Market types. Types of markets in the economy

Real estate market

The market economy is based on the right of private property - the right to own, use and dispose of property. This allows citizens or private enterprises, at their own discretion, to acquire, use and sell material resources and enter into contracts that are legally binding and binding on partners.

Property Ownerhas the right of will, i.e. the right to appoint a successor to this property after his death, which essentially supports the institution of private property. It should be noted that at market model exists and state property, as well as property in mixed forms. Naturally, the legislation should provide for legal restrictions on the right to private property related to the interests of society as a whole.

The freedom of enterprise and choice is directly connected with private property. Freedom of entrepreneurship allows you to organize the production process from available resources and sell the goods (products, services) produced on the market at your own discretion. The decision to enter a particular market (type of activity) or exit from it is in the hands of the entrepreneur.

Freedom of consumer choice, i.e. the freedom of the consumer, within the limits of his income, to acquire goods and services in the set most suitable for satisfying his needs, is dominant among other freedoms and determines the limits of the freedom to choose suppliers of material and human resources. In the end, it turns out that the consumer decides what the economy should produce.

Self-interest shapes the mode of action of various subjects of the real estate market when they exercise their free choice. Each of them strives to do what is economically beneficial to him. Thus, property owners strive to get the maximum price when selling or renting it out, tenants try to extract the maximum profit from the use of leased space. Stimulation of personal interest is one of the characteristic features market economy and to a large extent gives it direction and order in its functioning. Freedom of choice, which is realized for each market participant in the form of a desire to receive personally for himself cash income, serves as the basis for economic competition, or competition.

Competition in the real estate market involves:

· availability on the market a large number independent sellers and buyers specific goods, products, resources and services;

· freedom for sellers and buyers to enter and leave markets as they see fit.

However, the essence of competition lies in the fact that the real estate market has such a large number of sellers, in which each of them, providing a small share in the total supply, is practically unable to influence the price of the goods. The same ratio is true for those who act in the real estate market as a bearer of demand. There are many buyers and a single buyer cannot control the market to his own advantage. Competition places limits on real estate sellers and buyers realizing their self-interest.

The most common form of competition is price cuts. It lies in the fact that real estate sellers, seeking to increase (accelerate) the number of sales, offer it at more low prices than competitors. To do this, each seller needs to do everything in such a way as to sell at the same prices as the competitor, or cheaper. An entrepreneur who does not have sufficient skill in this regard has to leave the real estate market sooner or later. Conversely, a skilled entrepreneur receives high profits, which allows him to develop his business.

One of the ways to compete are innovations designed to attract customers. In a relatively short period of the formation of the real estate market in Russia, this manifested itself very clearly in the activities realtors.

In addition to direct competition, entrepreneurs operating in the real estate market are also drawn into indirect competition. This is the competition of various sectors of the economy and various groups of goods and services. For example, people who were going to buy an apartment might change their mind and buy a car or go on an expensive trip, brick houses may supplant wooden buildings, retailers have an advantage in obtaining bank loan as opposed to operations land plots.

A market in economics is a mechanism of interaction between sellers who provide supply and buyers who provide demand. This establishes an equilibrium level market price. For each product there is a certain marginal level of cost.

Members market relations act in their own interests: sellers are interested in selling goods at a price that will provide them with maximum profit, while the buyer, on the contrary, wants to receive at the lowest price and extract from his purchase more benefit. Usually the transaction is made at an intermediate option, this is the equilibrium price.

Market structure and types

The structure is characterized by the internal structure of the market, the relationship between individual elements, their share in the total volume. The basis that determines the design is the form of ownership that operates in the economy. It can be public, private, collective or mixed.

main subject economic activity The market economy is the household, the business organization and the government. The interaction between these elements occurs in all types of market.

Depending on the items for exchange, the following types of markets in the economy are distinguished:

• the market for factors of production;
• market of final goods and services;
• financial market;
• market of intellectual products.

Market of goods and services

main feature consumer market stands out that the pricing policy on it is formed after the production of products. Unfortunately, this species is most prone to crises.

Market for factors of production

This type includes three more interconnected markets:

• labor market;
• capital market;
• real estate or land use market.

This relationship is characterized by the dependence of supply and demand. Consider on specific example: the level of prices in the labor market has increased, respectively, the rate has increased wages. As a result, firms increase capital and replace labor that has risen in price.

A distinctive feature of this type of market is the derivative nature of demand. The main goal here is profit, and capital, human resources, land are the conditions necessary for production. Demand, respectively, is generated by the desire of a business or enterprise to get as much profit as possible.

Financial market

This type is very diverse and many-sided. The subject of sale and purchase is invariably money, which is provided for use in various forms.

Types financial markets classified in several ways:

This market exchanges securities, precious metals and foreign currency.

Types of financial markets:

1. Currency market.
2. Gold market.
3. capital market.
4. Money market.
5. Stocks and bods market.
6. Insurance market.

Market of intellectual products

This includes a variety of scientific inventions, innovations or information services. To intellectual markets also includes literary works and various forms of art.

Market types are determined by several criteria.

Geographical position:

• local markets;
• national;
• world market.

Degree of restriction of competition:

• monopolistic;
• olipoly;
• monopsonic;
• free;
• mixed.

By the nature of sales, there are such types of markets in the economy:

• wholesale;
• retail.

Types and types of markets by saturation level:

• equilibrium;
• redundant;
• scarce.

In accordance with the current legislation, the types of world markets are:

• legal;
• illegal (black).

Industry Criteria:

• computer;
• clothing;
• bookstores;
• grocery, etc.

