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Savings and mortgage system with state participation as a form of increasing the affordability of real estate purchase

Author

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  • Victor Sirotkin

    (Russian State Professional-Pedagogical University)

Abstract

With the continuous increase in the cost of real estate caused by its shortage, of great importance become solution schemes aimed to provide housing for the broad strata of population. Basing on the analyzed foreign and domestic experience in providing real estate for the citizens, two main ways to acquire it were identified. For the assessment of the preference of each of these methods for the citizens, calculations showing the profitability of the accumulation of funds were performed. Basing on the thesis above, a model with state funding was proposed, allowing the future owner to live in an apartment from the date of the contract with the state finance and investment corporation and to reduce the overpayment for the acquired real estate compared to a mortgage, almost at 100% of the purchase price. The paper concludes that to address housing problems, the management of public authorities need to use different models and mechanisms to ensure quality of living conditions for the maximum number of citizens.

Suggested Citation

  • Victor Sirotkin, 2012. "Savings and mortgage system with state participation as a form of increasing the affordability of real estate purchase," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(3), pages 278-284.
    • Handle: RePEc:ura:ecregj:v:1:y:2012:i:3:p:278-284
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    References listed on IDEAS

    as
    1. Aleksandr Kuklin & Irina Belik, 2009. "The influence of ecological and economic security on region's investment appeal," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(4), pages 155-158.
    2. Ellada Pilavova, 2011. "The role of building societies on the market of hypothec loaning: world experience and Russia," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(1), pages 234-237.
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