All participants in the real estate market can be grouped into three groups:

§ Sellers. Sellers can be citizens, enterprises, foreign persons who are the owners of immovable objects;

§ Buyers-investors, they invest borrowed funds, own funds in the form of capital and provide targeted distribution of capital;

§ Professional participants are infrastructure enterprises with the help of which the market functions in accordance with the established norms.

Professional participants in the real estate market- these are professional intermediaries who sell real estate objects: brokers, law firms, brokers, realtors, dealers, Insurance companies, authorized persons.

A realtor is an entrepreneur who deals with transactions with housing or other types of real estate.

Real estate activities - activities carried out by legal entities and individual entrepreneurs on the basis of an agreement with an interested person (or by proxy) to perform, 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 transactions with land plots, buildings, structures, structures, residential and non-residential premises and the rights to them.

Real estate organizations are home sellers who carry out:

§ sale of housing on behalf of other market participants, including the Moscow government;

§ sale of housing from own housing stock;

§ participation in the organization and conduct of tenders for the sale of housing, which is subject to a penalty.

Market participants is a group of persons or companies that enter into relationships with each other for the purpose of carrying out real estate transactions:

§ buyers;

§ sellers;

§ tenants;

§ landlords;

§ credit institutions;

Borrowers;

§ developers;

§ builders;

§ managers;

§ owners;

§ investors.

Lenders- these are financial institutions that provide capital to those investors who do not have sufficient funds.

Investors physical can act. and legal entities that purchase real estate and maintain it in good condition. Investors decide which project, when and how much to invest.

The investment market can be divided into the following groups of players:

1. Private investor... Investing in real estate for individuals has a clear advantage over bank deposits giving income no more than 9-10% per annum. Real estate brings in much more significant income. Also, real estate will not go anywhere from you, even if there is a crisis, it will remain real estate.

2. Banks and others credit institutions... Financial institutions invest in various areas of real estate, but this is not their main income, their main income comes from lending, including investors in the real estate market.

3. Real estate agencies. As a rule, they invest in the real estate, which they then sell themselves.

4. Closed mutual funds of real estate.

5. Investment foreign companies. They prefer to use the "sale & leaseback" scheme when purchasing commercial real estate. The owner sells the property and rents the same property at a fixed rate.

6. Large financial and industrial groups. They prefer to invest exclusively in commercial real estate, as investing in residential real estate is considered too risky.

Developer- an organizer who transforms the land for its new use.

Developer in Russia, the developer is most often called. The main task of the developer is to make a profit from the project. For this, he must find the best place for the creation of real estate objects. Then he will be practically guaranteed the return of the invested resources. And how does a developer solve the land issue?

· Participation in auctions, the developer wins a tender for investment contracts for the implementation of construction projects from the regional government.

Acquisition of assignment of the right to sell investment projects from other developers who received them in any of the ways.

· The third method is to remove industrial or other enterprises from places that are profitable for the investor within the city and to build real estate in their place.

· Participation in major government programs.

The most difficult, risky and long-term stage, especially considering the situation in Russia, is the collection of the necessary permits and approvals. The developer will have to go through about two dozen instances, and, perhaps, more than once stumble upon some corrupt official. This process in time depends on the size of the project itself and starts from six months, and ends with infinity.

Simultaneously with the collection of documents, the developer is raising capital for his project. The main financing methods are as follows:

· Credit. Attraction scheme credit funds usually the following: the bank gives a loan against the guarantee that after the completion of construction it will receive a certain part square meters the invested project. To approve the loan, you need to collect quite a few documents confirming the developer's solvency (liquid collateral, credit history, financial indicators for previous years, business plan of the project, etc.). And do not forget that compared to the West (3-5% per annum), the loan is issued at a huge percentage - from 15% per annum.

· Bonds. Large companies prefer to issue bonds in order to get cheaper investments. It should be noted that bond loans are most often placed without collateral, that is, without any guarantees. And to return loans, in case of delay, it takes a lot of time.

· Co-investment. The most profitable form of financing for a developer. Investors enter into an agreement with developers, which says that for a certain amount of money invested, the investor will receive part of the rights to the property. Accordingly, along with the rights, responsibility for the success of the project also passes.

The documents are ready, cash collected. Now you need to go directly to construction, marketing policy, and then the sale of real estate. The construction itself is carried out by contractors.