The main types of markets are divided into sub-markets and market segments.

Market segments are parts of the market or consumer groups that are united by the same requirements for a given product or service.

According to the demographic principle, the market is segmented by age, gender, marital status of consumers.

Competition

The basis of competition is free consumer choice, which manifests itself in getting the maximum cash profit. This is the main purpose of the proposal.

Types of markets, depending on the degree of competition and the nature of pricing, are of four types:

1. One in which there is free (pure, perfect) competition.
2. Monopoly.
3. Oligopolistic.
4. Pure monopoly.

It is possible to determine the type of market, taking into account competition, based on the number of sellers and buyers.

Free competition market

In other words, there is pure or perfect competition in such a market. This is the most common type. Its main feature is that there are a large number of sellers (at least forty) and an even greater number of buyers. Prices are set by the market itself, and no seller can overcharge them, otherwise he will deprive himself of customers.

The types of markets with free competition are characterized by the homogeneity of the goods offered: products, clothing, metals, etc. These must be the same or interchangeable products.

Pricing policy is based on the analysis of supply and demand, no firm can significantly affect pricing.

Today, the types and types of markets with pure or free competition are stock exchanges, fairs and city markets or bazaars.

Monopolistic competition market

The next largest type of market. Here there are from ten to forty sellers. The main difference is the pricing policy: it fluctuates in a fairly wide range. The offered goods differ from each other and are not always interchangeable.

Pricing occurs in a competitive environment of organizations that produce similar but interchangeable goods. Each enterprise has specific production features, which allows them to independently set prices for their own products. In this regard, in some way they are monopolists.

This includes the following types of products: soft drinks (juices, mineral water), tobacco products, alcoholic beverages, confectionery, medicines, clothes and shoes with company logos, household chemicals, sporting goods, plumbing, tools, equipment, etc.

In the modern economic system Russian Federation there is every opportunity to develop a market with this type of competition and create a sphere of competitive prices.

Oligopolistic competition market

This is a special type, which consists of a small number of large firms that provide the entire market with their products. Typically, the number of enterprises ranges from seven to ten. They can offer both homogeneous and interchangeable goods (ferrous and non-ferrous metals, aluminium, plastics, etc.) and products that differ from each other (electrical engineering, cars, computers, mobile phones).

This type of market is practically closed to newcomers, because it is dominated by global brands that have developed over decades. Each seller monitors the pricing of competitors, but often this does not affect his pricing policy.

In the territory modern Russia most industrial products, as well as some types of services, are produced in oligopolistic industries. These are mainly oil producing and processing companies: Lukoil, Rosneft, Onako, Yukos, Tatneft and others. This includes the coal industry, ferrous and non-ferrous metallurgy (aluminum, tin, lead, zinc, etc.), the production of automobiles, electrical engineering, tractors, electric vehicles, and the chemical industry.

Pure monopoly market

This is a special type of market, which consists of only one seller. Often it is a government organization.

A private monopoly firm sets its own high price for its products. It does not focus on other firms or authorities. local government nor to the administration. The type of market "monopoly" is also independent of any changes in the country's economy.

Organizations do not in all cases ask the highest possible price, they are afraid that the state may regulate pricing policy and attract new enterprises, creating competition in the market, or that they may lose some customers and buyers.

With complete freedom in setting prices, firms are guided by the level of demand, this helps them to optimally price their products.

Types of economic markets do not occur in pure form. Any company has the opportunity to act with several products in different markets.

Situation in Russia

The Russian Federation is characterized by high monopolization of the market. Its level in some sectors of the economy reaches 80-100%. Along with the natural and production monopoly ( vehicles, harvesters, etc.) there is also state domination. This leads to the conclusion that the type of market in Russia is monopolistic, but with elements of free competition (for certain types of goods, especially food).

However, all economic processes take place in accordance with the current legislation.

The underdevelopment of market institutions in the Russian Federation is manifested in:

1. Regarding property: development shadow economy, low level of legitimacy of property rights, etc.
2. In the subjects of the economy: a low level of contractual discipline, an incomplete process of adaptation to modern market conditions, lack of ownership of all resources.
3. In the mechanism of market self-regulation: large administrative barriers, a strong manifestation of monopolism, business oligarchism, a low level of consumer protection, the weakness of the middle class, violations of the function of money.

Market analysis does not provide ready-made solutions for setting pricing policy, but it is needed in order to determine the pattern in pricing, which depends on the balance of supply and demand.

When choosing any pricing strategy, a company or enterprise takes into account the following factors:

1. Prices for goods or services are reviewed regularly.
2. Most of the products are sold at discounted prices at the end of the season.
3. Demand is elastic.
4. Buyers are sensitive to prices and "peck" at lower prices.
5. When compiling prices, competition, demand, product quality, information about customers are taken into account.
6. The types of markets in the economy make it possible to reasonably build an enterprise's pricing policy.
7. At least once a quarter, it is necessary to conduct a thorough market analysis and monitor changes in prices from competitors.
8. Production costs are regularly calculated.

The market is an extremely complex structure. Its study requires taking into account a huge number of factors and features.

According to economic theory, the allocation of types of market structures (monopoly, oligopoly, monopolistic competition, perfect competition, etc.) is made on the basis of the following features: the number of sellers and buyers, the degree of differentiation of goods, barriers to entry into the market for producers and sellers, features of competition in the industry, etc.

Let's consider these criteria separately.

