Template-Type: ReDIF-Paper 1.0
Author-Name: Georgy Malginov
Author-Name-First: Georgy
Author-Name-Last: Malginov
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Sergey Sternik
Author-Name-First: Sergey
Author-Name-Last: Sternik
Author-Workplace-Name: Gaidar Institute for Economic Policy
Title: The housing market in Russian cities and housing construction in 2023
Abstract: In 2023, the Russian real estate market was in the stage of strong recovery growth after the 2022 turmoil. Its main driver was the mechanism of state support for mortgages, which boosted demand, ensuring the predominance of mortgage transactions in the total volume of transactions in Russian cities. Indicators of market consumer activity, especially in terms of mortgage lending, and price dynamic show that predictions of stagnation did not come true. Both primary and secondary segments were marked by an increase in growth rates during the year. Given the unambiguously positive economic situation (GDP growth of 3.6% and the real disposable household income growth of 5.4%), the volume of housing construction grew at a faster pace. At the same time, in contrast to 2022 and several previous years, the increase in the commissioning of apartment buildings was much higher than the results of individual housing construction.
Classification-JEL: H82, K11, L32, L33
Keywords: Russian economy, residential property prices, housing market, housing construction
Creation-Date: 2024
Revision-Date: 2024
Length: 17 pages
File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2024-1334.pdf
File-Format: application/pdf
File-Function: Revised Version, 2024
Handle: RePEc:gai:ppaper:ppaper-2024-1334