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1.4. Identification of types of market market organisations of the inhabited real estate

According to an economic theory, allocation of types of market structures (monopoly, oligopolija, the monopolistically competitiveness, a perfect competitiveness and so forth) is made on the basis of following signs: quantity of sellers and buyers, degree of differentiation of the goods, barriers of breaking onto the market to manufacturers and sellers, features of a competitiveness in branch, etc.

we Will consider these criteria separately [104].

1. Quantity of sellers. In the primary market of the inhabited real estate as sellers average regional firms act as large civil engineering firms of the national scale which quantity is limited, and. Now in the all-Russian market of the real estate there are such large financial and industrial groups and holdings, as: GK «СУ-155» (Moscow) – the leading contractor of the state on building of housing accommodation and the socially-significant objects, the including 64 industrial and building enterprises in 17 cities of Russia, with number of 45 thousand the people working more which building projects are realised in 50 cities of Russia, the CIS and Europe [194]; GK "PEAK" (Moscow) – one of leading developers in the field of the inhabited real estate with the thought over social infrastructure in Moscow, the Moscow area and a number of regions Russian Federations, includes 19 affiliated companies [193]. However there is also a number of smaller civil engineering firms.

Also on the market of the inhabited real estate as sellers participants of other markets often come:

- Builders from building allied industries (for example, ISKP Open Company

«Volgo-Vjatskaja a construction firm», Joint-Stock Company NPSK

"metallostrojkonstruktsija", etc.);

- Manufacturers of construction materials and separate designs

(For example, company GK "Саксес", Joint-Stock Company «78 DOCK», etc.);

- Large realtors (for example, agency of the real estate "Choice").

Such participants, as a rule, consider the market of the inhabited real estate as one of directions of development of business and combine it with already available activity.

The company of RBC on the basis of results of questioning of market participants makes annual ratings of 20 largest construction firms of the Russian Federation. On its data, on a share of such companies in 2012 it was necessary about 11 % of all handed over metres, and they have constructed this year urban housing accommodation on 28 % more than in 2011 [121] (sm the appendix 3). In the regional markets the quantity of the companies is less, and the share of the large companies essentially is more. Obviously, by quantity of firms the primary market of housing accommodation comes nearer to type oligopolii with a competitive environment.

On a secondary market of the inhabited real estate the quantity of sellers (in this case house economy) is essential more, that gives to the given market segment of line of competitive market structure. However on a secondary market sellers quite often act through specialised intermediaries – rieltorskie firms. Their number is already essential less, that reduces degree of competition of the given market segment. So, the Nizhniy Novgorod guild of the certificated realtors (NGSR) in September, 2011 included

27 companies [198].

This market segment by considered criterion is closer to type «a monopolistically competitiveness». Thus, by sign

«The quantity of sellers» varies the market of the inhabited real estate in limits from a monopolistically competitiveness to oligopolii.

2. Degree of differentiation of the goods in the market of the inhabited real estate is great. On a real estate secondary market allocate: old housing accommodation, old

Housing accommodation after overhaul, houses of the Stalin period, a five-storey apartment block, brezhnevki, panel houses of 60-70th years, panel houses of 80-90th years, brick houses. In the Nizhniy Novgorod region, according to informal classification, the inhabited real estate is divided into elite housing accommodation, houses of the raised comfort, apartment of the improved lay-out, typical housing accommodation. The Moscow classification according to which housing accommodation divide into four classes is applied to the primary market of the real estate: elite, premium, business and the house-keeper of a class [146]. Also housing accommodation of each class distinguish as a material, to arrangement area (differing including ecological conditions), to quality of overlappings, the size of rooms, kitchen and other auxiliary premises and, thereof, under the prices. Individual characteristics of housing accommodation are: a floor, a kind from a window, a lay-out, availability of face lifting, a condition of electroposting, water supply and heating system, etc., including Availability of a complete package of documents for the bargain. Among other things, there are still individual characteristics at each concrete apartment. Thus, from the point of view of properties of object the housing accommodation market concerns type «a monopolistically competitiveness to differentiation of the goods».