1. Number of sellers. In the primary residential real estate market, both large national-scale construction firms, the number of which is limited, and medium-sized regional firms act as sellers. Currently, there are such large financial and industrial groups and holdings on the all-Russian real estate market as: SU-155 Group of Companies (Moscow) - the leading contractor of the state for the construction of housing and socially significant facilities, including 64 industrial and construction companies in 17 cities of Russia, with more than 45 thousand employees, construction projects which are implemented in 50 cities of Russia, the CIS and Europe; PIK Group (Moscow) is one of the leading developers in the field of residential real estate with a well-thought-out social infrastructure in Moscow, the Moscow Region and a number of regions of the Russian Federation, includes 19 subsidiaries. However, there are also a number of smaller construction firms.

Also, participants in other markets often come to the residential real estate market as sellers:

Developers from related construction industries (for example, ISKP LLC

"Volgo-Vyatka Construction Company", CJSC NPSK

Metallostroykonstruktsiya, etc.);

Manufacturers building materials and individual structures

(for example, the company GK "Sakses", CJSC "78 DOK", etc.);

Large realtors (for example, the real estate agency "Vybor").

Such participants, as a rule, consider the residential real estate market as one of the areas of business development and combine it with existing activities.

Based on the results of a survey of market participants, RBC compiles annual ratings of the 20 largest construction companies in the Russian Federation. According to her, the share of such companies in 2012 accounted for about 11% of all delivered meters, and they built urban housing this year by 28% more than in 2011 (see Appendix 3). On regional markets the number of companies is smaller, and the share large companies substantially more. Obviously, in terms of the number of firms, the primary housing market approaches the type of an oligopoly with a competitive environment.

In the secondary residential real estate market, the number of sellers (in this case, households) is significantly larger, which makes this market segment competitive. market structure. However, in the secondary market, sellers often act through specialized intermediaries - real estate firms. Their number is already significantly smaller, which reduces the degree of competition in this market segment. Thus, the Nizhny Novgorod Guild of Certified Realtors (NGSR) in September 2011 included

27 companies . This segment of the market according to the considered criterion is closer to the type of "monopolistic competition". Thus, on the basis of

The “number of sellers” of the residential real estate market varies from monopolistic competition to oligopoly.

2. The degree of product differentiation in the residential real estate market is high. In the secondary real estate market, there are: old housing, old

housing after overhaul, houses of the Stalinist period, Khrushchev, Brezhnevka, panel houses 60-70s, panel houses of the 80s-90s, brick houses. In the Nizhny Novgorod region, according to an unofficial classification, Residential Properties is divided into elite housing, luxury homes, apartments with improved planning, standard housing. For the primary real estate market, the Moscow classification is used, according to which housing is divided into four classes: elite, premium, business and economy class. Also, housing of each class is distinguished by the type of material, the area of ​​​​location (which differs incl. environmental conditions), the quality of the ceilings, the size of the rooms, the kitchen, and others. auxiliary premises and, consequently, prices. The individual characteristics of housing are: floor, view from the window, layout, the presence of cosmetic repairs, the condition of the electrical wiring, water supply and heating system, etc., incl. availability of a complete package of documents for the transaction. Among other things, there are still individual characteristics of each particular apartment. Thus, from the point of view of the properties of the object, the housing market belongs to the type of “monopolistic competition with product differentiation”.

3. Barriers to entry into the industry. In the primary real estate market, entry barriers to the market for sellers (customers, developers) are determined by barriers of a lower order - entry into the construction industry. First of all, in order to create a construction company, it is necessary to go through the procedure of state registration of a legal entity. Further, for the implementation of construction, design and engineering surveys From January 1, 2010, it is necessary to join a self-regulatory organization (SRO) and obtain a certificate of admission to certain types of work. In addition to general barriers, there are also individual barriers related to the construction of each specific facility. The main obstacles to increasing the volume of construction are set out in the Federal Law No. 214-FZ “On Participation in Shared Construction of Apartment Buildings and Other

real estate and on amendments to certain legislative acts of the Russian Federation" dated December 30, 2004, which grants the developer the right to attract Money equity holders only if:

a document on state registration by the developer of the ownership of the land plot being built up or a lease agreement for such a plot;

building permits;

· project declaration, which must be placed in the media, since the developer can conclude an agreement on participation in shared construction with the first shareholder only after two weeks have passed from the date of publication (No. 214-ФЗ dated

It is also necessary to note other barriers inherent in the primary real estate market:

A. Insufficient number of proposed land plots, their high cost and non-transparency of tenders for their sale. Usually, several land plots for infill development are simultaneously offered for one residential area of ​​the city, which is reflected in the offer price. For example, the cost of land plots that a developer can acquire for their own construction of multi-storey residential buildings in the city Nizhny Novgorod, differentiates from 230 thousand rubles. up to 1 million rubles for 1 hundred. As for the prices for land plots for low-rise individual housing construction both in the city and in the suburbs, here the price range is from 30 to 500 thousand rubles. for 1 hundred. The high cost of investment contracts and land is explained by the inclusion in their price of the so-called "administrative rent" - the corruption component of acquiring rights to a building site (registration in ownership or rent), connection to city engineering networks, landscaping of the courtyard area and other expenses.

Currently, the city authorities are paying great attention to the allocation of territories for complex residential development: these can be both land plots in the suburbs, and in places where there is a dilapidated emergency fund. However, for developers, this is associated with certain costs: land plots in the suburbs do not have engineering communications and access roads, and urban plots with a dilapidated fund require resettlement costs. Despite the growth in housing construction in the Nizhny Novgorod region (according to the results of the first half of 2012, this figure increased by 2.7% compared to the same period

2011), there is a shortage of construction sites that are interesting for investors.

