Segment Of Real Estate Research Articles

Climate policy uncertainty and its impact on real estate market dynamics: A sectoral and regional analysis.

This study explores the impact of Climate Policy Uncertainty (CPU) on real estate market volatility, utilizing the CPU index to assess how climate policy affects various real estate segments. It highlights the significant impact of CPU on sectors with high energy demand and emissions, such as industrial and residential. A multi-horizon analysis reveals the long-term sensitivity of CPU's influence, with significant sensitivity noted in coastal regions prone to climate risks. The findings provide crucial insights for investors and policymakers, emphasizing the importance of integrating CPU considerations into strategic decision-making for real estate investment.

Functioning of the commercial real estate market in times of war

One of the fundamental factors influencing the state of the commercial real estate market is the changes in key indicators. During the war and after its end, the intentions of Ukrainians and entrepreneurs to invest directly in various business areas will significantly impact their changes. Although the war in Ukraine continues to change the domestic real estate market, the commercial real estate segment - shopping malls, offices, and warehouses - is no exception. Therefore, quite exciting trends have begun to emerge that have changed specific requirements and demands of potential tenants for real estate. A developed commercial real estate market characterizes the level of sophistication of the entire national economy. Commercial real estate plays a vital role in the modern business environment, providing space for various fields of activity. Therefore, the article analyzes the essence and importance of the effective functioning of the commercial real estate market for the country, as it is a much more critical sector of the economy than it might seem at first glance. Given this, a study of the current state of Ukraine's commercial real estate sector was carried out to identify the leading indicators describing the state and situation in the commercial real estate market. Moreover, it will establish the conditions and requirements for the facilities to ensure their continuous development in times of war and uncertainty. For this purpose, the following research methods were used: comparative analysis to establish theoretical aspects, methods of statistical and analytical analysis, systematization and grouping, and situational and systematic analysis of information sources. Not many scholars study the commercial real estate market economy, as consulting companies and analytical agencies mainly deal with it. However, this does not diminish its relevance, as the market's activation and efficient functioning directly reflects our country's economic growth, both now and in the near future, which requires systematic and thorough further research. Keywords: commercial real estate, market, warehouses, offices, shopping and entertainment centers.

The How Changes in Government Programs affected affordable housing- A Case Study of Maharashtra

The Indian real estate sector has evolved significantly in recent years, with millennials playing a major role. Millennials are now the largest demographic group in India, constituting as much as 34% (or 440 million) of India’s overall population and are increasingly becoming homebuyers. Recent surveys revealed that 61% of millennial property buyers in emerging cities are end-users seeking spacious living environments and enhanced work arrangements.[1] This has led to several changes in how real estate is marketed and sold. The buyer goes through a complex decision-making process while buying a house based on several factors influencing consumer buying behavior. This study aimed to explore these factors with a special emphasis on government schemes and regulatory changes in Maharashtra. Primary data collection through comprehensive questionnaires and subsequent data analysis led to a deeper understanding of the impact of government schemes on consumer buying patterns in the real estate segment. Our survey form was sent to approximately 300 people across the country digitally. Collecting consumer responses helped gain important insights across gender, age, and location. The resulting data has helped conclude that government initiatives and landmark regulatory changes have boosted consumers' confidence, leading them to become homeowners.

ІНВЕСТИЦІЇ ЯК КЛЮЧОВА ПЕРЕДУМОВА РОЗВИТКУ РИНКУ НЕРУХОМОСТІ

The article presents the results of a study on a comprehensive approach to real estate investment, focusing on the issues and challenges that affect investment activity. Various problems related to the functioning of the real estate market in Ukraine are analyzed. In particular, the article analyzes the structure of distribution of investors' interests in various types of assets in the Ukrainian real estate market, the structure of investment capital in the construction industry and the scale of investment capital by type of activity for 2018–2022. When choosing a way to invest in real estate, it should be noted that it is important to understand the risks associated with this type of investment and conduct research before making an investment decision. It is worth noting that the state program “eHouse” played an important role in the development of modern mortgage financing. It is substantiated that in order to attract international investors, the Government continues to improve the investment climate by protecting investors' rights and simplifying the procedures for entering the real estate market. International financial institutions and donors provide support to Ukraine in the form of loans for infrastructure projects that have a direct impact on the real estate market, in particular, for the reconstruction of residential and commercial real estate. The authors note that real estate investment in Ukraine has great potential despite the challenges of war and economic instability. The advantages and disadvantages of investing in real estate in Ukraine are clearly illustrated, as it is one of the ways to capitalize with moderate risks and subsequent profits. The main trends in the real estate market in 2024 that will affect investors are analyzed. Commercial real estate, in particular office and logistics space, remains attractive to investors, as do residential projects. In addition, the trend towards sustainability and environmental improvements is also opening up new development opportunities. Since investment is a prerequisite for the development of the real estate market, the catalysts that influence investment in the real estate market have been systematized. Real estate segments are identified, investment prospects and expected returns in each of them are analyzed.