It should be noted that the work of developers is quite difficult. But, on the other hand, these organizations at the initial stage have incomes of 15-30% per annum from the invested funds, and upon completion of construction, incomes grow to 50-70% in some cases.

Construction contractors are involved. There are a huge number of them on the real estate market. different sizes... At the head of the chain is the general contractor, his task is to carry out individual works and manage the construction progress. He hires subcontractors for certain types of work, and those in turn are subcontractors.

Everything about the purchase and sale of residential real estate. Expert advice Zubova Elena Evgenievna

Real estate market structure

The real estate market is diverse, when describing it, experts often operate with both fairly obvious concepts ("primary", "secondary housing"), and highly specialized terms. Let us first dwell on the structure of the real estate market.

The whole market can be divided into primary and secondary. The primary market is objects that are just being created (that is, under construction) or are in the market turnover as a result of privatization. Any newly constructed building is an object primary market. When this very object, with the help of a sale and purchase transaction, is going to change the owner, it becomes the subject of a transaction for secondary market.

You can approach the classification of the market from the other side. All properties are divided into residential and uninhabited(sometimes it is also called commercial). Everything is obvious here: if the premises meet the sanitary requirements and you can live in it, then the property is residential.

The market is also divided into urban and country. In St. Petersburg, inside the city market still stands out suburban, which, in our case, has a lot in common with the suburban. The main feature of the suburban market is considered to be the ownership of land plot where the house is located. Moreover, the formation of an integral real estate object usually just begins with a land plot.

In addition, in the real estate market, objects vary in height. There is a building low-rise and high-rise. Typical houses are also called multi-apartment- unlike cottages, townhouses and other low-rise buildings.

Each building was built according to a certain technology and from a certain material - bricks, panels, monolithic concrete, wood. Moreover, from the panels, you can both mount a traditional factory house, and hang the panels on a monolithic frame or use them as a finishing material for the facade. That is, there are many use cases for each material. Thus, the real estate market can also be divided according to the technologies used.

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The real estate market (broadly understood) is a set of
mechanisms ensuring the alienation of full and partial property rights from one subject to another.

Real estate market (in the narrow sense) - a set of objects
real estate in relation to which it is possible to be involved in the economic turnover.

The real estate market is imperfect due to the lack of a number of characteristics inherent in a perfect market (Table 1).

The real estate market is an essential component of the national economy. Without a real estate market, there can be no market at all, since the labor market, capital market, market for goods and services, and the like, for their existence must have or lease the appropriate premises necessary for their activities.

The demand in the real estate market is represented by buyers who purchase real estate for the purpose of investment, commercial exploitation (lease), use for the organization of production or commercial activities(financial and economic goals), or for direct use (accommodation), social goals, providing opportunities for the creation of infrastructure facilities (non-cost goals).

Table 1

Characteristics of the mainstream and real estate market

The end of the table. one


6. Nature of transactions	public and exchange	are private
7. Reliability and completeness of information	very high	The information available is often inaccurate
8. Availability of product and market information	very high	access to information is usually difficult
9. Speed of information exchange	very high	Low
10. The degree of awareness of the buyer and seller about the product	high	Low
11 . Legal regulation relationship between buyer and seller	minimal	Significant
12. Price stability	prices are stable	upward trend in prices
13. Transportability	high	Missing
14. Influence of location on the price of goods	insignificant	very significant
15. The role of nationality in decision-making in the market	practically absent	prominent role
16. Possibility of a relatively quick noticeable increase or decrease in the volume of supply	significant	Practically absent due to the duration of the construction cycle

The specifics of the supply on the real estate market imply its division into primary and secondary markets.

It is the first time that real estate acts as a commodity on the primary market, and construction and investment construction companies are the main sellers.

On the secondary market, real estate is presented that was previously in use and belonged to a specific owner.

The situations in the secondary and primary markets are interconnected.

The following factors influence the demand and supply in the real estate market:

1) economic;

2) social;

3) administrative;

4) environment;

5) political, national, cultural factors, traditions of the population.

Real estate market - the sector of the national market economy, which is a set of real estate objects, economic entities operating in the market, market functioning processes, that is, the processes of production (creation), consumption (use) and exchange of real estate objects and market management, and mechanisms that ensure the functioning of the market (infrastructure market).

