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The Housing Market in Russia: Lessons of the Mortgage Crisis
P. 195–227.
Kosareva N., Andrey Tumanov
This chapter is devoted to the analysis of the impact of the global financial crisis on the nascent housing market in Russia, which started developing less than 10 years ago. At the same time we make an attempt to estimate whether there were "bubbles" in this market. This chapter has the following structure.
It starts with an overview of the housing sector in Russia before the meltdown and analysis of the evolution of housing property rights. Next we look at both the supply side (housing stock and new construction) and the demand side of the situation in housing market before 2009. The section ends with a summary description of the situation in housing mortgage finance and affordability of housing, which is a big challenge for a developing housing market.
The second section analyzes the impact of the global financial crisis on the mortgage sector in Russia and highlights new trends in the housing sector. We focus on government anti-crisis measures in the housing market and the role of government-sponsored organizations. Two main areas of government intervention in the housing and mortgage markets are analyzed: state support of mortgage borrowers and the housing construction industry.
Next we raise the issue of the presence of housing bubble in Russia and analyze main determinants of housing price trends and their impact on housing market.
The chapter concludes with an outline of the housing and housing mortgage markets in Russia.
Publication based on the results of:
Gonyukhov P.O., Sheludkov A.V., Regional Research of Russia 2025 Vol. 15 No. 3 P. 492–501
Increasing spatial inequality is observed in Russia at many territorial levels, including within large cities. The most striking expression of the depth of social stratification in urban areas is differences in housing prices, which are often taken as an indicator of inequality due to the lack of other public data. In this article, we investigated ...
Added: November 27, 2025
Sorbale A., Stremoukhov D., Shevtsova I., Политическая наука 2025 № 3 С. 36–62
External shocks have a significant impact on the quality of governance and the stability of political systems around the world. The concept of resilience, which until recently was only actively used in natural science research, has become a key focus for political scientists studying the impact of crises on political institutions in various country contexts. ...
Added: September 4, 2025
Shilova N., Пути России. Журнал cоциальных и этнографических исследований 2025 Т. 3 № 2 С. 102–111
A household may be considered non-low-income, but can still be in so-called “housing stress”. The problems of housing stress are not limited to psychological ones; it is a real feeling of high risks of homelessness, and these risks can come true in any force majeure situation. Assistance to families and individuals in housing stress is ...
Added: August 19, 2025
Vakulenko E., Evgrafova R., Вопросы экономики 2025 № 6 С. 137–153
This study investigates the relationship between reproductive intentions and mortgage debt among the Russian population. Using data from the “Person, family, society” telephone survey conducted in Spring 2020, we estimate binary choice probit models employing instrumental variables (IV) to address potential endogeneity between the variables under consideration. An instrument for mortgage status was constructed using ...
Added: April 28, 2025
Polukhina E., Karpenkina Y., Europe-Asia Studies 2024 Vol. 76 No. 8 P. 1280–1298
Many scholars have drawn attention to the large housing programme at play in the late Soviet period. However, this programme did not solve the housing shortage, and the housing order (zhilishchnyi order) remained an object of desire for Soviet citizens. This document was an official guarantee of accommodation in the USSR, where there was no ...
Added: October 20, 2024
Shilova N., В кн.: Власть, общество, политика, управление в междисциплинарных исследованиях. МАТЕРИАЛЫ Второго Московского политологического форума в Президентской академии совместно с РАПН и АПН при участии Фонда президентских грантов 12-13 АПРЕЛЯ 2024 Г. МОСКВА, РАНХИГС.: М.: РАНХиГС, 2024. С. 214–216.
В докладе через обсуждение подхода к жилье как к товару/общественному благу раскрывается проблема доступности жилья как проблема государственного управления и настройки общественных отношений. ...
Added: October 15, 2024
Marques II I., Alexei Zakharov, Post-Soviet Affairs 2024 Vol. 40 No. 3 P. 175–203
How does inclusion in social policy programs strengthen individuals’ support for redistribution, and lead to spillovers in support for future social policy programs? We study a unique dataset of 1,300 Moscow residents to estimate the effect of participating in a government-sponsored redevelopment program on preferences for redistributive social policy. Our design exploits features of the program designed to foster institutional trust by engaging citizens in the policy design process. We report a positive effect: individuals in buildings slated ...
Added: August 21, 2024
Elena V. Semerikova, Anastasia O. Blokhina, Nastansky A., Economy of Regions 2023 Vol. 19 No. 3 P. 919–933
Germany is characterised by heterogeneous regional development in various economic spheres, including housing markets. Differences in housing prices persist during decades, causing unde- sirable inequality, affecting migration and employment patterns. The purpose of this work is to identify regional factors which affect regional housing prices in Germany. The peculiarity of the study is the con- ...
Added: November 7, 2023
Smirnova E., Финансы и бизнес 2023 Т. 19 № 2 С. 74–84
The article considers the basic criteria for measuring housing affordability: the term of accumulation, the ratio of income to payment, as well as the share of the population to which mortgages are available in the primary market. An analysis of the dynamics of financial parameters of housing affordability in the region in 2019-2022 is being ...
Added: April 11, 2023
Gunko M., Zupan D., Ryabova L. et al., Environment and Planning C-Politics and Space 2022 Vol. 40 No. 6 P. 1382–1400
As cities around the world increasingly seek to brand themselves as comfortable and liveable places, policies aimed at enhancing the quality of the urban environment are becoming more important. Scholars interpret this development as evidence of reinforced urban entrepreneurialism and neoliberalization. The current paper focuses on comfortable city policies in Russia, where political, social and ...