Designing Sharia Property Business Model for Real Estate Segment in PT Wika Realty

Designing Sharia Property Business Model for Real Estate Segment in PT Wika Realty

China’s Capital Formation in the Volatile Time

China’s capital formation is an important theme, which, however, so far received only limited attention of researchers. The purpose of this study is to explore the major characteristics of the uniquely high rate of capital formation, close to 45% of GDP, that for many years has supported growth and structural changes in China. Data show that the official plans to alter the GDP structure by shifting the focus from investment to domestic consumption have not materialized. The shifts in the structure of capital investments demonstrate the country’s modernization strategy and tactics, but they have not led to significant changes in the key macro proportions, so export remains crucial for economic growth and investments. Today, the country concentrates capital expenditures in machine industry and in the advanced branches of manufacturing. The real estate segment experiences financial difficulties, which may cause its GDP share to decline. Shifts in manufacturing investments reflect the focus of the Chinese authorities’ decision-making, as well as their reaction to market signals. Although some proportions and correlation coefficients between profits, revenues and investments by industry remained fairly stable for a long time, the turbulent years of 2020-2022 prompted both declines and revivals in industrial investments with a changed structure. This paper offers an analysis of large statistical material on the sectors of the Chinese economy including manufacturing, its dynamics and structure, thus creating a clearer picture of the Chinese industries’ investment behavior as a way to adapt to new trends or withstand various shocks. The work has its limitations since statistical evidence is available on a smaller set of indicators than that for many other market economies.

Ефективність застосування безпілотних літальних апаратів для підготовчого етапу оціночних робіт

The Purpose. The purpose of the study is to prove the effectiveness of the use of unmanned aerial vehicles for the preparatory stage of evaluation works. In the process of development of modern methods of remote sensing of the territory of populated areas, the problem of using unmanned aerial vehicles for real estate evaluation is gaining relevance. Aerial surveying has been an effective tool for geodetic work, geophysical research and various types of monitoring for several decades. Modern technologies for creating topographic and cadastral plans are based precisely on the use of digital aerial photography materials [Burshtynska H., Stankevich S., 2013]. However, the cost of using airplanes and helicopters for local large-scale shooting is an order of magnitude higher and therefore. an alternative solution is to use UAVs for property valuation. The Methodology. The methodology is based on the need to use UAVs to assess the market value of real estate. The creation of large-scale plans of rural settlements based on data obtained with the help of UAVs is necessary for the design of master plans [Glotov V., Korduba Yu., 2011; Glotov V., Gunina A., 2014]. And this, in turn, is connected with land accounting and setting boundaries in a certain region, as well as the need to assess the market value of real estate. Unmanned aerial vehicles are widely used for aerial photography, as they are an inexpensive alternative to traditional filming from airplanes, helicopters, hang gliders, and satellites. In addition to high economic efficiency, i.e. a tenfold decrease in price, UAVs have additional advantages compared to traditional aerial and space shooting. The Results. The conducted studies prove the importance of using UAVs in real estate evaluation. The purpose of using a UAV is to obtain images of the territory with given characteristics. It is known that aerial photography, as a type of remote sensing of the earth, is an economically and technologically justified way of collecting spatial information, the basis for creating cadastral plans and maps, three-dimensional models of the terrain and terrain [Glotov V., Tserklevych A., etc., 2014]. It is proven that the efficiency of the proposed method exceeds by 36% the traditional methods of real estate evaluation. Scientific Innovation and Practical Significance. For the first time, research was carried out related to the possibility of using UAVs to estimate the market value of real estate. The article proves that the use of unmanned aerial vehicles at the stage of collection and analysis of initial data will make it possible to reduce the cost of determining the geometric characteristics of the object of evaluation by ten times compared to traditional geodetic methods, as well as speed up the process of selecting similar objects for the purpose of building mathematical models determining the market value of the relevant real estate segment. It has been proven that unmanned aerial vehicles have significant advantages compared to traditional methods of filming, namely: the possibility of obtaining ultra-high resolution (units and tenths of a centimeter) on the terrain; the possibility of detailed filming of small objects and small areas where it is completely unprofitable or technically impossible to do it in other ways, for example, in the conditions of urban development; mobility; high efficiency; environmental cleanliness of flights; high economic efficiency (decreasing the cost of work tenfold), etc.

