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Analysis of Potential “Bubble” on Russia’s Real Estate Market

Sergey Drobyshevsky and Elena Pikulina
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Elena Pikulina: Gaidar Institute for Economic Policy

Working Papers from Gaidar Institute for Economic Policy

Abstract: The authors have estimated housing supply equation where significant factors proved to be price change on residential property and on installation and construction works. Significance of these variables and expected values testify that the construction companies may adequately react to the market signal. It is worth noting that the authors rejected a hypothesis that such variables as the share of investments in residential (nonresidential) construction can reflect expected yield on the investment in various building sectors It is possible that this is connected with the fact that in part of the regions the share of investments in certain types of construction at the given stage was exogenous value, for example, due to financing of any large scale projects.

Keywords: real estate market; housing bubble (search for similar items in EconPapers)
Pages: 12373 words
Date: 2011, Revised 2012
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http://www.iep.ru/files/RePEc/gai/wpaper/0029Drobyshevsky.pdf Revised version, 2012 (application/pdf)

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