The Impact of Unfavorable Economic Conditions on the Residential Real Estate Market in the Kursk Region
Relevance. Currently, the unfavorable economic environment, namely the consequences of the coronavirus pandemic, the growth of the ruble against the dollar and the decline in the price of oil have affected many segments, including such a significant segment for the population as the residential real estate market. Economic consequences lead to a noticeable reduction in demand for housing, so it is relevant to study the issues related to the assessment of the impact of unfavorable economic conditions on the residential real estate market in Russia. The purpose of the study is to assess the residential real estate market in the Kursk region during the unfavorable economic situation in the world. Objectives: to analyze the situation in the real estate market in the Kursk region; to study prices in the primary residential real estate market; to assess the dynamics of mortgage lending in the primary housing market. Methodology. The methodological basis of the study was made up of statistical, theoretical methods, as well as the method of data processing, the method of comparison and generalization. The results of the study are presented in the form of an analysis of the initial information on the state of housing construction during the unfavorable economic situation. The paper also presents a comparative analysis of the situation on the real estate market in the Kursk region over the past 3 years. A grouping of prices in the primary residential real estate market was compiled. The dynamics of mortgage lending is estimated. Conclusion. The adverse economic events of 2020 had a significant impact on the residential real estate market. The new challenges and risks created by the pandemic have complicated the implementation of the national objectives, and the development strategy will need to be adjusted. In general, the construction complex in the Kursk region is developing quite dynamically, the number of construction companies is growing, the range of construction products is expanding, and new construction technologies are being introduced.