Dear readers,

The housing market in Russia is one of the key segments of the national economy with high socioeconomic importance. A feature of modern housing construction is the high level of investment attractiveness of this type of market, with the volume of housing commissioned in 2020-2021 reaching record levels. The volumes of housing commissioned in 2020-2021 are reaching record levels. The presence of a large number of developers, contractors, lending institutions, individuals (home buyers) and other market players creates a complex partnership business environment with a high level of risk. Each year, more than 1 million homebuyers invest their own funds through developers to the tune of RUB 4trl, which is comparable to 20% of the country's projected state budget income for the current year.

The high importance of implementing the state strategy of forming an affordable housing market makes special demands on the social and economic responsibility of the key participant in the housing market - the developer - to its obligations to housing buyers (co-investors).

The main peculiarities of project financing of facilities from the residential real estate market for the segment of apartment buildings are as follows: mandatory conclusion of an equity participation agreement; state registration of transactions; constant quarterly monitoring of the financial condition of developers; publicity of the developer on the basis of the project declaration; control of the developer by SROs; control over a sufficient amount of the developer's charter capital; availability of bank control over the targeted use of the developer's funds.

The negative aspects of this development also include the projected increase in concentration rates in housing markets. This has already led to a significant liquidation of small and medium-sized development companies and the dominance of large businesses. The competitive environment has deteriorated and the oligopoly type of market is increasingly developing, with 12-15 construction groups already able to control up to 70-80% of all apartment house construction volumes. This situation, in addition to international sanctions, leads to an additional increase in the cost of housing and a decrease in affordability. These and other problems of housing policy will be the focus of the programme of the national conference "Housing and Urban Environment" held on 20-21 October 2022 in Moscow State University of Science and Technology with the support and participation of the Russian Ministry of Construction, Ministry of Economic Development, Ministry of Industry and Trade, Ministry of Agriculture and Construction and the relevant committees of the Russian State Duma.

Sincerely,
Peter Grabovy,
Editor-in-Chief

Published: 2022-10-07

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