena for the relevant segment are not new. During the recession of 2008-2009, there was the same decline in housing prices, as in the crisis of 2014, the dynamics of mortgage lending was declining. But as soon as the state of affairs in the economy improved - at the same time the situation was improving in the segment of residential real estate - due to the constantly high level of demand for housing.

Waiting for government action

Exit the 2008-2009 crisis of the Russian FederationThe economy was helped by high oil prices, beginning in 2011, amounting to about $ 100 per barrel. Will the return to them now, when "black gold" costs several times cheaper - a big question. If this is the case, then it is likely that the once-current driver of the growth of the Russian economy will work. If not, it is likely that they will have to wait until the government's programs to stabilize the situation in the national economy, aimed at ensuring the replacement of oil revenues, will begin to function.

Consequently, the state of affairs in the housing marketreal estate depends on how successful the state policy in the field of adaptation of the Russian economy to the new conditions that have taken shape in the world market will be.

The market of commercial real estate in the Russian Federation: formation and development

So, we found out in which year thethe Russian real estate market and how it developed - in the residential segment. Let us now investigate the specifics of another sphere, namely, commercial real estate. Sales, purchase and lease transactions are carried out in respect of such facilities as office buildings, shopping centers, hotels, warehouses, garages, industrial facilities, stadiums.

Was privatization important in business?

At the beginning of the article, we determined that in the residentialsegment of the Russian real estate market was formed in 1992 - when privatization began. As for commercial facilities, similar market phenomena in the relevant area, when the state owned property for free transferred to private owners, was not observed on a large scale. Therefore privatization of private commercial facilities, although it took place in the Russian Federation, could not become the same powerful growth driver of the segment, as in the case of residential real estate.

Therefore, we can conclude that incommercial segment of the Russian real estate market was formed in the year just the same in 1991, after the Law "On Private Property" began to operate. Further drivers of its growth were, again, the development of credit programs, but already adapted to the commercial sphere, as well as the intensive development of the Russian economy, especially in the early 2000s.

The economic factor is universal for all segments

As in the case of a residential segment, the marketCommercial real estate was sensitive to the crisis of 2008-2009. Also, it was negatively affected by the recession of 2014 and 2015. Therefore, the prospects for further development of this area of ​​the national economy also depend on macroeconomic trends.

However, unlike the citizens who are the mainsellers and buyers in the residential real estate market, the relevant subjects in the commercial segment - enterprises, can have a more significant impact on the economic processes in the country. Thus, the implementation of state programs aimed at modernization in the economy, largely depends on the intensity of commercial activity of private enterprises.

Therefore, in the forces of business,so that the situation in the national economy of the Russian Federation acquired a more positive dynamic. As a consequence - to stimulate the further development of the commercial real estate market.

Summary

So, we determined what yearformed the Russian real estate market in residential and commercial segments, identified the main stages of its development. The main factors affecting the state of affairs in the relevant sphere of the national economy are mainly macroeconomic. If the situation in the country's economy is characterized by the predominance of positive trends - the real estate market in both segments is actively developing.

As for the peculiarities of its development in residential andcommercial sphere - it is possible first of all to note the fact that the Russian real estate market was formed in special conditions of transition from the socialist model of economy to the capitalist one. The legal and financial institutions necessary for its full functioning did not appear immediately.

However, in the modern form, the Russian marketreal estate develops on the same principles as are characteristic of most capitalist states. The formation of prices on it occurs due to the objective correlation of supply and demand. This explains the dependence of its development on the situation of the economy as a whole. If there is effective demand, then the dynamics of the market will be positive.