The insufficient number of land plots does not always indicate that the size of the building areas themselves is small. So, for example, in

2012 ministry state property and land resources of the Nizhny Novgorod region held an auction for the sale of the right to lease 453 hectares of land in the Sovetsky district of the city of Nizhny Novgorod. One lot united 14 land plots and was the largest land mass put up for auction by the authorities of the Nizhny Novgorod region. Only one bidder participated in the auction, which was explained by the large volume (creation of a virtually new district for 120 thousand inhabitants) and the huge costs for the construction of networks that the developer is facing. Thus, due to the unwillingness of the authorities to independently develop a project for surveying 453 hectares for separate plots for different investors, none of the Nizhny Novgorod leaders in housing construction could participate in this auction.

B. Informal requirements for construction business in the form of various kinds of social obligations. It is often practiced to allocate a land plot by the administration construction company for its own construction in a convenient location in exchange for its obligation to carry out the construction or reconstruction of facilities social infrastructure: kindergartens, schools, hospitals, etc., or transfer part of the finished product to the administration

erected housing, directed to the implementation of state social programs. Due to the appearance of additional costs for the fulfillment of social obligations, construction companies are forced, after obtaining all the necessary permits, to change (and re-coordinate) construction technologies, often to the detriment of quality and in violation of the rights of consumers (shareholders).

C. The need for a variety of highly specialized equipment. For numerous types construction works different types of equipment are needed (tower cranes: with different heights, load capacities and boom outreach, free-standing on rails or on anchor bases, with a self-extending crane tower and with the possibility of attaching the tower to a building under construction; pile driving equipment or pile crushing plants; concrete mixing plants installations and concrete mortar units, concrete pumps, etc.). With a small volume and temporary nature of the work, buying this entire set of equipment is inefficient. In addition, the acquisition of a tower crane will cause an increase in associated costs: several people will have to be added to the staff of the construction company (1-2 crane operators, a fitter responsible for technical condition faucet, electrician), plus there will be additional work for the safety engineer. In addition, as a particularly dangerous building object the crane will need to be registered with the city department of Rostekhnadzor, and also put on the balance sheet of the enterprise. Finally, the purchased equipment must be stored under certain conditions and a scheduled inspection should be carried out every 10 months. Far from all firms can afford to keep all the necessary equipment on the balance sheet, but not all have access to it in the form of a contract and leasing.

D. Interruptions in the supply of building materials. An example is the shortage of cement described above (see paragraph 1.3.2) in the European part of Russia. Any problems that arise in entrepreneurial activity in a particular industry, natural or artificial, can be seen as entry barriers to it.

D. Lack of qualified personnel. So, despite the presence in the Nizhny Novgorod region of a large specialized industry university for the training of engineering and construction personnel (FGBOU VPO

"Nizhny Novgorod State University of Architecture and Civil Engineering), in the context of the rise of the construction industry, the residential real estate market is experiencing a shortage of specialists in a number of working professions and highly qualified engineering personnel, primarily specialists in new and highly specialized areas. Most graduates of educational institutions have a good theoretical background, and they often lack practical skills for work. There is an urgent shortage of qualified workers with an average vocational education: masons, welders, etc. In addition, such professions, which in Soviet times belonged to the category of mass ones, are not popular today and are considered not prestigious, which is explained by the complexity and difficult working conditions; the constant influx of low-skilled labor from abroad significantly lowers the wage bar.

It should be noted that intermediaries also face barriers such as lack of qualified personnel, since at present the educational system of the Russian Federation does not train specialists in real estate transactions. In general, the lack of qualified personnel in the residential real estate market is forcing construction and real estate companies to work closely with specialized universities, open their own training centers for the training of specialists, as well as to resort to the services of recruiting agencies.

E. Excessive number of conciliation procedures. A study conducted by the Institute for Urban Economics in 43 cities of Russia allows us to conclude that the high level barriers in housing construction. On average, when building an apartment building, developers go through 100 procedures, spending about 3 years and 25 million

rubles, and most of these costs (about 80%) are the costs of connection (connection) to engineering networks. In total today, according to SRO experts “ National association Builders (NOSTROY)”, about 23 approval procedures are clearly redundant, their cancellation will reduce the time for obtaining a construction permit by about 600 days, which will significantly minimize the costs of project development.

The barriers to entry into the industry for sellers in the primary real estate market discussed above, especially the first three, are characteristic of an oligopoly-type market structure.

In the secondary residential real estate market, entry barriers for non-professional sellers and buyers (households and their members) are insignificant (for sellers: possession of the property and title to it; for buyers: availability of money; for both parties: legal purity transactions). At the same time, their motives for turning to a professional intermediary (a real estate agency or an individual realtor) may be: overcoming uncertainty and transferring risk to a third party, expanding choice and reducing the time to search for an acceptable option (which occurs both due to economies of scale and connection to the search for computer databases and professional technology). Such an appeal is effective if the savings in transaction costs are greater than the cost of the services of a real estate company.

In a market where transactions are carried out with the participation of a professional intermediary, additional barriers to entry arise. So, to create a real estate company, you need state registration legal entity or registration of an intermediary as an individual entrepreneur. Same important role plays a good reputation of the intermediary firm, which acts as its important competitive advantage. The reputation of a realtor is made up of various circumstances of his

activities: the time of presence on the market, the scale of activity (visually often determined by the number of operating offices), the presence of positive and negative reviews in the media, reflection of activities in professional publications, etc.