3. Input barriers in branch. In the primary market of the real estate input barriers on the market for sellers (customers, builders) are defined by barriers of lower order - an input in building branch. First of all, for civil engineering firm creation it is necessary to undergo procedure of the state registration of the legal person. Further for activity realisation on building, designing and engineering surveys since January, 1st, 2010 it is necessary to enter the self-adjustable organisation (SRO) and to receive the certificate on the admission to certain kinds of works. Except the general barriers there are still the individual barriers, concerning buildings of each concrete object. The basic obstacles in a way to increase in volumes of building are established in the Federal Law № 214 FZ «About sharing in share building of apartment houses and others

Objects of the real estate and about modification of some acts of the Russian Federation »from 30.12.2004 which grants the builder the right to attraction of money resources dolshchikov only at availability:

· the document on the state registration by the builder of the property right to the built up ground area or the lease arrangement of such plot;

· construction permits;

· the design declaration, which should be placed in mass media, as on sharing in share building with the first dolshchikom the builder can conclude the agreement only after the lapse of two weeks from publication date (№214-ФЗ from

31.12.2004).

Also it is necessary to note and other barriers inherent in the primary market of the real estate:

A.Nedostatochnoe quantity of the offered ground areas, their dearness and opacity of tenders on their sale. Usually on one residential area of a city some ground areas for dot building that finds the reflexion in an ask price simultaneously are offered. For example, cost of plots of the earth which the builder can acquire under own building of many-storeyed apartment houses in territory of a city of Nizhni Novgorod, is differentiated from 230 thousand rbl. to 1 million rbl. for 1 hundred part. As to the prices for earth plots under maloetazhnoe individual housing construction both in city territory, and in suburb, here the price range makes from 30 to 500 thousand rbl. for 1 hundred part. The seller's price of investment contracts and the earth speaks inclusion in their price and so-called «the administrative rent» - a corruption component of acquisition of the rights to a plot for building (registration in the property or lease), connection to urban engineering networks, an accomplishment of intradomestic territory and miscellaneous costs.

Now the urban authorities give the big attention to allocation of territories for a complex housing estate: it can be as the ground areas in suburb, and on places where there is a shabby emergency fund. However for builders it is interfaced to certain costs: the ground areas in suburb have no engineering communications and access roads, and urban plots with shabby fund require expenses for moving. Despite growth of volumes of housing construction in the Nizhniy Novgorod area (following the results of the first half of the year 2012 this indicator has grown on 2,7 % in comparison with the similar period

2011 [136]), deficiency of building sites interesting to investors is observed.

The insufficient quantity of the ground areas not always testifies that the size of the areas under building is insignificant. So, for example, in

2012 the ministry of the state property and ground resources of the Nizhniy Novgorod area conducted auction on sale of the right of lease of the earth of 453 hectares in the Soviet area of a city of Nizhni Novgorod. One lot united 14 ground areas and was the largest ground file which was exhibited on the auctions by the authorities of the Nizhniy Novgorod area. One applicant was the participant of auction only, that spoke in great volume (creation of actually new area 120 thousand inhabitants) and huge expenses for building of the networks, coming the builder [88]. Thus, because of unwillingness of the authorities independently develop the project mezhevanija 453 hectares on separate plots under different investors any of the Nizhniy Novgorod leaders of housing construction could not to participate in this auction.

B.Neformalnye of a request to building business in the form of a different sort of social obligations. Under own building allocation by administration of the ground area of a construction firm often practises a convenient place in exchange for its obligation to carry out erection or reconstruction of objects of a social infrastructure: kindergartens, schools, hospitals, etc. or to transmit administrations a part of the ready

The erected housing accommodation directed on fulfilment of the state social programs. Owing to occurrence of additional expenditures to fulfilment of social obligations, civil engineering firms are compelled to change already after reception of all necessary permissions (and anew to co-ordinate) technologies of building, quite often to the detriment of to quality and in infringement of the rights of consumers (dolshchikov).

