Land - the most significant part of the suburban real estate market Mark Twain called for buying land, since it is no longer produced. One more argument can be added to this: land is becoming more expensive all the time. Prices reach 30-40 thousand dollars per one hundred square meters in especially prestigious places. V

16. Market Sizing and Market Creation (Evans) The Tool Size does matter. Without knowing the size of the market, you cannot determine the size of the market share. Without knowing the relative market share, it will be difficult for you to judge the competitive position and you

Under the real estate market it is customary to understand a certain system of economic relations, through which, through the dynamics of supply and demand, property rights and related interests are transferred from the seller to the buyer directly or through the institution of mediation, prices are determined and space is distributed between various competing options for the use of real estate objects within the boundaries of some closed territorial education.

Real estate market Is a set of transactions with real estate, their information support, operations for the management and financing of works in the field of real estate.

The real estate market is a subsystem of the common market associated with the turnover of rights to real estate objects.

The real estate market is a mechanism through which interests and rights are combined, real estate prices are set.

The real estate market is an abstraction of the actual flow of real estate transactions with interests and rights in real estate, as well as the flow of information related to transactions. In the theoretical analysis of the free real estate market when evaluating real estate objects, it is assumed that:

Buyers and sellers of real estate behave in a rational manner, but do not have absolute knowledge. This means that all market participants collect information about the conditions before acting;

Buyers and sellers act independently of each other, i.e. they operate without collusion or fraud. Otherwise, some transaction prices could be highly distorted.

The real estate market and the level of its development characterize the development of the national economy. Objects of the real estate market make up 70 - 80 percent of the national wealth of many countries. Without a real estate market, there can be no market at all, because the labor market and the capital market can hardly exist on their own, because even financial institutions (banks, stock exchanges, investment companies etc.) must be participants in the real estate market for the purchase or lease of premises necessary for their activities.

The real estate market can be represented as a cylindrical space, vertically divided into the following sectors:

Goods in the form of specific real estate objects;

Works, i.e. construction, reconstruction;

Services - mediation, valuation, marketing, etc.

The main property of real estate - its immobility - determines the individual character of any real estate object. Even buildings built at the same time, according to the same project and with the same quality of work, but located in different places, usually have different utility and cost, which leads to the formation of individual prices for real estate objects. For them, sales by samples and exchange trading are practically not used.

Immovable property occupies a central place in any social structure, performing simultaneously two important functions: means of production and an item of personal consumption for living, recreation, cultural leisure, etc. Economic and legal regulation by the state of various spheres of social life and material production is closely connected with real estate objects.

The main, basic object of real estate - land has a unique meaning in the entire system of entrepreneurial activity of people and their very life. It is of particular value for the entire human society, since it is the only place of residence of all peoples and generations of people, the main and only factor in any area of ​​business, directly or indirectly involved in the production of all other goods and benefits. The property is located in the center of the combination economic processes, private and public interests, administrative rules and regulations.

Real estate as a commodity is an object of transactions that satisfies various real or potential needs and has certain qualitative and quantitative characteristics.

Real estate is the most durable goods of all the existing ones, ensuring the reliability of investments, since its value can increase over time under the influence of various factors. Another important feature of real estate is that real estate goods are consumed at their location, so there is such an economic characteristic as territorial preferences. Other economic features of real estate are uneven cash flows, tax differentiation, a variety of combinations of property rights, strict regulation of transactions, liquidity and the need for management. In a market environment, real estate management is a complex complex system to meet the needs for a specific type of real estate.

Due to its specificity, the real estate market has a number of features presented in table 1.2.

Table 1.2 - Features of the real estate market

The real estate market has a great influence on all aspects of life and work of people, performing a number of general and special functions: pricing, regulatory, commercial, sanitation, information, intermediary, incentive, investment, social.

The functioning of the real estate market is carried out by its subjects, which include: sellers, buyers, professional participants, government agencies.