Some competitive advantage for a real estate firm is also participation in a professional association ( non-profit partnership) - the guild of realtors. However, there are barriers here too. To be accepted into the guild, you must: 1) obtain a certificate of compliance of the brokerage services provided with the requirements of the established standard; 2) to own or officially use non-residential premises with a specially equipped room for negotiation, ensuring confidentiality; 3) conclude a professional liability insurance contract for the seller; 4) get a document for the right to use trademark registered in in due course under which brokerage services are provided.

There is a kind of trademark effect in the real estate market

– in this business it is very important to have not only history, but also public recognition. For example, the fact that the Nizhny Novgorod real estate agency

"Choice" at the end All-Russian competition"Professional recognition -

2011" held Russian guild realtors, was declared the winner in the category "Best brokerage company in the home sales market in 2011” (more than 100 employees), gave the realtor a strong competitive advantage. Closely related to the brand effect is the trust effect. In a broad sense we are talking about different types trust: 1) institutional - in our case, trust in the very institutions of intermediaries; 2) organizational

– trust in specific organizations; 3) social - trust in public opinion and public behavior when it is taken as a basis for decision-making; 4) personalized - trust in specific people. Often, not understanding the intricacies of the functioning of the real estate market, non-professional buyers and sellers (households)

prefer to contact agents who are most in demand on the market or recommended by acquaintances and friends.

Reputation, trust, brand advantage - all these barriers to entry into the industry are characteristic of a market structure such as "monopolistic competition".

4. Features of competition in the real estate market. Considering the importance of the individual characteristics of housing for different groups buyers (quality of housing, living environment, reputation building company or intermediary real estate firm, developer's guarantee, provision of title insurance, mortgage assistance, etc.), non-price competition prevails among sellers. Price competition in the housing market plays a secondary role and comes into force in case of urgency of the deal.

There is fair competition in the real estate market, but modern conditions there are also such features of unfair competition as lowering the quality of materials and construction work, violating the interests of buyers, bribing officials (in order to obtain various kinds of permits, acquiring land, etc.), undermining the reputation of competitors through the spread of false rumors, incl. using the media, industrial espionage and other actions that do not comply with the law and business ethics.

5. Sources of economic profit in the real estate market. For developers (housing manufacturers), the origin of economic profit is associated with the oligopolistic structure of the market. The possibility of obtaining excess profits both in the construction industry and in the real estate services sector is determined by the current macroeconomic situation in the country, as well as rational (to varying degrees) expectations of people and their assessment of development prospects, the dynamics of household incomes, the possibility and conditions for obtaining mortgage loan etc. For intermediaries (real estate firms) in the real estate market, profit is

reward for risk, as well as for overcoming the information uncertainty that arises for the consumer of services at each stage of the transaction. Also, large real estate agencies can make speculative profits by investing in real estate and obtaining temporary price arbitrage. Particularly profitable investment objects are those apartments for which the urgency of the transaction is an important factor. There are also dishonest ways to obtain excess profits, the source of which is unfair competition or deception of the final sellers or buyers of the goods.

The study of the characteristics of the residential real estate market according to various criteria allows us to conclude that it is more suitable for the type of market structure "monopolistic competition", although some of its segments have the features of "oligopoly", "perfect competition" and, in extreme cases, "monopoly". In addition, this market is characterized by extreme heterogeneity, which determines the peculiarities of its functioning.

Let's summarize the first chapter. The residential real estate market is a market that can be studied from the position of both neoclassical and neoinstitutional approaches, combining economic and legal aspect research. The study revealed that a special object is being sold on the residential real estate market, which is both a boon and a resource at the same time. This object has the features of a complex good that satisfies all five levels of the structure of needs in A. Maslow's hierarchy. The housing market is divided into primary and secondary segments; housing purchased in consumer and investment purposes; segments that differ in the quality and complexity of the object. They are characterized by different elasticity of supply and demand, they have their own mechanisms of functioning.

The state of equilibrium in the residential real estate market is influenced by the factors of demand, supply and types of market structures. chapter in detail

analyzed the influence of the following demand factors in the residential real estate market: consumer preferences and tastes, product quality, buyers' incomes, prices for other goods and services, the time factor, the number of buyers, consumers' expectations of any political or economic change, taxes and subsidies (subsidies) to buyers, shocks aggregate demand. Demand for housing is highly price elastic (due to the income effect, while the substitution effect is negligible), and it is differentiated for segments of different housing quality. Also, the demand for housing is characterized by high elasticity of income and accumulated savings of buyers in long term. The following housing supply factors have been studied in detail: prices and availability of resources (factors of production), new (more productive) technologies, taxes and subsidies (subsidies) for sellers, prices for goods related to production; the number of sellers of residential real estate, external supply shocks. It was revealed that the supply of housing is characterized by low elasticity in the short term and higher elasticity in the long term, which also depends on the barriers to entry into the construction industry. To identify the types of market structures, the following characteristics of the housing market were analyzed in the work: the number of sellers, the degree of differentiation of residential real estate, barriers to entry into the industry, the features of competition in the residential real estate market, and sources of economic profit. It is concluded that the primary housing market varies from the type of monopolistic competition to oligopoly, and the secondary housing market - from perfect competition to monopolistic competition.

The theoretical study carried out allows us to proceed to the analysis of specific features and trends of the residential real estate market in modern Russia.

The real estate market has a branched structure, and it can be differentiated according to various criteria: the type of financial asset, geographical factor, functional purpose and other indicators (Table 4.2).

primary market in Russia it is formed at the expense of newly constructed facilities and the privatization of state and municipal enterprises, land plots, buildings and premises and property rights. It ensures the transfer of real estate into economic circulation. All subsequent transactions are secondary nature, as they are associated with resale or with other forms of transfer of objects that have entered the market from one owner to another.