V.Potrebnost in the diverse highly specialised equipment. For numerous kinds of civil work different kinds of engineering (tower cranes are necessary: with different height, load-carrying capacity and departure the arrows freely standing on rail course or on ankernom the basis, with the system of self-escalating of a tower of the crane and c possibility of fastening of a tower to an under construction building; svaebojnoe the equipment or svaedavilnye installations; betonno-mixing installations and betonorastvornye knots, betononasosy, etc.) . At small volume and a temporality of works to purchase this complete set of the equipment it is inefficient. Besides, acquisition of the tower crane will cause growth of the interfaced costs: in construction firm staff it is necessary to add some person (1-2 crane operator, the mechanic who is responsible for a technical condition of the crane, the electrician), plus will arise an additional job for the engineer under safety precautions. Besides, as especially dangerous building object will be necessary for registering the crane in urban department Rostehnadzora, and also to deliver on a balance sheet. At last, the purchased engineering needs to be stored at observance of certain conditions and times in 10 months to conduct planned checkup. Far all firms presume to contain to themselves on balance all necessary equipment, but also not all have access to it in the form of the contract and leasing.

G.Pereboi with deliveries of construction materials. As an example deficiency of cement serves in the European part of Russia described above (item 1.3.2 see). Any problems arising in enterprise activity in this or that branch, a natural or artificial origin, can be considered as input barriers in it.

D.Nedostatok of qualified personnel. So, despite availability in the Nizhniy Novgorod area of large specialised branch high school on preparation of construction shots (FGBOU VPO

«The Nizhniy Novgorod state architecturally-building university), in the conditions of lifting of building branch the market of the inhabited real estate tests shortage of experts of some working trades and competent engineering shots, first of all, experts in new and highly specialised directions. Graduates of educational institutions in the majority have good theoretical preparation, and practical skills for work at them often insufficiently. Shortage of qualified workers of shots with average vocational training is actual: masons, welders, etc. [68] Besides, similar trades which during Soviet time concerned the category mass, are popular and considered today prestigious, that speaks complexity and work difficult conditions; constant inflow nizkokvalifitsirovanoj a labour from abroad essentially reduces wages lath.

It is necessary to notice, that intermediaries also face such barrier, as absence of qualified personnel as now the educational system of the Russian Federation does not prepare experts in real estate business. As a whole, defect of qualified personnel in the market of the inhabited real estate compels building and rieltorskie the companies closely to work with profile high schools, to open own educational centres for preparation of experts, and also to resort to services rekrutingovyh agencies.

E.Izbytochnoe quantity soglasovatelnyh procedures. The research conducted by fund «Institute of economy of a city» in 43 cities of Russia, allows to draw a conclusion on extremely high level of barriers in housing construction. On the average at building of a multiroom apartment house builders pass 100 procedures, expending on it about 3 years and 25 million

Roubles, and the large part of such expenses (about 80 %) is made by expenses for connection (joining) to networks of technical maintenance [125]. In total today, according to experts SRO «National association of builders (NOSTROJ)», nearby 23 soglasovatelnyh procedures are obviously redundant, their cancellation will allow to reduce terms of reception of construction permit approximately to 600 days [208], that in times minimises costs for development of projects.

The barriers of an input considered above in branch for sellers in the primary market of the real estate, especially first three, are characteristic for market structure of type "oligopolija".

On a secondary market of the inhabited real estate source barriers to nonprofessional sellers and buyers (house economy and their members) are insignificant (for sellers: availability of object of the property and a title on it; for buyers: availability of money; for both parties: legal cleanliness of the bargain). At the same time motives of their circulation to the professional intermediary (to agency of the real estate or the individual realtor) can be: overcoming of uncertainty and risk moving on the third party, expansion of a choice and reduction of time for search of a comprehensible variant (that occurs both owing to a scale effect, and at the expense of connection to search of computer databases and professional technologies). Such circulation is effective, if the economy on transaktsionnyh costs appears more than cost of services rieltorskoj the companies.