Professional participants market are realtors, appraisers, dealers and other intermediaries. Real estate activity is considered to be carried out by legal entities and individual entrepreneurs on the basis of an agreement with an interested person (or by power of attorney) to commit on his behalf and at his expense or on his own behalf, but at the expense and in the interests of the interested person, civil transactions with land plots, buildings, structures, structures, residential and non-residential premises and rights to them.

The real estate market has a ramified structure, and it can be differentiated according to various criteria presented in table 1.3.

Table 1.3 - Classification of real estate markets

In the real estate market, it is customary to distinguish two of its components: the primary and secondary real estate market.

Primary market corresponds to the economic situation when real estate as a commodity first enters the market. In this case, the main sellers of real estate are the state represented by its federal, regional and local authorities, the main customers of new residential properties and construction companies- suppliers of residential and non-residential real estate.

On the secondary market real estate acts as a product that was previously in use and belongs to a specific owner - an individual or legal entity.

The division of the market into primary and secondary takes place in the consumer goods market, the securities market, etc. But there goods move freely in the economic space, have a different life span. Due to the stationary nature of real estate, its supply on the market is tied to a specific region.

The number of properties offered on the primary market depends on the volume of new construction. The primary and secondary real estate markets are interconnected. If, for any reason, the supply of real estate in the secondary market increases, this will lead to a depreciation of real estate in the primary market, and vice versa.

Consideration of the real estate market is impossible without its segmentation.

Segmentation of the real estate market- this is its division into homogeneous groups. The segmentation can also be based on the characteristics of real estate, behind which are the corresponding groups of buyers.

There are the following segments of the real estate market: housing market, commercial real estate market, land market (Figure 1.3).

Housing market, in turn, it is subdivided into the urban and suburban housing market.

City housing stock is divided into several groups, taking into account the nature of the building: low-quality housing, standard housing, building of the Stalinist times, houses with improved planning, elite housing. Of course, such a division into groups is rather arbitrary. One and the same object in different cities can be attributed, for example, to standard housing and housing with improved planning. At the same time, the quality of housing and its location are the main parameters that affect the demand in the housing market and are taken into account in housing prices.

Market formation suburban housing associated with the removal of restrictions on individual suburban construction... Despite the difficult economic situation in the country, the growth of the solvent stratum of the population has intensified the demand for country houses and cottages.

Figure 1.3 - Segments of the real estate market

The demand for suburban housing depends on the location, the availability of modern communications, proximity to recreation areas, ensuring personal safety and the safety of personal property, as well as regional characteristics.

Commercial real estate market began to take shape in connection with the privatization of enterprises, it is much smaller than the housing market.

The commercial real estate market is currently experiencing a surge in business activity. The number of purchase and sale transactions in Lately increased significantly, while previously lease transactions prevailed. This is largely due to the shortage of commercial real estate objects.

This market is subdivided into several segments, which are differentiated by functional purpose: office, retail, warehouse, production.

On the office market three main sectors were formed:

1) prestigious offices that meet international standards for administrative premises. The rental rate for such premises is very high. For this reason, some Russian entrepreneurs often rent first-class offices abroad at more affordable prices;

2) offices located in well-furnished, well-equipped premises, and sometimes in well-repaired large-sized apartments (what in Russia is called "renovated" premises). Rental rates here are acceptable for successfully operating companies; there is an active demand in this sector, which is constantly growing. It should be noted that at present there is a shortage of office premises of this type on the market, which leads to an increase in their cost;

3) premises in municipal and departmental buildings are not housing stock, state enterprises... These premises are usually offered without finishing and renovation and related services. Rental rates are not high here.

The office space market has good prospects for its development.

Market retail space also occupies a certain niche in the real estate market. The main factor in the successful operation of trade enterprises is an advantageous location, it is this location that determines the volume of trade. The predominant form of transactions on the market for commercial premises in the city center is the purchase and sale of commercial premises, outside the center - usually the lease of premises. Many buyers first take out a retail outlet to check whether or not there will be trading in a given location, and then buy it.

The dynamically developing segment of the real estate market is warehouse market. It is characterized by stability, stability of supply and demand, prices. Rental rates in the warehouse market are differentiated depending on the degree of warehouse equipment, its location, distance from transport hubs. The supply in the warehouse market is on the upward trend.

