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THE DYNAMICS OF PRICES IN THE RESIDENTIAL REAL ESTATE MARKET IN 2020-2021. ON THE EXAMPLE OF OMSK

https://doi.org/10.24412/2225-8264-2021-3-90-98

Abstract

The author analyzes the change in residential real estate prices during the pandemic in 2020-2021. In the context of the previous period, when the dynamics of prices in the real estate market was subject to a limited number of factors, in the period under review, the number of factors increased significantly. The most important changes that have occurred in the macroeconomic environment and have affected the cost of facilities, the author considers the reduction in the number of supply, the state program to support families and virginity, lower mortgage rates, credit holidays, low level of deposit profitability. All these factors acted simultaneously, which created a synergistic effect, which was expressed in a change in prices for real estate by 23.18% in the "secondary" market, and by 31.54% in the housing market under construction. In addition to the above main factors, the rise in housing costs was also affected by various consequences of the COVID-19 pandemic: the closure of borders and flights, the shortage of labor in construction companies, the transition to remote work, which, accordingly, increased the value of housing, which for many Russian citizens also became a place of work. Due to the fact that the real estate market does not belong to highly organized markets due to its specificity, due to the low standardization of goods (real estate objects) and low standardization of prices, this factor leads to the complexity of price and market management by government agencies. Accordingly, price management in this market should be carried out through indirect levers.

About the Author

T. V. Chibikova
Omsk state technical University
Russian Federation

Tatyana V. Chibikova, Accociate professor



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Review

For citations:


Chibikova T.V. THE DYNAMICS OF PRICES IN THE RESIDENTIAL REAL ESTATE MARKET IN 2020-2021. ON THE EXAMPLE OF OMSK. Herald of Siberian Institute of Business and Information Technologies. 2021;10(3):90-98. (In Russ.) https://doi.org/10.24412/2225-8264-2021-3-90-98

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ISSN 2225-8264 (Print)