Lecture notes. Taganrog: TRTU Publishing House, 2004.

The textbook provides an understanding of the theory and practice of the functioning of the real estate market as the most important area of ​​business activity, systematized information about the economic processes associated with real estate of individuals and legal entities, the functioning of the real estate market, and methods of property management that ensure the efficiency of this area of ​​activity. It covers the main areas of activity related to real estate. The textbook discusses the concept, essence, characteristics and classification of real estate; essence, functions and main characteristics of the real estate market; main operations of the real estate market and their legislative regulation; methods for assessing various real estate objects; basic principles of property management in modern conditions.

The textbook is intended for undergraduates, graduate students and teachers of economic universities, business school students, economists, managers and other interested parties.

1. BASIC CONCEPTS AND DEFINITIONS OF REAL ESTATE ECONOMICS
1.1. Concept, essence and main characteristics of real estate
1.2. Legal basis of real estate.
1.2.1. Ownership
1.2.2. Types of operations (transactions) with real estate
1.2.3. State registration of operations (transactions) with real estate

3. REAL ESTATE ASSESSMENT
3.1. Types of real estate values
3.2. Principles of real estate valuation.
3.3. Factors influencing the value of real estate.
3.4. Real estate valuation technology.
3.5. Approaches to real estate valuation.
3.5.1. Comparative (market) approach
3.5.2. Cost-effective approach
3.5.3. Income approach
3.6. Determining the final value of the valuation object
3.6.1. Coordination of assessment results
3.6.2. Structuring by hierarchy

4. REAL ESTATE LENDING.
4.1. The emergence and development of mortgage lending
4.1.1. Mortgage development in Russia
4.1.2. Mortgage as a way to secure obligations
4.1.3. Features of mortgage lending
4.1.4. Features of mortgage capital markets
4.2. Main stages of mortgage lending
4.3. Methods of mortgage lending for real estate
Loan with increasing payments
Canadian rollover
4.4. Types of real estate lending for special purposes
4.4.1. Methods of financing new construction
4.4.2. Methods of financing housing under construction
4.4.3. Methods of financing land development projects
4.4.4. Financing of real estate by installment sales

5. ECONOMICS OF LAND USE
5.1. Features of land use
5.1.1. Land as a natural resource
5.1.2. Land as an economic category
5.1.3. Land management as a tool for creating economically justified land use
5.1.4. State land cadastre as an economic and legal system for the functioning of real estate objects
5.1.5. Land protection. Environmental land use restrictions

BIBLIOGRAPHY

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Shevchuk Denis Alexandrovich

Experience in teaching various disciplines in leading universities in Moscow (economics, law, technology, humanities), two higher educations (economics and law), Member of the Moscow Union of Lawyers, Member of the Union of Journalists of Russia, Member of the Union of Moscow Journalists, Scholarship holder of the Government of the Russian Federation, experience in banks , commercial and government structures (including in management positions), Deputy General Director of INTERFINANCE (www.deniskredit.ru).

Graduated from the Moscow State University of Geodesy and Cartography (MIIGAiK), Faculty of Economics and Territory Management (FEUT), Manager (organization management) and Moscow State University. M.V. Lomonosov, French University College (Law), Candidate minimum in the specialty “Finance, money circulation and credit”.

When writing the work, the author received invaluable assistance: Shevchuk Vladimir Aleksandrovich (three higher educations, Chairman of the Supervisory Board of INTERFINANCE, experience in banks, commercial and government agencies, including in management positions), Shevchuk Nina Mikhailovna (two higher educations, experience work in commercial and government structures, including in leadership positions), Shevchuk Alexander Lvovich (has great achievements in scientific and practical activities).

1. Real estate

1.1. Real estate as an investment object

Real estate - land and all improvements permanently attached to it (buildings, structures, objects of unfinished construction).

In Russia, the term “real and movable property” first appeared in legislation during the reign of Peter I in the Decree of March 23, 1714 “On the procedure for inheritance in movable and immovable property.” Real estate included land, land, houses, plants, factories, and shops. Real estate also included minerals located in the ground, and various buildings, both towering above the ground and built under it, for example: mines, bridges, dams.

Economic reforms in Russia, assigning property rights to individuals and legal entities, led to the need to divide property into movable and immovable (for more details, see Shevchuk D.A. Organization and financing of investments. - Rostov-on-Don: Phoenix, 2006; Shevchuk D.A. Fundamentals of banking. - Rostov-on-Don: Phoenix, 2006; Shevchuk D.A. - Rostov-on-Don: Phoenix, 2006).

Since 1994, according to Art. 130 of the Civil Code of the Russian Federation, “immovable things (real estate, real estate) include land plots, subsoil plots, isolated water bodies and everything that is firmly connected to the land, i.e. objects whose movement without disproportionate damage to their purpose is impossible, including forests, perennial plantings, buildings, structures.”