Added: January 30, 2023
Lugovskoy S., Kant 2021 № 4(41) С. 67–72
В статье анализируются факторы жилищного строительства, оказывающие влияние на развитие сельских территорий и проживающее на них население. Отдельно рассмотрено влияние льготной сельской ипотеки на движение сельского населения. Определены проблемы реализации программы льготной сельской ипотеки и ее влияние на развития сельских территорий в субъектах Российской Федерации ...
Added: November 16, 2021
Kosov M., Рогова Т. М., Вестник Московского университета МВД России 2021 № 1 С. 296–305
Over the past few years, there has been a significant increase in consumer lending. As you know, at the moment all countries of the world are faced with a pandemic of COVID-19 coronavirus infection, the high contagion and speed of its spread have caused the need to introduce quarantine and self-isolation on the territory of ...
Added: September 2, 2021
Kholodilin K., Kohl S., Housing Studies 2021 P. 1–37
Private rental markets become increasingly important since the Global Financial Crisis 2008--2009 and rent controls are back on the political agenda. Yet, they have received less attention from housing scholars than homeownership and public housing. This paper presents new data on the development of private tenancy legislation based on a content-coding of rent control, protection ...
Added: March 17, 2021
Kuzmina E., Янин А. А., , in: Ecological and Biological Well-Being of Flora and Fauna (EBWFF-2020)Vol. 203.: EDP Sciences, 2020. Ch. 05020 P. 1–12.
The article deals with the economic mechanism of reverse
mortgage as a loan product aimed at raising the welfare of senior citizens
who own real estate, for organic farming and soil management. The article
discusses the financial and historical aspects of the implementation of the
reverse mortgage instrument, as well as defines a potential of
implementation of this instrument in ...
Added: January 28, 2021
EDP Sciences, 2020.
The article deals with the economic mechanism of reverse mortgage as a loan product aimed at raising the welfare of senior citizens who own real estate, for organic farming and soil management. The article discusses the financial and historical aspects of the implementation of the reverse mortgage instrument, as well as defines a potential of ...
Added: January 28, 2021
Koster H., van Ommeren J., Economics Letters 2020 Vol. 189 No. 108980
By deriving a ‘housing market Hosios condition’, we show that the main conclusions of the seminal paper on housing search frictions by Wheaton (1990) were erroneously derived. We show that households may search too much, optimally, or too little, which is in contrast to the paper’s conclusion that they always search too little. Furthermore, we ...
Added: October 30, 2020
Albert V. A., Bulletin of Latin American Research 2021 Vol. 40 No. 1 P. 84–99
Brazil's Movimento de Trabalhadores Sem Teto (MTST, Homeless Workers' Movement) has grown dramatically in recent years. This growth was partly provided for by the use of a large government housing programme, Minha Casa Minha Vida (MCMV, My House My Life), which allowed the MTST to construct housing for its members and swell its ranks with ...
Added: May 13, 2020
Koster H., van Ommeren J., The Review of Economics and Statistics 2019 Vol. 101 No. 3 P. 400–414
We study the economic effects of place-based policies in the housing market taking into account search frictions. Theory indicates that beneficial policies increase house prices, but temporarily reduce sales times of owner-occupied properties. We investigate both effects for a place-based programme that improved public housing in 83 impoverished neighbourhoods throughout the Netherlands. We combine a ...
Added: October 30, 2019
Терещенко Д. С., Финансы и бизнес 2019 Т. 15 № 4 С. 23–39
The article presents a model of behavior of consumer, choosing between two alternative ways of financing the purchase of housing: a traditional mortgage loan and a building savings cooperative. The factors that shape consumer preferences and affect its budget constraint are analyzed. The conditions under which a rational consumer will choose to join a savings ...
Added: October 23, 2019
Суровцев В. Н., Nikulina Y., Молочная промышленность 2018 № 10 С. 4–6
The article discusses external and intra-industry factors affecting the profitability of milk producers and processors, suggests directions for increasing effectiveness of their interaction in improving competitiveness of dairy industry in the face of a decrease in solvent demand of population and dairy products consumption. ...
Added: October 16, 2019
Kurichev N., Куричева Е. К., Вестник Российского университета дружбы народов. Серия: Экономика 2018 Т. 26 № 4 С. 643–652
Housing construction in the Moscow agglomeration is closely linked with the migration of the population to the capital region. The acquisition of real estate by nonresident buyers in the primary market of the Moscow capital region (MСR) in the amount of 2.5 mln m2 provides housing for about 100 000 migrants per year, or about ...
Added: September 24, 2019
Kashnitsky I. S., Gunko M., Cities 2016 Vol. 59 P. 30–39
The collapse of state socialismand the introduction of market relationships in Central and Eastern Europe resulted
in profound changes of urban development. Evidence from Central and Eastern Europe indicates that the development
of a strong housing market and growing material inequalities contribute to the socio-economic
polarization of city districts and residential segregation. Based on empirical data, we analyze ...
Added: September 8, 2019
Молодико К.Ю., , in: Приватне право і підприємництвоIssue 11.: Kiev: [б.и.], 2012. P. 55–62.
Рассматриваются современные подходы к потребительскому кредитованию, определяется объем потребительских правоотношений, анализируется возможность распространения особенного режима защиты прав потребителей на юридических лиц, обосновывается целесообразность максимальной унификации законодательства по кругу лиц. ...
Added: April 6, 2019