Organized Market- this is the economic turnover of real estate and rights to it in strict accordance with applicable law with the participation of licensed professional intermediaries. This market guarantees the legal purity of transactions and the protection of the rights of their participants. unorganized The (street) market does not always ensure the reliability of transactions.

The exchange market is the purchase and sale of objects on the real estate exchange, at competitions and auctions held by state and municipal property funds, land authorities, municipal housing committees or specially authorized organizations.

The over-the-counter market is the execution of transactions outside the exchange. It can be organized or unorganized. The organized over-the-counter market is based primarily on the computer communication systems of licensed real estate agencies.

Table 4.2. Classification of real estate markets in a faceted way

According to the main feature - the type of real estate objects - at least eight specific markets are distinguished (see Table 4.2), among which the most developed markets for land plots, residential and non-residential premises are of universal importance. Since land is included as a necessary component in almost any real estate object, we will take a closer look at the structure of the land market, its segmentation and main parameters.

land market as a complex independent type of real estate market, it is customary to divide it into relatively homogeneous subspecies or varieties according to intended purpose lands, which are then differentiated according to a number of other features (size, location, etc.) (Scheme 4.8).

The next component of the land market is a segment of the market - a specially allocated part of this type of it, a group of elements that have certain common features (land quality, distance from industrial centers, etc.).

The most profitable market segment is characterized by:

• o high level of current or expected sales;
• o rapidly increase in land sales;
• o fast turnover of funds and an acceptable rate of return. Market segmentation is one of the most important marketing tools. The success in the competition largely depends on the correct choice of the market segment.

There are a number of criteria and signs by which it is possible to segment the land market.

The objects of segmentation are buyers, the goods themselves, the land and market participants - commercial organizations and entrepreneurs.

The sign of segmentation is a factor by which the allocation of market segments is carried out.

Depending on the goals of segmentation, factors characterizing the purchasing behavior of individuals and legal entities, parameters of land plots, economic indicators commercial organizations. Currently, real estate firms use multiple segmentation, i.e. segmentation by several features at the same time (multifactor segmentation model).

Scheme 4.8.

and in a certain combination with others, in order to more accurately determine whose and what needs this or that type of land plots satisfies (Scheme 4.9).

Segmentation Criteria- this is a factor by which the validity of the choice of a particular market segment is assessed. The following criteria are most common: quantitative parameters of the segment, materiality, profitability, compatibility of the segment with the market of the main competitors, efficiency of work on the selected segment, protection of the selected segment from competitors.

Market segmentation by product- on the ground - allows you to identify exactly what parameters of a particular site may be attractive to buyers. At the same time, such land characteristics are used as their quality, remoteness from industrial centers (in Moscow - from the Moscow Ring Road), the size of plots, investment attractiveness, prestige, etc.

So, in the suburbs, a number of segments began to stand out on the land market, depending on the level of quality.

Scheme 4.9.

• 1. High quality plots - elite. They are acquired by wealthy citizens and large organizations. This includes lands of prestigious western destinations within a 30-kilometer zone. On such sites, comfortable cottages are most often erected for permanent residence.
• 2. Medium quality plots interested in people with average and relatively high income. Their distance from the Moscow Ring Road varies from 10 to 60 km; more modest country houses.
• 3. Low quality lands purchased by people with low incomes but relatively cheap prices. In such a segment, ecology, infrastructure and prestige lose their influence on the behavior of buyers. This category of land is located in almost all directions at a distance of more than 50 km from Moscow (Table 4.3).

The eastern and southeastern regions of Moscow are not prestigious and ecologically unfavorable, and near the Moscow Ring Road - Kosino, Zhulebino, located near such pollution centers as industrial zones (for example, Kapotnya).

A large differentiation of the land market is also observed in terms of prestige. Ecologically excellent lands are located in the southwest and west of the Moscow region, for example, the banks of the Pakhra River, along the Rublevo-Uspenskoye Highway, etc. The Kazan direction is unpopular. The lands of the southern and eastern directions are considered unprestigious and unattractive.

The regularity of the influence of the remoteness of sites from the Moscow Ring Road on their prices is generally expressed by such a dependence - the farther, the cheaper.

The next sign of segmentation- the size of the plots. Large plots are usually in demand and, accordingly, are more valued only in prestigious areas. In the general case, the price of a unit of land in large areas is much lower than in small areas. At the same time, the cost of weaving in small and large areas can vary significantly depending on a number of factors.

The degree of infrastructure development has a great influence on the cost. Plots on well-developed land allotments are valued much more expensive than on undeveloped ones. The difference between the prices of developed and undeveloped sites, given equal sizes, will be approximately equal to the total value of infrastructure development costs and capital management costs (the "time value" of development of the site).

Table 4.3. Segmentation of the land market in the Moscow region

Increase in the cost of a land plot depending on the availability of communication,%:

An important role is played by the choice of a market niche, i.e. its small part, not occupied or underused by competitors and a clearly defined circle of buyers.

housing market segmented by the quality of houses (5-story - panel, brick, block; mass building - 9-, 12-, 16-, 22-story, mostly panel; prestigious modern brick and elite), by the number of rooms (1-, 2 - and 3-room, multi-room apartments), by layout (standard, improved layout), by location areas ( country cottages, houses, etc.).