Real estate also includes aircraft and sea vessels, inland navigation vessels, and space objects subject to state registration.

Other property may also be classified as real estate. So, according to Art. 132 of the Civil Code of the Russian Federation, “the enterprise as a whole, as a property complex used to carry out business activities, is recognized as real estate.” Items that are not real estate, including money and securities, are considered movable property.

The following characteristics of real estate can be distinguished:

– real estate cannot be moved without causing damage to the object;

– real estate is firmly connected to the land, not only physically, but also legally;

– durability of the investment object;

– each specific property is unique in terms of physical characteristics and in terms of investment attractiveness;

– real estate cannot be stolen, broken or lost under normal conditions;

– the cost of real estate is high, and its division into property shares is difficult, and in other cases impossible;

– information about real estate transactions is often inaccessible;

– loss of consumer properties or transfer of value during the production process occurs gradually as wear and tear occurs;

– the usefulness of real estate is determined by the ability to satisfy a specific human need for residential and industrial space;

– the possibility of a positive or negative impact of new construction on the value of adjacent lands and buildings;

– there is a tendency for the value of real estate to increase over time;

– there are specific risks inherent in real estate as an investment object: the risk of physical damage under the influence of natural and man-made factors, the risk of accumulation of external and functional wear, financial risk associated with the terms of rent revision;

– strict government regulation of real estate transactions.

1.2. Property types

There are three main types of real estate: land, housing and non-residential premises.

The basic object of real estate is land.

Along with the division into types, real estate is classified according to a number of criteria, which contributes to more successful research of the real estate market and facilitates the development and application of methods for assessing and managing various categories of real estate. The classification according to the most common characteristics is presented in table. 1.1.

There are the following forms of income from investing in real estate:

– increase in the value of real estate due to changes in market prices, acquisition of new and development of old properties;

– future periodic cash flows;

– income from the resale of the property at the end of the ownership period.

The attractiveness of investing in real estate is explained by the following factors:

– at the time of purchasing real estate, the investor receives a package of rights, while many investment objects do not entail ownership rights;

– safety of invested funds in general (under normal conditions, real estate cannot be lost or stolen) and inflation in particular (inflationary processes are accompanied by an increase in real estate prices and income from it);

– the opportunity to receive income from real estate in monetary terms and other beneficial effects of living, the prestige of owning a certain object, etc.

Table 1.1

General classification of real estate

Investments in real estate have such positive features as the possibility of many years of use of the property and preservation of capital.

1.3. Real estate market

Real estate market - this is a set of relationships around transactions with real estate: the purchase and sale of real estate, mortgages, leasing of real estate, etc.

The main segments of the real estate market: land market, housing market and non-residential market.

There is a separate market for profitable real estate, which is segmented according to the functional purpose of the objects:

– market for office buildings;

– market for commercial objects;

– market for industrial and warehouse facilities;

– hotel services market;

– market of unfinished construction projects.

Depending on the legal rights to real estate, which are the subject of a transaction between the buyer and seller, the real estate market is divided into sales and rental markets.

In the purchase and sale market, in exchange for the corresponding equivalent, full ownership rights are transferred, including the right of disposal, whereas in the rental market, the object of the transaction is a partial set of rights, excluding the right of disposal.

The following features of the real estate market can be distinguished:

– locality;

– low interchangeability of objects;

– seasonal fluctuations;

– the need for state registration of transactions.

When financing real estate, there are three groups of costs:

– expenses for maintaining the property in a functionally suitable condition;

– annual tax on real estate ownership;

– high transaction costs in real estate transactions.

Fluctuations in supply and demand in the real estate market occur slowly, since in the presence of demand, an increase in the number of real estate objects occurs over a long period of time, determined by the construction period of the building. In the case of an excess of real estate, prices remain low for several years (more details in the book Shevchuk D.A. Buying a house and land: step by step. - M.: AST: Astrel, 2008).

The main factors affecting supply and demand:

– economic: level of income of the population and business, availability of financial resources, level of rental rates, cost of construction and installation works and building materials, tariffs for utilities;

– social: changes in population size, population density, educational level;

– administrative: tax rates and zoning restrictions;

– environmental: exposure of the area where the property is located to droughts and floods, deterioration or improvement of the environmental situation.

Real estate is a financial asset because it is created by human labor and capital investments. The acquisition and development of real estate is accompanied by high costs and, accordingly, the frequent need to attract borrowed funds, etc. Therefore, the real estate market is one of the sectors of the financial market.

Financial market - This is a complex economic system, including a set of institutions and procedures aimed at facilitating the interaction of sellers and buyers of all types of financial documents.

The real estate market is one of the most significant components of the financial market.