In accordance with the above definition, the market structure includes:

Real estate objects of the market;

Market functioning processes mechanisms (infrastructure) of the market.

When describing the structure of the real estate market, three most common approaches are used: institutional, object, reproduction.

If we describe each type of professional activity in the real estate market from the point of view of legal norms, rules and standards, typical ways of its implementation and regulation, that is, as an independent institution, and also indicate the relationship between institutions, we get institutional approach. Let's name some institutions of the real estate market:

Authorities (federal; regional; municipal) that regulate the conditions for the functioning and development of the real estate market;

Institute of Independent Real Estate Appraisal;

Development;

Banks and other financial institutions ( investment funds, trust funds), using the mechanism of collateralized lending in their activities;

Institute of Real Estate Managers;

Institute of Realtors;

State and private notaries;

Construction organizations; real estate tenants;

Real estate sellers;

Self-regulatory and public-professional associations of participants in the real estate market.

If we classify activities in the real estate market from the point of view of the object of civil legal relations (land, artificial structures, as well as the corresponding property rights), we will implement “ object-oriented approach descriptions of the structure of the real estate market.

It would be legitimate to highlight:

Land market: primary (including privatization) and secondary markets, rental market (which is also divided into primary and secondary) and other forms of securing land plots for use;

Market artificial structures: divided into residential and non-residential market. The market of non-residential premises is divided into the market of commercial, industrial and social (parks, recreation areas, sanatoriums, houses of culture) real estate. Each of the sectors can be primary (including privatization) and secondary, as well as include a rental market;

Construction market: markets for construction contracts, projects, technologies, etc .;

Timeshare market (time periods into which the use of the same property by different owners is divided, for example: a year-round "schedule" of renting a villa by the sea for five families).

Reproductive approach describes the structure of the market through the prism of relations arising in the process of the reproduction cycle of real estate. With a sufficient degree of convention, they can be represented by three groups of relationships:

Relationships arising in the process of reconstruction or creation of a real estate object (in the real estate market, they constitute the sector of real estate development);

Relationships arising in the course of operation, maintenance and management of real estate objects (in the real estate market, they constitute the consumption sector of real estate objects);

Finally, in an absent-minded form, figuratively speaking, “in the intervals” between the relationships regarding the creation and consumption of real estate objects, there are relations of redistribution of rights to real estate. In the real estate market, they constitute the sector for the turnover of real estate rights.

Development (reconstruction, creation) sector of real estate objects involves the creation (modification) of the physical characteristics of real estate objects. The latter determine the entire further nature of transactions with rights (turnover) and consumption of the property.

Sector of turnover of rights to real estate objects ensures the transfer of rights to real estate objects, registration of rights and transactions with them. As a result of the turnover of rights, real estate is redistributed between economic entities in accordance with their economic goals and interests. With the transfer of rights, real estate owners have obligations, first of all, to pay taxes and maintain real estate objects at their own expense and responsibility. Community responsibilities stimulate the efficient consumption (i.e. operation, management) of the useful properties of real estate.

Real Estate Operations and Management Sector provides "consumption" - the operation, maintenance and management of real estate. These relations arise from the moment of acquiring the rights to real estate and, as it were, close life cycle her existence. The duration of the physical existence of the object and the beneficial effect for the owner depend on the organization of the "consumption" of real estate: whether the possession of real estate will make it possible to receive income or to solve social problems. Thus, the prerequisites are laid for the expansion of real estate, either through the acquisition of new rights to real estate objects, or through new construction.

The intertwining relationship of these sectors forms reproductive structure the real estate market in general.

Real estate market in national economy performs the following functions:

Effective solution of social problems associated with the creation and use of useful properties of real estate;

Alienation of full or partial ownership rights to real estate objects from one economic entity to another and protection of its rights;

Free formation of prices for objects and services;

Redistribution investment flows between competing types of real estate;

Redistribution of investment flows between competing land use methods.

The importance of the real estate market as a sector of the market economy is confirmed by:

Colossal cost national wealth, materialized in real estate, of which at least half can be involved in the market turnover and bring rent - to owners, income - to entrepreneurs, tax and other payments - to federal, regional budgets, budgets of municipalities;

The already achieved high share of the real estate market in the gross national product;

Achieved in a number of regions and cities with a high level of budget revenues from the initial sale, leasing of state and municipal real estate (including land);

A high level of budget revenues from taxes on real estate and transactions with it, a large number of jobs created during the formation and development of the real estate market.