The housing stock is more than 20% of the reproducible real estate in Russia, and taking into account residential buildings on garden and summer cottages- about 30%. The volume of investment in housing construction is about a quarter of their total volume, about 13% of the working population is employed in the construction and operation of housing. Almost 10 million families and singles live in communal apartments, dormitories or rent space from private individuals, over 2 million people live in dilapidated and emergency houses, 5-6 million families are on the waiting list for housing improvement, millions of people live cramped - on area of ​​5 m2 per person. But only 1.5-2% of those in need of better housing conditions can pay the cost of an apartment or house at a time. According to experts, the cost of housing should not exceed 12-15% of the annual income of an average-income family. If such a family uses a third of their income to repay a bank loan with interest, then buying out an apartment will take more than 30 years.

The number of residential premises is characterized by 20-30 indicators, including the size of the kitchen, the presence of a balcony or loggia, the layout of rooms, bathrooms, views from windows, etc. Elite housing in Moscow is called apartments located in houses that meet the following requirements. They must be built (or reconstructed) relatively recently (no more than 15 years ago) and located in the Center or an ecologically clean area adjacent to the Center, or even in a remote area (sometimes outside the Moscow Ring Road), but it must be possible quickly get to the center. It is obligatory to have a concierge or security in the house, and in the ideal case - the protection of the adjacent territory. The work of the services responsible for Maintenance and maintaining order in the building must be carried out at a high level; It is also desirable to have autonomous heat and water supply. An increasingly important role is played by the presence of a garage or guarded parking on the territory or in the immediate vicinity of the building (in the ideal case, this is an underground garage). An important sign of the elite housing is the absence of persons with a low social status among the residents. The latter can get into high-class apartments during the reconstruction of the building. By existing norms the former tenants of such houses, resettled for the period of reconstruction, have the right to move back after its completion. Acquisition of housing in such houses has certain advantages: the legal purity of the transaction, the ability to initially decorate your home to your own taste, a homogeneous social environment.

Houses that meet most of the requirements listed above are diverse: brick, monolithic, there are even panel ones. Apartments in luxury houses can be located on one or two levels. The number of floors of buildings is also different - 5, 9, 10, 12, 14, 17, 22, 26 floors. At the same time, it can be noted salient feature- with distance from the Center, the number of storeys increases. Infrastructure is also different in its development. luxury houses: they can have a sports complex, household services, a swimming pool, a sauna, a winter garden.

The total area of ​​the apartment is 120-150 m and more, at the entrance there is a hall of 20 m2 with a small fountain and an aquarium, two bathrooms, a kitchen-dining room of 15 m2, a guest and master area on two levels.

The primary housing market is formed and operates from two sources: the sale of apartments by municipal authorities, built at the expense of public funds, and sales by citizens of privatized housing.

In Moscow, to monitor the housing market, 12 indicators of apartments offered for sale in 173 districts are monitored and analyzed, mainly near metro stations. The form of monitoring is presented in Table. 4.4.

Table 4.4.

Designations in the table. 4.4:

STmes - offer price (in USD) 1 m2 total area average over the past four weeks;

MINoff (MAXoff) - the minimum (maximum) deviation (in dollars) of the average offer price of 1 m2 of the total area with a 70% confidence level;

PRmes (PRkv) - consumer priority of the district for last month(quarter);

STkv - offer price (in dollars) of 1 m2 of total area on average over the last 12 weeks;

Mmos (Mkv) - the mathematical expectation of the weekly rate of change in the offer price (in dollars) for the last month (for the last three months);

Yakrat (kered) - short-term (medium-term) risks of real estate transactions. They characterize the share of risk introduced by the uncertainty of the market as a whole. The closer the values I AM to zero (0< I AM < 1), the more chaotic the behavior of the housing market and the more balanced the decision of the manager should be;

PIU - a group of real estate attractiveness, determined by the integral market characteristics of the area (the names of the groups are conditional):

"+++" - extremely attractive;

<<++" - очень привлекательная; " + >> -very attractive; "+/-" - attractive enough; "-/+" - attractive;

"-" - not very attractive; rather unattractive than attractive (the validity of transactions must be confirmed by factors not taken into account in the analysis); unattractive (the validity of transactions must be confirmed by factors known only to the participants in the transaction);

place in the GRP - the ordinal place of the district in the group of real estate attractiveness, determined by its integral market characteristics.

At the primary and secondary markets non-residential premises are divided into four main segments according to their functional purpose: industrial, warehouse, office and retail facilities, general characteristics which is based on the location, area, quality of the premises, rental period, price or rent and other factors.

Office premises form the second (after residential) segment of the Moscow real estate market, where demand exceeds supply. Depending on the quality characteristics, office premises are divided into four classes: A, B, C, D.

To class A include office space in specialized business centers in the central districts of the city and near large highways. All offices in this category are equipped in accordance with Western standards, ranging from the most modern systems telecommunications and ending with climate control systems. Interior spaces, buildings and the surrounding area are kept in exemplary condition, there are own management, maintenance and security services, a guarded parking lot.

Office rooms class B have almost all of the above characteristics, but with a smaller list additional services. The cost of rent is from 700 to 900 dollars per 1 m2 per year.

Class A and B office space tenants are Western companies and large Russian firms.

The main part of domestic firms prefers to rent office space of lower quality, related to classes C and D. The first of them is represented by offices in hotels, adapted premises (research institutes, educational institutions etc.), located outside the city center, but at the intersection of highways, near metro stations. Rental rates range from $400 to $600 depending on the distance from the Garden Ring, the services provided and the terms of the lease.

Unsuitable premises, located outside traffic interchanges, belong to class D. Their undoubted advantage is the possibility of obtaining an area of ​​the required size for an acceptable fee.

Rental rates vary depending on the type of premises and location.

