A Study on Economic Crisis Management Measures and its Effect on Moscow Suburban Housing Development
The construction boom and expansion of housing construction to suburbs became one of the particular features of growth of Moscow metropolitan area in Russia through the last decade. In spite this fact the majority of population is still unable to buy housing with their savings. By official sources of Moscow government there are 163.6 thousands of households that are listed for improving their housing conditions, i.e. in urban slums. One of the principal causes for the housing shortage in spite of high construction rates in Moscow region was its general orientation to the market of high-income group of the citizens, along with a low-developed mortgage system. The immediate effect of economic crisis to Russian housing market besides land and property price cutting up to 50% was a stagnation of the ‘elite’ property market. And, on the contrary, there was recorded a considerable activation of sales at reasonable and low-price housing segment of the market by the end of the fall of 2008. This paper aimed to find out what changes the economic shock brought to the housing landscape of Moscow agglomeration especially to its suburban area.