National Housing Investment Markets: Drivers of Development or Sources of Crises?

The article is devoted to the analysis of housing investment markets in Russia, Europe, China, and Japan. The aim of the study is to assess the dynamics and structure of housing investment and identify trends and patterns of development of national housing markets. The topicality of the problem arises from a particular role in housing investment markets in national economies. The essence of the housing investment market and its features as objects of socioeconomic research are depicted. It is noted that investments are not only conductors of economic resources and new technologies but also crisis processes. It is shown that the housing investment market is extremely sensitive to the manifestations of economic instability due to the significant dependence of the housing investment market on the global financial market and market demand instability caused by households that are sensitive to the slightest sign of economic turbulence. Global economic crises continue to affect the housing market for many subsequent years. The instability of housing investment markets increases the instability of national and global economic systems. Comparisons of the main housing indicators of different countries based on a large amount of statistical data are made; the analysis of housing investment market development dynamics and trends in Russia in comparison with the developed countries of Europe, China, and Japan is given. The authors have drawn conclusions on the necessity of national and global housing markets' monitoring in order to identify patterns of development, prevent negative trends that can become global, and eliminate the possibility of economic crises.