Industrial real estate market is of great importance for the newly formed production structures. Most of the production space is usually offered for long-term lease. Requirements to industrial premises depend on the specifics and technology of production, requirements for fire and environmental safety, as well as remoteness from transport routes.

The outlook for this market depends on the outlook for the development of the national economy.

Land market has a special niche in the domestic real estate market. In Russia, the land market is just beginning to take shape. There are operations with garden plots, summer cottages, with the lands of the purchased enterprises.

The total number of transactions for the purchase and sale of land plots, exchange, donation is increasing. Sale and purchase and inheritance are the most common land transactions.

The formation of the land market, the formation of market prices for land occurs, however, at an insufficient pace, due to imperfection legal framework and the current mechanism of land relations.

Control questions

1. Give a definition of the real estate market.

2. What are the features of the real estate market?

3. What segments are distinguished in the real estate market?

4. Give a description of the primary and secondary real estate markets.

5. What are the features of the industrial real estate market?

6. What are the features of the office real estate market?

The real estate market (broadly understood) is a set of
mechanisms ensuring the alienation of full and partial property rights from one subject to another.

Real estate market (in the narrow sense) - a set of objects
real estate in relation to which it is possible to be involved in the economic turnover.

The real estate market is imperfect due to the lack of a number of characteristics inherent in a perfect market (Table 1).

The real estate market is an essential component of the national economy. Without a real estate market, there can be no market at all, since the labor market, capital market, market for goods and services, and the like, for their existence must have or lease the appropriate premises necessary for their activities.

The demand in the real estate market is represented by buyers who purchase real estate for the purpose of investment, commercial exploitation (lease), use for the organization of production or commercial activities(financial and economic goals), or for direct use (accommodation), social goals, providing opportunities for the creation of infrastructure facilities (non-cost goals).

Table 1

Characteristics of the mainstream and real estate market

The end of the table. one

The specifics of the supply on the real estate market imply its division into primary and secondary markets.

It is the first time that real estate acts as a commodity on the primary market, and construction and investment construction companies are the main sellers.

On the secondary market, real estate is presented that was previously in use and belonged to a specific owner.

The situations in the secondary and primary markets are interconnected.

The following factors influence the demand and supply in the real estate market:

1) economic;

2) social;

3) administrative;

4) environment;

5) political, national, cultural factors, traditions of the population.

Real estate market - the sector of the national market economy, which is a set of real estate objects, economic entities operating in the market, market functioning processes, that is, the processes of production (creation), consumption (use) and exchange of real estate objects and market management, and mechanisms that ensure the functioning of the market (infrastructure market).

In accordance with the above definition, the market structure includes:

Real estate objects of the market;

Market functioning processes mechanisms (infrastructure) of the market.

When describing the structure of the real estate market, three most common approaches are used: institutional, object, reproduction.

If you describe each type professional activity in the real estate market from the point of view of legal norms, rules and standards, typical ways of its implementation and regulation, that is, as an independent institution, as well as indicate the relationship between institutions - we get institutional approach. Let's name some institutions of the real estate market:

Authorities (federal; regional; municipal) that regulate the conditions for the functioning and development of the real estate market;

Institute independent evaluation real estate;

Development;

Banks and other financial institutions ( investment funds, trust funds), using the mechanism of collateralized lending in their activities;

Institute of Real Estate Managers;

Institute of Realtors;

State and private notaries;

Construction organizations; real estate tenants;

Real estate sellers;

Self-regulatory and public-professional associations of participants in the real estate market.

If we classify activities in the real estate market from the point of view of the object of civil legal relations (land, artificial structures, as well as the corresponding property rights), we will implement “ object-oriented approach descriptions of the structure of the real estate market.