There is a close relationship between the financial market and the real estate market: an increase in investments in real estate revives the real estate market, while a fall curtails it. Economic instability is holding back both Russian and foreign lenders and investors. To enhance the financing of real estate investments, government support is needed.

1.4. Participants and sources of the real estate financing process

Traditionally, participants in the real estate financing process are divided into the following categories:

– federal and local authorities and management;

– financial institutions;

– investors, etc.

Federal and local authorities and management ensure economic and legal relations between participants in the real estate financing process. The state ensures compliance with the rules and regulations related to the functioning of the real estate market; regulates issues of zoning, urban development and registration of property rights to real estate; establishes benefits or imposes restrictions (legislative restrictions, taxation features) on investments in real estate. In addition, the state acts as the owner of many real estate properties.

Financial institutions provide capital to investors who do not have sufficient funds.

Investors are individuals and legal entities (residents and non-residents) who purchase real estate and maintain it in a functionally suitable condition.

Investors can be divided into two types:

1) active – finance and engage in the construction, development or management of the facility;

2) passive - they only finance the project without taking further participation in it.

Currently, the real estate market has developed development – a special type of professional activity in managing an investment project in the real estate sector, one of the tasks of which is to reduce the risks associated with real estate development. Developer – organizer, whose activities can be divided into three stages:

1) analysis of the possibility of implementing the project: the state and trends in legislation, consumer preferences, financial and economic conditions, and development prospects for the region are taken into account;

2) development of a project implementation plan: the area of ​​the land plot required for the implementation of the project is determined, a location with the appropriate environment and communications is selected, and the effectiveness of the project is assessed. Then sources of financial resources are determined, a construction permit is obtained, etc.;

3) implementation of an investment project: attracting financial resources, design and construction organizations, monitoring the progress of construction, renting or selling the object in whole or in parts.

Sources of financing capital investments: government funds, local budget funds (municipal), own financial resources of enterprises and individuals, borrowed funds, investor funds.

1.5. Benefits of investing in real estate

Investing in income-producing real estate is the most profitable. The attractiveness of purchasing income-producing real estate lies in the return on investment after paying off operating expenses. However, in this case there is a higher risk due to the low liquidity of real estate and the long payback period for investments.

Investment methods in the real estate market can be direct and indirect.

Direct– acquisition of real estate at auction in accordance with a private agreement, purchase with leaseback.

Indirect– purchase of securities of companies specializing in real estate investments, investments in real estate-backed mortgages.

Investments in real estate, like investments in corporate securities, are long-term.

Advantages investing in real estate relative to securities:

1. Unlike corporate securities such as stocks, which pay quarterly dividends, owning real estate provides the investor with monthly cash flow because monthly rent payments lead to monthly payments to the investor.

2. The cash flow of income from real estate ownership (the difference between cash receipts from rentals and the cost of maintaining the property plus capital investments) is less dynamic than the cash flow of income from highly leveraged corporations:

– the cash flow of corporate income depends on the volume of product sales, which are dependent on the daily decisions of consumers, and income flows from real estate are more stable because they are based on rental agreements;

– sources of corporate cash income can change over time, and sources of income from real estate are more predictable, since buildings are immovable, assets are fixed both physically and legally.

3. The rate of return on corporations is generally lower than on real estate. This is because the intensity of real estate assets is comparable to most businesses. To recoup the costs of fixed capital invested in real estate, a higher level of profitability is required, since the income expected to be received by the investor must exceed the costs of operating the real estate. The rate of return should be higher than when investing in financial assets, which should correspond to the higher risks of investing in real estate.

4. Investments in real estate are characterized by a greater degree of safety, security and the ability of the investor to control than investments in shares.

The sources and amount of investment in real estate are influenced by:

– expected return on investment;

– bank interest rate;

– tax policy in general and in the investment sector in particular;

– inflation rate;

– degree of risk of investment in real estate.

Reasons for the attractiveness of real estate investments in conditions of inflation:

– rapid depreciation of money with insufficient reliability of its safety in credit institutions;

– frequent discrepancy between the bank rate and the inflation rate;

– limited availability of more profitable investment areas;

– residual affordability and ease of investing in housing;

– those investing in real estate that generate income can, under these conditions, increase the rent, thereby preserving the invested funds.

On the other hand, in conditions of inflation, there are circumstances that stimulate investing money in other areas: real incomes are falling, it is difficult for an investor to predict the relationship between costs and expected benefits, it is more difficult to obtain a long-term loan at an acceptable interest rate, which leads to a lack of financial resources among potential buyers.

At the present stage of development of the Russian economy with high inflation rates, investment activity is subject to significant risks, which leads to a decrease in investment activity in the real estate market. The limited investment resources led to the process of curtailing construction in almost all sectors of the economy (for more details, see the book by D.A. Shevchuk, Real Estate Valuation and Property Management. - Rostov-on-Don: Phoenix, 2007).

