Evolution and essence of the residential real estate market in the global economy
Abstract. The article investigates the evolution and essence of the concept of "real estate market" in the global economy. It is noted that the housing market is balanced in a specific competitive framework, formed under the influence of certain factors. At the same time, the demand for residential real estate in the global market is a complex interaction of various factors on a global scale, reflecting the dynamic nature of the real estate sector. The key factors influencingthe demand in the global residential real estate market are systematized.
Keywords: real estate market, residential real estate, global economy, demand, supply.
Highlights:
- the residential real estate market has a direct impact on economic growth. Thus, a stable functioning real estate market stimulates the construction and manufacturing sector, creates jobs and makes a significant contribution to the gross domestic product of the country. Studying the experience of the real estate sector development in various countries can help identify successful strategies that contribute to the growth of the Russian housing market. Such an approach can also be useful in the development of social state housing affordability programs, which can contribute to the effectiveness of housing policy in Russia;
- real estate is one of the most significant assets, which is most exposed to global monetary and credit conditions, as well as investment activity. In turn, this sector has the ability to have a significant impact on the development of both the national and global economies;
- the real estate market is a multifaceted entity that includes economic, legal and material aspects. The real estate market serves as a platform for interaction between sellers and buyers of tangible assets in accordance with legal norms and under the influence of market forces. The organized nature of transactions, investments and the role of the market as a branch of the country`s economy emphasize its significance in the overall economic system;
- the global residential real estate market is a global economic space in which residential real estate transactions are carried out and which is influenced by international economic trends.
Vadim R. Gaynutdinov - Kazan (Volga Region) Federal University, Kazan, Russia