It would be legitimate to highlight:

Land market: primary (including privatization) and secondary markets, rental market (which is also divided into primary and secondary) and other forms of securing land plots for use;

The market for artificial structures: divided into the market for residential and non-residential premises. The market of non-residential premises is divided into the market of commercial, industrial and social (parks, recreation areas, sanatoriums, houses of culture) real estate. Each of the sectors can be primary (including privatization) and secondary, as well as include a rental market;

Construction market: markets for construction contracts, projects, technologies, etc .;

Timeshare market (time periods into which the use of the same property by different owners is divided, for example: a year-round "schedule" of renting a villa by the sea for five families).

Reproductive approach describes the structure of the market through the prism of relations arising in the process of the reproduction cycle of real estate. With a sufficient degree of convention, they can be represented by three groups of relationships:

Relationships arising in the process of reconstruction or creation of a real estate object (in the real estate market, they constitute the sector of real estate development);

Relationships arising in the course of operation, maintenance and management of real estate objects (in the real estate market, they constitute the consumption sector of real estate objects);

Finally, in an absent-minded form, figuratively speaking, “in the intervals” between the relationships regarding the creation and consumption of real estate objects, there are relations of redistribution of rights to real estate. In the real estate market, they constitute the sector for the turnover of real estate rights.

Development (reconstruction, creation) sector of real estate objects involves the creation (modification) of the physical characteristics of real estate objects. The latter determine the entire further nature of transactions with rights (turnover) and consumption of the property.

Sector of turnover of rights to real estate objects ensures the transfer of rights to real estate objects, registration of rights and transactions with them. As a result of the turnover of rights, real estate is redistributed between economic actors in accordance with their economic goals and interests. With the transfer of rights, real estate owners have obligations, first of all, to pay taxes and maintain real estate objects at their own expense and responsibility. Community responsibilities stimulate the efficient consumption (i.e. operation, management) of the useful properties of real estate.

Real Estate Operations and Management Sector provides "consumption" - the operation, maintenance and management of real estate. These relations arise from the moment of acquiring the rights to real estate and, as it were, close life cycle her existence. The duration of the physical existence of the object and the beneficial effect for the owner depend on the organization of the "consumption" of real estate: whether the possession of real estate will make it possible to receive income or to solve social problems. Thus, the prerequisites are laid for the expansion of real estate, either through the acquisition of new rights to real estate objects, or through new construction.

The intertwining relationship of these sectors forms reproductive structure the real estate market in general.

Real estate market in national economy performs the following functions:

Effective solution social tasks associated with the creation and use of useful properties of real estate;

Alienation of full or partial ownership rights to real estate objects from one economic entity to another and protection of its rights;

Free formation of prices for objects and services;

Redistribution investment flows between competing types of real estate;

Redistribution of investment flows between competing land use methods.

The importance of the real estate market as a sector of the market economy is confirmed by:

The colossal value of national wealth, materialized in real estate, of which at least half can be involved in the market turnover and bring rent to owners, income to entrepreneurs, tax and other payments to federal, regional budgets, and municipal budgets;

The already achieved high share of the real estate market in the gross national product;

Achieved in a number of regions and cities with a high level of budget revenues from the initial sale, leasing of state and municipal real estate (including land);

A high level of budget revenues from taxes on real estate and transactions with it, a large number of jobs created during the formation and development of the real estate market.

The specifics of the real estate market are determined by the nature of real estate.

Unlike the financial market, the securities market or the labor force, the real estate market has a distinct regional specifics, because it is "tied" to a specific location of real estate objects.

The magnitude and nature of demand for real estate objects are predetermined by the political system of society, geographical, historical and cultural factors, the state of infrastructure and the availability of potential jobs, the level economic development the region as a whole. Real estate demand is not fungible(for example, demand for housing cannot be reoriented towards industrial facilities).

Almost all transactions in the real estate market require state registration.

The overwhelming majority of citizens are the owners of the only type of real estate - housing. Therefore, the real estate market performs the function of a social stabilizer. Thus, the transfer of housing stock to citizens and the reasonable regulation of rights to housing allowed Soviet Russia in 1924-1928. to form independent self-government, overcome 30% of the devastation of the urban economy and raise the standard of living of the population to the indicators of 1913. On the contrary, violation social function the real estate market leads to destabilization and collapse ruling regime as happened in January-March 1997 in Albania.