In the market where bargains are carried out including the professional intermediary, there are additional barriers of an input. So, the state registration of the legal person or registration of the intermediary is necessary for creation rielterskoj firms as the individual businessman. Also the important role is played by good reputation of firm - of the intermediary which represents itself as its important competitive advantage. The reputation of the realtor develops of its different circumstances

Activity: presence time in the market, activity scale (visually quite often defined by quantity of acting offices), availability of positive and negative recalls in mass-media, activity reflexion in professional editions etc.

Some competitive advantage for rielterskoj firms is also sharing in professional association (noncommercial partnership) – guilds of realtors. However here again there are barriers. For acceptance in guild it is necessary: 1) to receive the certificate of conformity of rendered brokerage services to requests of the established standard; 2) to have in the property or official use an uninhabited premise with specially equipped room for the negotiating, supplying confidentiality; 3) to conclude the insurance treaty of professional responsibility of the seller; 4) to acquire the document for the right of use of the trade mark registered when due hereunder under which there are brokerage services.

In the real estate market acts some kind of effect of the trade mark

– In this business it is very important to have not only history, but also a public recognition. For example, that fact, that the Nizhniy Novgorod agency of the real estate

"Choice" following the results of the All-Russia competition «the Professional recognition –

2011 », conducted by the Russian guild of realtors, it has been recognised by the winner in a nomination« the Best broker company in the market of sale of housing accommodation 2011 »(more than 100 employees), has given to the realtor strong competitive advantage. With effect of the trade mark closely related effect of trust. In a broad sense it is a question of different kinds of trust: 1) institutsionalnom – in our case trust to institutes of intermediaries; 2) the organizational

– Trust to the concrete organisations; 3) social – trust to public opinion and public behaviour when it undertakes a basis at decision-making; 4) personified – trust to concrete people. Often, not understanding subtleties of functioning of the market of the real estate, nonprofessional buyers and sellers (house economy)

Prefer to address to agents, the most demanded in the market or recommended by acquaintances and friends.

The reputation, trust, advantage of the trade mark – all these barriers of an input in branch are characteristic for market structure of type «monopolistically competitiveness».

4. Features of a competitiveness in the real estate market. Considering the big importance of individual characteristics of housing accommodation for different groups of buyers (quality of housing accommodation, an inhabitancy, reputation of the company - of the builder or rieltorskoj firm-intermediary, the warranty of the builder, granting of service of insurance of a title of ownership, the help in mortgage registration, etc.), among sellers prevails a non-price competition. The price competition plays a supporting role the housing accommodation market and comes into force in case of insistency of the bargain.

In the real estate market the diligent competitiveness takes place, but in modern conditions such lines of an unfair competition, as decrease in quality of materials and civil work, infringement of interests of buyers, payoff of officers (for the purpose of reception of a different sort of permissions, acquisition of plots and so forth), blasting of reputation of competitors by means of distribution of false hearings, including by means of mass media, industrial espionage and other actions mismatching the law and ethics of business are observed also.

5. Sources of economic profit in the real estate market. At builders (manufacturers of housing accommodation) the origin of economic profit is connected with oligopolisticheskoj a market organisation. Possibility of reception of superincomes as in building branch, and sector of services with the real estate is defined by a current macroeconomic situation in the country, and also rational (to some extent) expectations of people and an estimation them of development prospects, dynamics of incomes of the population, possibility and conditions of reception of a real estate, etc. At intermediaries (rieltorskih firms) in the market of the real estate the profit represents

Compensation for risk, and also for overcoming of the information uncertainty arising at the consumer of services at each stage of realisation of the bargain. Also large agencies of the real estate can receive speculative profit at the expense of realisation of investments into the real estate and reception of time price arbitration. Especially favourable objects of investments are those apartments for which the important factor is promptness of the bargain. There are also dishonest methods of reception of the excess profit which source is the unfair competition or a deceit of final sellers or buyers of the goods.

Research of characteristics of the market of the inhabited real estate by different criteria allows to draw a conclusion, that in bolshej to degree it approaches to type market structure «monopolistically competitiveness» though its separate segments have lines "oligopolii", to "a perfect competitiveness» and as a last resort - "monopolies". Besides, it is the market it is characterised by extreme heterogeneity that stipulates features of its functioning.

