Institutional Factors in the Formation of the Residential Real Estate Market in the Russian Federation

Abstract

The authors formulated the fundamental postulates of the institutional approach to the study of the patterns of development of the real estate market, investigated the main stages of the functioning of the Russian Federation’s residential real estate market, which identified specific trends and analyzed the causes of crisis conditions. For each period of market development under consideration, the spheres of influence of the main institutional participants have been established. As a result, a generalized classification of residential real estate market institutions is proposed based on the experience of foreign traditional and neoclassical economic schools, as well as the works of domestic authors in the field of institutional economics. As a result of the performed research, the authors identified the key institutional factors specifying the formation and state of the modern housing construction market, which are systematized by the source of their impact on individual indicators of the real estate market or the behavior of its participants.