The Impact of Covid-19 Pandemic on Value Migration Processes in the Real Estate Sector

ABSTRACT The COVID-19 pandemic period brings huge uncertainty, especially for the real estate sector. On the one hand, restrictions on the mobility of a population, decline in travel demands, popularization of remote work and education models caused doubts among investors questioning the future of the sector and the functions of real estate. On the other hand, the large supply of cash after the first waves of the pandemic and the upcoming increase in inflation resulted in many investors boldly investing cash in real estate, considering them as assets of stable value. This research aims to analyze the processes of value migration among real estate companies listed on the Warsaw Stock Exchange during this turbulent process. We analyzed the changes in the main drivers of value and the migration rates of the real estate sector based on data for 2018, 2019, 2020 and Q3 2021. The first period of the pandemic is the time of the collapse of the main profitability factors, sales and profitability of sales decline in the entire sector. However, the financial pillars of the analyzed companies are stable and we are not seeing signs of liquidity problems or a significant increase in debt. The second year of the pandemic is a significant reflection of most of the drivers of value, often to levels higher than those observed before the pandemic. Investors seem to remain insensitive to turbulent changes in accounting measures of effectiveness. We observe the relative stability of market measures. The processes of the migration of values from and to the sector do not show significant changes when comparing the periods before and during the pandemic. We observe various intensities of the studied phenomena in various groups of the real estate segment.

Research on the possibility of improving energy efficiency in the hospitality industry

In the structure of commercial real estate, hotel infrastructure facilities occupy a special position due to their dependence on related industries: tourism, both international and domestic, entertainment industry, event organization, business environment development, etc. Also, this industry is most affected by external factors: legal, political, economic, infrastructural, communication, cultural. Trends in the introduction of energy-efficient technologies in the processes of operation and maintenance of real estate objects of the hospitality industry allow to increase their competitiveness and increase the number of transactions. The leaders in the number of investment transactions in the hotel real estate segment for 2022 are traditionally Moscow and St. Petersburg, but the development of domestic tourism gives impetus to increased investment activity in other regions of the Russian Federation. The purpose of the study is to identify the impact of the energy efficiency level on the competitiveness of hotel real estate. Research objectives: analysis of trends in the hotel real estate market, determination of indicators of competitiveness of hotel facilities depending on the type of accommodation, consumer requests and the level of energy efficiency, calculation of the integral indicator of competitiveness of hotel real estate. Research methods: comparison, analysis and synthesis, generalization, expert evaluation method. As a result of the study, the key factors of the competitiveness of hotel facilities are identified and the methodology for calculating the integral indicator of competitiveness is given.

Logistics Centers in Ukraine: Analysis of the Logistics Center in Lviv

The article analyzes the functioning of existing logistics centers in Ukraine. The logistics real estate segment was developed dynamically in Ukraine in the years before the full-scale invasion of Russia. Most logistics complexes are located in the Kyiv region, sometimes in the cities of Kharkiv, Odesa, Dnipropetrovsk and Lviv. Logistics real estate has suffered significant damage since the start of the war, and some warehouses have been completely destroyed. In order to fulfill a coordinating and integrating role in the implementation of logistics operations in the western region of Ukraine, the authors proposed the creation of a powerful regional logistics center in Lviv. The operation of the center will ensure the provision of a full range of logistics services based on the criterion of minimizing the loss of time and money. The authors proposed an algorithm for determining the optimal location of the logistics center in the region. The regional logistics center has been developed, together with its organizational and functional structure and the relationships between its components.