Let's sum up chapter 1. The market of the inhabited real estate is the market which can be studied from an item as neoclassical, and neoinstitutsionalnogo the approach uniting economic and legal aspect of research. Research has revealed, that in the market of the inhabited real estate the special object which is both the blessing, and a resource simultaneously is sold. This object has lines of the complex blessing which satisfies all five levels of structure of requirements for A.Maslou's hierarchy. In the housing accommodation market primary and secondary segments are allocated; the housing accommodation acquired in consumer and in the investment purposes; the segments, differing quality and integrated approach of object. For them different elasticity of a supply and demand is characteristic, own mechanisms of functioning are peculiar to them.

The balance condition in the market of the inhabited real estate is influenced by factors of demand, the offer and types of market structures. In the head it is detailed

Influence of following factors of demand in the market of the inhabited real estate is analysed: preferences and tastes of consumers, quality of the goods, incomes of buyers, the prices for other goods and services, the factor of time, quantity of buyers, expectations by consumers of any political or economic changes, taxes and grants (grants) to buyers, aggregate demand shocks. Demand for housing accommodation differs high elasticity under the price (because of an income effect, thus that the substitution effect is insignificant), and it is differentiated for segments of different quality of housing accommodation. Also demand for housing accommodation is characterised by high elasticity under incomes and the accumulated savings of buyers in the long-term period. Following factors of the offer of housing accommodation are in detail studied: the prices and availability of resources (production factors), new (more productive) technologies, taxes and grants (grant) for sellers, the prices of goods connected in production; Quantity of sellers of objects of the inhabited real estate, external shocks of the offer. It is revealed, that the housing accommodation offer is characterised by low elasticity in the short-term period and higher – in the long-term period that depends also on input barriers in building branch. For revealing of types of market structures in work following characteristics of the market of housing accommodation were analyzed: quantity of sellers, degree of differentiation of objects of the inhabited real estate, input barriers in branch, features of a competitiveness in the market of the inhabited real estate, sources of economic profit. The conclusion is drawn, that the primary market of housing accommodation varies from type of a monopolistically competitiveness to oligopolii, and a housing accommodation secondary market – from a perfect competitiveness to a monopolistically competitiveness.

The carried out theoretical research allows to pass to the analysis of concrete features and market trends of the inhabited real estate in modern Russia.

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A source: Shulepnikova Evgenia Alexandrovna. Modern mechanisms of functioning of the residential real estate market of the Russian Federation. Thesis for the degree of candidate of economic sciences. St. Petersburg, 2014. 2014

More on topic 1.4. Identification of types of market market organisations of the inhabited real estate:

  1. 2.2.2. Interrelation of the market of the inhabited real estate of the Russian Federation with the real capital market
  2. 1.3.3. The Market equilibrium and especial mechanisms of its establishment for various market segments of the inhabited real estate
  3. 2.2.4. Interrelation of the market of the inhabited real estate of the Russian Federation with the earth market
  4. 2.2.1. Interrelation of the market of the inhabited real estate of the Russian Federation with a labour market
  5. transaktsionnye costs in the market of the inhabited real estate
  6. 1.3. Features of formation of a supply and demand in the market of the inhabited real estate
  7. 2.2. Interrelation of the market of the inhabited real estate of the Russian Federation with other markets
  8. 1.2. The market of the inhabited real estate: definition, functions, subjects and structure
  9. Features of transaction in the market of the inhabited real estate
  10. 2.2.3. Communication of the market of the inhabited real estate of the Russian Federation with the financial markets
  11. 2.1. The State of the art and tendencies of development of the Russian market of the inhabited real estate
  12. 3.1. The general approaches to state regulation of the market of the inhabited real estate in the Russian Federation and its defects
  13. Panova Anna Vladimirovna. STRUCTURAL SHIFTS of FOREIGN INVESTMENT IN the REAL ESTATE MARKET (ON the EXAMPLE of the MARKET of the HOTEL REAL ESTATE), 2009