The warehouse market is differentiated by their type and equipment:

• o warehouse specialized complexes equipped with modern technical means, heating and other amenities;
• o modern equipped hangars;
• o basement and semi-basement premises;
• o ground floors of various buildings;
• o converted bomb shelters;
• o other premises.

Enterprises as property complexes are still entering the primary real estate market in the process of privatization of state and municipal property.

The market for construction in progress is formed at the expense of municipal and private facilities that are not provided with financial, material and labor resources. It is based on the principle of mutual benefit - an agreement on a 50% distribution of the constructed areas between the investor and the owner (city, company).

The cottage market is rapidly developing in all regions of the country. In the Moscow Region, for example, 160,000 cottages were built on an area of ​​approximately 48 thousand hectares at the expense of private investment on the following terms: 35% of the cottages are received by the investor, of which he sells 15% at closed auctions to local residents, 40% is bought by Moscow at cost, and 10% is donated to the city and region.

In conclusion, it should be emphasized that the functioning of the real estate market contributes to the development of the overall economic turnover of the country (Figure 4.10).

Scheme 4.10.

2. Real estate market

2.1. Main characteristics of the real estate market

Real estate market - this is a mechanism by which interests and rights are combined, real estate prices are set.

The real estate market and the level of its development characterizes the development national economy. In the development of the real estate market in Russia, the following stages can be distinguished.

The real estate market experienced the first, most turbulent period of development in the early 90s. The opening and development of enterprises took place practically in a legal vacuum, demand was far ahead of supply, and, consequently, incomes were very high. The starting point here can be considered a permit for the privatization of apartments and, as a result, the opportunity to sell and buy apartments. It was then that a significant number of businessmen and simply wealthy people appeared who wanted to improve their living conditions in a new way. That is, not the expectation of free public housing, not complex exchange schemes, but simply the purchase of apartments. At that time, relatively few apartments were privatized, there were few sellers of apartments, and there were already enough buyers.

In the second stage, the first regulations regulating real estate activities in Russia. This period is characterized by the provision of significant benefits, which, while maintaining a good market situation, made it possible to receive good income which attracted new entrepreneurs to this segment of the market. Housing prices began to rise, but apartments became much more difficult to sell, and the buyer became more picky. New forms of customer service have emerged. In particular, the sale of apartments with installment payment, the provision of loans secured by apartments, appeared and became widespread. Some firms began to work under exclusive contracts, undertaking the obligation to sell the client's apartment for a certain period.

The third stage is characterized by an excess of demand over supply, tightening legislative framework, intense competition in the market, which led to a drop in revenue. Small enterprises are going bankrupt, medium and even large ones are fighting for survival. By the beginning of 1996, a natural decline in the cost of apartments began. By the spring of 1996, prices for apartments in Moscow, St. Petersburg and other Russian cities began to fall. On average, they became cheaper every month by 2-3%. The number of apartments offered for sale has increased, while the number of potential buyers has decreased.

From the second half of 1999, a new stage in the development of the Russian real estate market after the August crisis of 1998 began - the stage of ending price reductions, the beginning of stabilization and some recovery. This happened against the backdrop of a favorable development macroeconomic indicators in the country and, in particular, low (compared with the autumn of 1998) inflation rates, smooth and limited devaluation of the ruble against the dollar.

Consequently, the real estate market, as follows from the theory of a market economy, has gone through a recession, has reached stabilization, and ahead (not necessarily immediately) is a new rise, including some price growth.

Real estate occupies a central place in any social structure, simultaneously performing two important functions: the means of production and the subject of personal consumption for living, recreation, cultural leisure, etc. The economic and economic legal regulation state of various spheres of society and material production.

The main, basic object of real estate - the land has a unique value in the entire system of entrepreneurial activity of people and their very life. It is of particular value to all human society, since it is the only place of residence for all peoples and generations of people, the main and only factor in any business area, directly or indirectly involved in the production of all other goods and benefits. Real estate is at the center of the combination of economic processes, private and public interests, administrative norms and rules (Fig. 2.1).

Rice. 2.1. Real estate is an object of economic and state interests

Real estate as a commodity is an object of transactions that satisfies various real or potential needs and has certain qualitative and quantitative characteristics.

Real estate is the most durable goods of all existing ones, which ensures the reliability of investments, since its value may increase over time under the influence of various factors. Another important feature of real estate is that immovable goods are consumed at their location, so there is such economic characteristic as territorial preferences. Others economic features real estate are uneven cash flows, differentiation of taxation, variety of combinations of property rights, strict regulation registration of transactions, liquidity and the need for management. In the conditions of market relations, real estate management is a complex integrated system to meet the needs of a particular type of real estate.

Due to its specificity, the real estate market has a number of features presented in Table. 2.1.

Table 2.1

Features of the real estate market

The real estate market provides big influence on all aspects of people's lives and activities, performing a number of general and special functions: pricing, regulatory, commercial, sanitation, information, intermediary, stimulating, investment, social.

The functioning of the real estate market is carried out by its subjects, which include: sellers, buyers, professional participants, government agencies.

Professional members market are realtors, appraisers, dealers and other intermediaries. Real estate activity is considered to be an activity carried out legal entities and individual entrepreneurs on the basis of an agreement with the interested person (or by proxy) to conclude on his behalf and at his expense or on his own behalf, but at the expense and in the interests of the interested person, civil law transactions with land plots, buildings, structures, structures, residential and non-residential premises and rights to them.

The real estate market has a branched structure and it can be differentiated according to various features presented in Table. 2.2.

Table 2.2

Classification of real estate markets