Housing Market Financing: Asian Experience and Adaptation Opportunities in Russia

Abstract

The article presents a comparative analysis of financing housing markets in India, China and Japan. Criteria have been identified by which a comparison can be made: the purpose of acquiring housing, sources of financing the housing market, the role of the state, measures of financial support by the state, measures to prevent the growth of the "bubble", problems of financing the market, especially financing. The results of the analysis made it possible to identify those elements in Asian housing markets that can be adapted in Russian practice to increase the efficiency of financing the domestic market. It is assumed that it is advisable to create conditions for the formation of a consortium of developers, which will control the quality of housing being built. In addition, an increase in the useful life of residential real estate can be achieved. The author sees prospects in launching a renovation program in a larger number of regions, following the example of China. The implementation of such a program will help resolve issues with an increasing annual share of dilapidated and dilapidated housing in the constituent entities of the Russian Federation. In Russia, improving the methodology for evaluating mortgage borrowers is required. The regulatory framework developed in Russia allows us to create the most favorable conditions for the development of the rental housing market and the construction of a larger number of apartment buildings in order to increase the share of affordable housing for the population.