The specifics of the real estate market are determined by the nature of real estate.

Unlike the financial market, the securities market or the labor force, the real estate market has a distinct regional specifics, because it is "tied" to a specific location of real estate objects.

The magnitude and nature of demand for real estate objects are predetermined by the political system of society, geographical, historical and cultural factors, the state of infrastructure and the availability of potential jobs, the level economic development the region as a whole. Real estate demand is not fungible(for example, demand for housing cannot be reoriented towards industrial facilities).

Almost all transactions in the real estate market require state registration.

The overwhelming majority of citizens are the owners of the only type of real estate - housing. Therefore, the real estate market performs the function of a social stabilizer. Thus, the transfer of housing stock to citizens and the reasonable regulation of rights to housing allowed Soviet Russia in 1924-1928. to form independent self-government, overcome 30% of the devastation of the urban economy and raise the standard of living of the population to the level of 1913. On the contrary, the violation of the social function of the real estate market leads to the destabilization and collapse of the ruling regime, as happened in January-March 1997 in Albania.

The combination of all factors and forms in each region the special character of the local real estate market.

Clarification. The regional connection of the real estate market has a number of important consequences.

1. The concept of "the single real estate market in Russia" should be perceived with a significant degree of convention. So, for example, the "common (single) market" of the labor force of Russia means not only a system of relations regarding the purchase and sale (hiring) of labor, but also the possibility of its free movement between regions. It is clear from the definition of real estate that it is impossible to “move” it. Consequently, the term "single" in relation to the real estate market in Russia can be deciphered as "a set of common for Russia norms, rules and procedures for the movement of rights to real estate, or as a single regulatory and legal space."

2. Therefore, the main task of the federal center is the formation of uniform and binding for all participants in the real estate market norms, rules and procedures for the movement of rights to real estate, taking into account the differences in the economic development of regions.

You also need to change the content regional policy the federal center: stimulating the economic independence of the regions based on the involvement of the property of the constituent entities of the Federation and municipalities in the economic turnover, it should suppress attempts to introduce any local restrictions on legal rights or conditions for the economic turnover of real estate, if they are due not to economic expediency, but to the political preferences of regional authorities.

The material base of the market was formed from two sources. The first is free privatization of housing by citizens, free and paid privatization of non-residential premises and land plots(market for primary privatization of real estate). The second is the formation within the construction industry and outside of its segment of commercial construction and the sale of objects (the primary market for construction and the sale of real estate). Subsequently, the secondary real estate market was formed - the market for the resale of previously privatized or newly sold new properties.

The structure and infrastructure of the real estate market, the system of concepts and terminology evolved somewhat spontaneously. But at the same time, the experience of countries with developed market economy(primarily the United States, as well as Germany, Great Britain, France, Austria, etc.), which, while developing the legislative, regulatory and methodological base of the market, adapted as far as possible to the real conditions of the transitional economy of Russia.

According to the functional purpose of objects, the real estate market is divided into four main components:

Land market (land plots);

Housing market;

Non-residential premises market;

Industrial real estate market.

Each of these segments develops independently, as it relies on its own legislative and, regulatory framework and has significant differences in the policy of privatization of state and municipal property.

In addition, we can highlight the market for construction in progress, which has special procedures in the appraisal and sale of objects and a strong role state regulation, since the state is the owner of the overwhelming majority of frozen construction projects. Moreover, in this market, it is possible to measure both the intended purpose of an unfinished object and the original development plan.

An intermediate position is occupied by the hotel services market, which is characterized by the provision of housing for temporary use for a period of one day or more and the presence of a developed infrastructure for servicing guests (consumer services, trade, transport and excursion services, business, sports and cultural services).

In each market segment, we can talk about the presence of two components: the primary one, which characterizes the appearance of real estate as a commodity on the market. The state, represented by federal, regional and local authorities, currently acts as the main seller of real estate; secondary, on which a large number of sellers and buyers (physical and legal entities).

The transfer of rights to real estate is carried out, as a rule, in one of the following options:

On an ongoing basis, that is, the acquisition of ownership or transfer to indefinite (paid or gratuitous) use;

On a temporary basis, that is, leasing or leasing.

