The Development of a Residential Real Estate Market in Russia

The housing market in Russia has shifted from one in which the government produced most housing units to one in which the private market produces most units. This research examines the state of the housing market in the Tomsk region, located in the center of Russia. Because of the lack of functional mortgage markets, families must save enough money to finance the full purchase price of the housing unit. This research determines how much savings is available for a typical Tomsk family and how long it will take them to save enough money to buy a housing unit.