The combination of all factors and forms in each region the special character of the local real estate market.

Clarification. The regional connection of the real estate market has a number of important consequences.

1. The concept of "the single real estate market in Russia" should be perceived with a significant degree of convention. So, for example, the "common (single) market" of the labor force of Russia means not only a system of relations regarding the purchase and sale (hiring) of labor, but also the possibility of its free movement between regions. It is clear from the definition of real estate that it is impossible to “move” it. Consequently, the term "single" in relation to the real estate market in Russia can be deciphered as "a set of common for Russia norms, rules and procedures for the movement of rights to real estate, or as a single regulatory and legal space."

2. Therefore, the main task of the federal center is the formation of uniform and binding for all participants in the real estate market norms, rules and procedures for the movement of rights to real estate, taking into account the differences in the economic development of regions.

You also need to change the content regional policy the federal center: stimulating the economic independence of the regions based on the involvement of the property of the constituent entities of the Federation and municipalities in the economic turnover, it should suppress attempts to introduce any local restrictions on legal rights or conditions for the economic turnover of real estate, if they are due not to economic expediency, but to the political preferences of regional authorities.

The material base of the market was formed from two sources. The first is the free privatization of housing by citizens, free and paid privatization of non-residential premises and land (the market for the primary privatization of real estate). The second is the formation within the construction industry and outside of its segment of commercial construction and the sale of objects (the primary market for construction and the sale of real estate). Subsequently, the secondary real estate market was formed - the market for the resale of previously privatized or newly sold new properties.

The structure and infrastructure of the real estate market, the system of concepts and terminology evolved somewhat spontaneously. But at the same time, the experience of countries with developed market economies (primarily the United States, as well as Germany, Great Britain, France, Austria, etc.) was actively used, which, when developing the legislative, regulatory, methodological base of the market, was adapted to real conditions as much as possible. transition economy Russia.

According to the functional purpose of objects, the real estate market is divided into four main components:

Land market (land plots);

Housing market;

Non-residential premises market;

Industrial real estate market.

Each of these segments develops independently, as it relies on its own legislative and regulatory framework and has significant differences in the policy of privatization of state and municipal property.

In addition, we can highlight the market for construction in progress, which has special procedures in the appraisal and sale of objects and a strong role state regulation, since the state is the owner of the overwhelming majority of frozen construction projects. Moreover, in this market, it is possible to measure both the intended purpose of an unfinished object and the original development plan.

An intermediate position is occupied by the hotel services market, which is characterized by the provision of housing for temporary use for a period of one day or more and the presence of a developed infrastructure for servicing guests (consumer services, trade, transport and excursion services, business, sports and cultural services).

In each market segment, we can talk about the presence of two components: the primary one, which characterizes the appearance of real estate as a commodity on the market. The state, represented by federal, regional and local authorities, currently acts as the main seller of real estate; secondary, on which a large number of sellers and buyers (physical and legal entities).

The transfer of rights to real estate is carried out, as a rule, in one of the following options:

On an ongoing basis, that is, the acquisition of ownership or transfer to indefinite (paid or gratuitous) use;

On a temporary basis, that is, leasing or leasing.

The owner of real estate not only owns and uses the property, but also disposes of it. He can sell it, exchange it, rent it out, pledge it, bequeath it, or transfer it free of charge at his own discretion.

State and municipal enterprises do not have the right to lease the immovable property assigned to them on the basis of the right of full economic management. The lessor of this property is the State Committee of the Russian Federation for State Property Management, represented by the relevant departments and territorial bodies.

For enterprises of other forms of ownership, restrictions are imposed on the disposal of immovable property.

In particular, the model charter of an open joint-stock company used in the corporatisation of state-owned enterprises determines that decisions on renting, selling, exchanging, pledging or otherwise disposing of real estate of a company exceeding 10% of assets in value ( authorized capital), are not accepted by the board or director, but general meeting shareholders. On the way to further expanding market relations in the real estate sector, there are a number of barriers due to transition period in the Russian economy.

