The Development of a Residential Real Estate Market in Russia

Authors: Andrew T. Allen, Tatyana Y. Ovsyannikova, Denis K. Prazukin and Elaine Worzala

Start Page: 363
End Page:360
Volume: 12
Issue Number: 3
Year: 2004
Publication: Journal of Real Estate Literature

Abstract: The housing market in Russia has shifted from one in which the government produced
most housing units to one in which the private market produces most units. This
research examines the state of the housing market in the Tomsk region, located in the
center of Russia. Because of the lack of functional mortgage markets, families must
save enough money to finance the full purchase price of the housing unit. This
research determines how much savings is available for a typical Tomsk family and
how long it will take them to save enough money to buy a housing unit.