And yet the real estate market is attractive to potential investors for the following reasons:

– investments in real estate are characterized by a significant degree of safety, security and the ability to control by the investor;

– at the time of purchasing real estate, the investor receives a package of rights, while most other investment objects do not entail ownership rights;

– the real estate market, which is large, is poorly developed;

– investments in real estate are accompanied by an acceptable return on operations in this market.

Today in Russia, investment activity in the real estate market is reduced. Even the housing market, which is the most active segment of the real estate market, was not provided with appropriate credit and financial mechanisms that would support the effective demand of the population and make it possible to improve the living conditions of the population on a massive scale. Balancing the interests of all participants in the real estate financing process is a necessary component of the normal functioning of the real estate market.

1.6. Mortgage credit lending

“Mortgage” is understood as a pledge of real estate as a way to secure obligations. The presence of a mortgage lending system is an integral part of any developed system of private law. The role of mortgages especially increases when the state of the economy is unsatisfactory, since a well-thought-out and effective mortgage system, on the one hand, helps reduce inflation by drawing on temporarily free funds of citizens and enterprises, and on the other, helps solve social and economic problems.

Origination of a mortgage. The first mention of mortgage dates back to the 6th century. BC e. In Greece, a mortgage meant the liability of the debtor to the creditor for certain land holdings. When registering an obligation, a pole called a “mortgage” was placed on the border of the land territory owned by the debtor.

The first acts on pledge that have come down to us in Russia date back to the period of the 13th–14th centuries, and legislative norms first appeared at the very end of the 14th or beginning of the 15th century. in the Pskov Judicial Charter, in which, along with the oldest method of recovery - personal - recovery of property appears.

At the end of the 19th – beginning of the 20th centuries. The process of lending secured by land plots that the borrower was going to purchase was actively underway. This process developed with the assistance of peasant land banks, which were created in almost all provinces of Russia and contributed to the allocation of land to impoverished peasants.

From 1922 to 1961 In Russia, the Civil Code of the RSFSR was in force, Art. 85 of which defined pledge as a right of claim, which allows the creditor, in the event of failure of the debtor to fulfill the obligation, to receive priority satisfaction over other creditors at the expense of the value of the pledged property (without division into movable and immovable).

As such, the institution of mortgage, due to various economic and legal obstacles, has not yet become widespread in Russia, so it is regulated by a relatively small number of regulations.

In 1992, the Law of the Russian Federation “On Pledge” was adopted, which established the possibility of a mortgage as a way to secure obligations. The Civil Code of the Russian Federation (Part I) clarified some provisions on pledge (Articles 334–358). In Art. 340 stipulates that a mortgage of a building or structure is allowed only with a simultaneous mortgage under the same agreement of the land plot on which this building or structure is located, or a part of this plot that functionally provides the mortgaged object, or the lease right of this plot or its corresponding part belonging to the mortgagor. And when mortgaging a plot of land, the right of pledge does not extend to the buildings and structures of the mortgagor located or being erected on this plot, unless the agreement provides for another condition.

Real estate registration is the most important function of the state, without the proper execution of which sustainable real estate turnover is impossible, and is regulated by the Federal Law of July 21, 1997 “On State Registration of Rights to Real Estate and Transactions with It.” The actual exercise of the bank’s rights under a mortgage is possible within the framework of the Law “On Enforcement Proceedings”. Certain special rules, which, nevertheless, should be taken into account when concluding mortgage agreements, are scattered under the relevant laws.

In 1998, the Federal Law “On Mortgage (Pledge of Real Estate)” was adopted, according to which, under an agreement on the pledge of real estate (mortgage agreement), one party - the mortgagee, who is a creditor under the obligation secured by the mortgage, has the right to receive satisfaction of his monetary claims to the debtor under this obligation from the value of the pledged real estate of the other party - the mortgagor, preferentially before other creditors of the mortgagor, with exceptions established by law. The mortgagor may be the debtor himself under the obligation secured by a mortgage, or a person not participating in this obligation (a third party). The property on which the mortgage is established remains with the mortgagor in his possession and use (Article 1).

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Theoretical and methodological aspects of the assessment of various real estate objects, its legal and information support, features of operations and transactions in the real estate market, as well as issues of financing real estate investments and mortgage investment analysis are considered. A special feature of the textbook is the presentation of theoretical issues of valuation in the broad context of real estate economics, taking into account the factors of legal regulation of valuation activities. The application of the proposed approaches and methods for real estate valuation is illustrated by a large number of examples. For students and teachers of law and economic faculties, training specialists in the field of land relations, construction and the real estate market, as well as state and municipal administration. It may be useful for employees and managers of real estate and appraisal firms, and investment specialists.

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