The owner of real estate not only owns and uses the property, but also disposes of it. He can sell it, exchange it, rent it out, pledge it, bequeath it, or transfer it free of charge at his own discretion.

State and municipal enterprises do not have the right to lease the real estate assigned to them on the basis of the right of full economic management. The lessor of this property is the State Committee of the Russian Federation for State Property Management, represented by the relevant departments and territorial bodies.

For enterprises of other forms of ownership, restrictions are imposed on the disposal of immovable property.

In particular, the model charter joint stock company open type, used in the corporatization of state-owned enterprises, determines that decisions on the lease, sale, exchange, pledge or other alienation of the company's real estate in excess of 10% of assets (authorized capital) in value are taken not by the board or director, but by the general meeting shareholders. On the way to further expanding market relations in the real estate sector, there are a number of barriers caused by the transition period in the Russian economy.

Economic barriers include investment, credit and tax policy states, as well as problems arising from inflation, non-payments, increased payback periods and other factors.

A significant role is played by administrative barriers that are set by the executive authorities at all levels. This applies to aspects such as business registration, licensing different types activities in the field of real estate, the procedure for the provision, purchase and sale and lease of land plots, housing and non-residential premises, objects of construction in progress.

The scale and pace of development of the real estate market is strongly affected by the underdevelopment of the market infrastructure.

Limited land resources and problems associated with environmental protection add to the list of barriers that objectively prevent new entities from entering the real estate market.

Russian market real estate reflects all the problems of the transition economy and is characterized by uneven development of its individual segments, imperfect legislative framework and low investment activity of citizens and legal entities. At the same time, this market represents a promising area for investment of capital, intelligence and energy.

The prospects of the real estate market in the housing sector ultimately determines the presence of an objective need of the population to improve housing conditions. There is an acute shortage of housing in Russia. This is evidenced by the data of the State Committee of the Russian Federation on Statistics and the materials of the State Target Program "Housing", given below:

Approximately 11 million families and individuals live in communal apartments, hostels, rent housing from private owners of houses and apartments;

More than 1 million people live in dilapidated and emergency houses;

17 million people have a living space of less than 5 m 2 per person with a sanitary standard of 9 m 2.

At the end of 1994, about 9 million Russians were on the waiting list to improve their living conditions, including those included in 12 preferential categories.

The improvement of living conditions is carried out by:

Provision of municipal free housing for social use;

Home sales.

Housing fund social use first of all, it is sent to improve the living conditions of disabled people and participants in the Great Patriotic War, single women - participants in the Great Patriotic War, former juvenile prisoners of concentration camps; on the waiting list of privileged categories in accordance with the current legislation - demobilized officers, people's judges, participants in the liquidation of the accident at the Chernobyl nuclear power plant, rehabilitated, tuberculosis patients, etc.

All other citizens can improve their living conditions through the purchase (exchange) of municipal or private housing at market prices. The number of citizens wishing to have more comfortable housing is not taken into account anywhere, but, based on low standards and poor quality of construction and maintenance of the bulk of the housing stock, it should be several times higher than the number of people on the waiting list.

An acute problem in the housing sector is the constant influx of refugees and forced migrants from neighboring countries to Russia, after demobilization and the withdrawal of the army from of Eastern Europe and the republics of the former USSR, as well as resettlement from the Chernobyl accident zone. An additional circumstance aggravating the housing problem is the forced refusal of the majority of Russian enterprises from capital investments in housing construction and the desire to get rid of housing stock which is in their charge. The housing stock in rural areas for the most part requires reconstruction, as it is insufficiently provided with sewerage, central heating and other amenities.

At the same time, the transition to market relations in the economy led to a sharp reduction in housing construction due to state budget, which used to be the main source of necessary capital investments.

Thus, against the background of an aggravated housing shortage, a sharp drop in residential space commissioning, the collapse of the old distribution mechanism for solving the housing problem in Russia, there is a huge objective need for solving the housing problem and developing the housing market.

Free privatization of housing for short term created in Russia a wide stratum of owners - owners of apartments and rooms from the municipal and departmental housing stock.

The housing market is developing at a fast pace in Russia, despite the complexity of the overall economic situation in the country. The main reason for this is the unresolved housing problem, which prompts citizens to look for any ways to improve their living conditions.

The housing market is divided into two main components - the urban housing market and the suburban housing market.