Economic barriers include government investment, lending and taxation policies, as well as problems arising from inflation, non-payments, increased payback periods and other factors.

A significant role is played by administrative barriers that are set by the executive authorities at all levels. This applies to aspects such as business registration, licensing different types activities in the field of real estate, the procedure for the provision, purchase and sale and lease of land plots, housing and non-residential premises, objects of construction in progress.

The scale and pace of development of the real estate market is strongly affected by the underdevelopment of the market infrastructure.

Land scarcity and conservation issues environment, complement the list of barriers that objectively prevent new entities from entering the real estate market.

Russian market real estate reflects all the problems of a transition economy and is characterized by uneven development of its individual segments, an imperfect legislative framework and low investment activity of citizens and legal entities. At the same time, this market represents a promising area for investment of capital, intelligence and energy.

The prospects of the real estate market in the housing sector ultimately determines the presence of an objective need of the population to improve housing conditions. There is an acute shortage of housing in Russia. This is evidenced by the data of the State Committee of the Russian Federation on Statistics and the materials of the State Target Program "Housing", given below:

Approximately 11 million families and individuals live in communal apartments, hostels, rent housing from private owners of houses and apartments;

More than 1 million people live in dilapidated and emergency houses;

17 million people have a living space of less than 5 m 2 per person with a sanitary standard of 9 m 2.

At the end of 1994, about 9 million Russians were on the waiting list to improve their living conditions, including those included in 12 preferential categories.

The improvement of living conditions is carried out by:

Provision of municipal free housing for social use;

Home sales.

Housing fund social use first of all, it is sent to improve the living conditions of disabled people and participants in the Great Patriotic War, single women - participants in the Great Patriotic War, former juvenile prisoners of concentration camps; on the waiting list preferential categories in accordance with the current legislation - demobilized officers, people's judges, participants in the liquidation of the accident at the Chernobyl nuclear power plant, rehabilitated, tuberculosis patients, etc.

All other citizens can improve their living conditions through the purchase (exchange) of municipal or private housing at market prices. The number of citizens wishing to have more comfortable housing is not taken into account anywhere, but, based on low standards and poor quality of construction and maintenance of the bulk of the housing stock, it should be several times higher than the number of people on the waiting list.

An acute problem in the housing sector is the constant influx of refugees and forced migrants from neighboring countries to Russia, after the demobilization and withdrawal of the army from Eastern Europe and the republics of the former USSR, as well as resettlement from the Chernobyl accident zone. An additional circumstance aggravating the housing problem is the forced refusal of the majority Russian enterprises from capital investments in housing construction and the desire to get rid of the housing stock, which is in their charge. Residential fund in countryside for the most part it requires reconstruction, as it is insufficiently provided with sewerage, central heating and other amenities.

At the same time, the transition to market relations in the economy has led to a sharp decline housing construction at the expense of state budget, which used to be the main source of necessary capital investments.

Thus, against the background of an aggravated housing shortage, a sharp drop in residential space commissioning, the collapse of the old distribution mechanism, housing problem in Russia there is a huge objective need for solving the housing problem and developing the housing market.

Free privatization housing in a short time has created in Russia a wide stratum of owners - owners of apartments and rooms from the municipal and departmental housing stock.

The housing market is developing rapidly in Russia, despite the difficult overall economic situation in the country. The main reason for this is the unresolved housing problem, which prompts citizens to look for any ways to improve their living conditions.

The housing market is divided into two main components - the urban housing market and the suburban housing market.

When describing the structure of the real estate market, three most common approaches are used: institutional, object, reproduction.

Institutional approach describes each type of professional activity in the real estate market in terms of legal norms, rules and standards, typical ways of its implementation and regulation, i.e. as an independent institution, as well as the relationship between institutions. Let's name some institutions of the real estate market:

authorities (federal, regional, municipal) that regulate the conditions for the functioning and development of the real estate market;

institute for independent appraisal of real estate;

banks and other financial institutions (investment funds, trust funds) using the mechanism of secured lending in their activities;

institute of real estate managers;

Institute of Realtors and Developers;

public and private notaries;

construction organizations;

real estate tenants;

real estate sellers;

self-regulatory and public-professional associations of participants in the real estate market;

development.

