State regulation of the residential real estate market in the context of regional socioeconomic differentiation in Russia: Problems, financial instruments, and modeling using the example of the Northwestern Federal District

Abstract

Subject. Housing availability, development of the construction industry, mortgage lending systems. Objectives. Identifying problems related to the use of uniform housing policy tools in a diverse macro-region. Methods. Economic and statistical analysis tools were used. Results. It has been established that in the Northwestern Federal District, when it comes to government regulation of the real estate market, it’s important to take into account factors specific to different regions. Among the factors that define the real estate market in the Northwestern Federal District are limited supply and a high 'entry price' (St. Petersburg), migration pressure (Leningrad Oblast), a small local market, and poor engineering infrastructure (peripheral areas). Conclusions. To improve the effectiveness of regulating the residential real estate market in the Northwestern Federal District, it's necessary to shift to an adapted economic policy, where various tools (preferential mortgages, project financing, infrastructure budget loans, urban planning regulations) are used taking into account the type of regional market.