Factors of Development of Foreign Housing Markets and Opportunities for Russia

The relevance of the topic is determined by the need to solve an important task for any state, which is to provide citizens with affordable housing. This is a particularly acute problem for Russia, since the dynamics of the domestic market development are much worse than foreign markets. The purpose of the study is to identify factors in the development of housing markets in foreign countries and formulate recommendations for improving the functioning of the Russian experience, taking into account the identified factors. The author in the study determines that the main factors in the development of housing markets are GDP growth, low mortgage rates, stable incomes of the population, a wide range of monetary policy instruments used in the housing market. The results of the study made it possible to determine that for the development of the Russian housing market, it is necessary to reduce mortgage rates by developing new programs with government support; attracting more investors to the sector on mutually beneficial terms, building profitable houses for rent at a lower price than market offers, developing housing market development programs taking into account the peculiarities of uneven demand and supply for housing in different Russian regions, a restraining policy with regard to speculative transactions in the housing market in order to prevent a sharp rise in prices.