Object approach classifies activities in the real estate market in terms of the object of civil legal relations (land, artificial structures, as well as the corresponding property rights). With an object approach, it will be legitimate to highlight:

land market: primary (including privatization) and secondary markets, rental market (which is also divided into primary and secondary) and other forms of securing land plots for use;

artificial structures market: divided into residential and non-residential premises. The market of non-residential premises is divided into the market of commercial, industrial and social (parks, recreation areas, sanatoriums, houses of culture) real estate. Each of the sectors can be primary (including privatization) and secondary, as well as include a rental market;

construction market: markets for construction contracts, projects, technologies, etc .;

timeshare market (time periods into which the use of the same property by different owners is divided, for example: a year-round "schedule" of renting a villa by the sea for five families).

Reproductive approach describes the structure of the market through the prism of relations arising in the process of the reproduction cycle of real estate. With a sufficient degree of convention, they can be represented by three groups of relationships:

relations arising in the process of reconstruction or creation of a real estate object (real estate development sector). The sector of development (reconstruction, creation) of real estate objects involves the creation (modification) of the physical characteristics of real estate objects;

relations arising in the course of operation, maintenance and management of real estate objects (sector of consumption of real estate objects). The Real Estate Operations and Management Sector provides consumption - operation, maintenance and management of real estate objects. The duration of the physical existence of the object and the beneficial effect for the owner depend on the organization of consumption of real estate: whether the ownership of real estate will allow to receive income or to solve social problems;

relations of redistribution of rights to real estate (sector of turnover of rights to real estate). The sector of turnover of rights to real estate objects ensures the transfer of rights to real estate objects, registration of rights and transactions with them. As a result of the turnover of rights, real estate is redistributed between economic entities in accordance with their economic goals and interests. With the transfer of rights, real estate owners have obligations, first of all, to pay taxes and maintain real estate objects at their own expense and responsibility.

The interweaving of relations between these sectors forms the reproductive structure of the real estate market as a whole.

The real estate market has a ramified structure, and it can be divided according to various criteria:

1. According to the method of transactions in the real estate market, there are two of its components: primary and secondary real estate markets.

Primary market - an economic situation when real estate as a commodity first enters the market. In this case, the main sellers of real estate are the state represented by its federal, regional and local authorities (through the privatization of state and municipal enterprises, residential properties and property rights), construction companies - suppliers of residential and non-residential real estate. The number of properties offered on the primary market depends on new construction. Considering that the needs of the population for housing, entrepreneurs - for commercial real estate are far from being adequately satisfied, further development of the real estate market can only take place taking into account new construction, i.e. primary market.

In the secondary market, real estate acts as a product that was previously in use and owned by a specific owner - an individual or legal entity.

The primary and secondary real estate markets are interconnected. If, for any reason (for example, an interethnic conflict in the area, an unfavorable environmental situation, etc.), the supply of real estate in the secondary market increases, this will lead to a depreciation of real estate in the primary market. At the same time, an increase in construction costs leads to an increase in prices in the primary housing market, which immediately affects the rise in prices in the secondary market.

2. By the type of object (product): land market, market for buildings, structures, enterprises, premises, perennial plantings, property rights and other objects.

3. By geographical factor: each region and district can be a separate market; even in different areas of a particular city, different market conditions (local, city, regional, national, global) may exist.

4. Cost: expensive real estate market, mass market for relatively inexpensive real estate.

5. According to the degree of readiness for operation: existing facilities, construction in progress, new construction.

6. By form of ownership: state and municipal facilities, private, etc.

7. By type of transactions: purchase and sale, lease, investment, mortgage, pledge, etc.

8. By use (functional purpose): the housing market, the market of non-residential premises (commercial real estate), the real estate market for industrial and agricultural purposes.