Cyclical capitalization: basic models

The relevance of market cycles is known in the financial markets and in the context of real estate valuations it manifests itself in the estimate of the “exit value” of the Discounted Cash Flow Analysis. The hypothesis that the market cycle has a behaviour very similar to what happened in the past introduces some risks and uncertainty in the estimated value. To allow a more extensive use of cyclical capitalization in formulating value judgments, this paper proposes two methodological adaptations to the original model: the first, based on the presence of a regular market trend; the second based on the hypothesis of irregular market cycles and therefore more representative of the dynamics to which a specific real estate segment is exposed. In the perspective of a more extensive availability of information, data and extra-data, other application areas are also identified on which further investigations need to be developed.

FEATURES OF INVESTMENT IN THE REAL ESTATE MARKET

The aim of the article is to study the interaction between the rental market and the real estate market. They are considered by researchers as separate components of the real estate market in the urban development of Kharkiv. The relevance of the study is to determine the return on investment in real estate. The authors set the capitalization rate for different segments of the real estate market, namely – studya, one-bedroom, three-bedroom apartments. My research is of great importance for the prospects of modern urban economy. The question of the dependence of the rent on the cost of housing and the attractiveness of certain segments of the housing market is determined. An analysis of the cost of rent and sale for each segment and depending on the location. Factors that significantly affect the cost of sales and rent have been studied. Conclusions are made about the sustainable development of the real estate market in the city of Kharkiv and promising areas of investment. A study of the residential real estate rental market in Kharkiv was conducted. Data were collected on rental rates as of February 1, 2022 in all districts of Kharkiv. A study of the market of purchase and sale of residential real estate in Kharkov. The collection of real estate value data as of February 1, 2022 was collected in all districts of Kharkiv. Statistics on average prices in different market segments and are presented in a visual form in the table. The capitalization rate is calculated for hotels, one-room, two-room, three-room apartments. It is determined that the capitalization rate for hotels located in rural areas. Zhukovsky, Gagarin, Odesa, Oleksiyivka is about 23%. Thus, certain facilities are the most attractive for investment in the city of Kharkiv. As a result of the market research conducted by the authors, the interaction in the real estate rental and purchase and sale market within the development of Kharkiv's municipal economy was analyzed. Development trends and directions of perspective investment in each segment of residential real estate and depending on the location are determined.

Industrial Development and Role in the National Economy

The main drivers of construction growth in the future may be road and housing construction programs financed from budgets of various levels, as well as the projected growth of construction volumes in the commercial real estate segments.

Ключові характеристики та структура ринку житлової нерухомості в поточних умовах

The article examines the factors influencing the functioning of the residential real estate sector, the real estate market situation, the competitive situation, and the investment attractiveness of the sector. It is emphasized that the role of residential real estate performs several functions in society, in particular, it satisfies the need for housing, is an object of economic activity, and acts as a mechanism in the implementation of the social policy of the State. The main stages of the formation of the strategy for the development of the residential real estate segment are allocated, it is worth taking into account the behavior patterns and requests of potential customers, in particular: the segmentation of the primary residential real estate market; identification of factors affecting consumer behavior; modeling the process of making a purchase decision: awareness of needs; assessment of financial opportunities; collection and analysis of information; assessment and selection of real estate options; the decision to purchase property; conclusion of an agreement. It is determined that it is expedient to introduce civilized relations between real estate market participants, which is possible by promoting the implementation of legislative initiatives aimed at introducing a housing construction financing model using escrow accounts and ensuring the guarantee of investors' rights regarding real estate objects, which are under construction. The own structure of the residential real estate market and participants in the market process are proposed, according to which the activity of regional markets, which are divided into primary and secondary markets, are indicators of the activity of national residential real estate markets. The subjects of the primary market are investors, creditors, designers, builders, developers, project organizations, construction companies or organizations; concerning the secondary market - realtors, brokers, appraisers, sellers, tenants. In addition, groups of market participants are allocated, in particular group 1 – professional participants working on a commercial basis; group 2 – analysts on the residential real estate market; group 3 – insurance companies, notary offices, law firms, mortgage banks, land resources fund, property rights registration bodies, real estate assessment agencies, technical inventory bodies, judicial bodies.

RESEARCHING THE RATE OF PROFIT FOR REAL ESTATE IN THE CITY

The purpose of the article is to conduct research on the value of different segments of residential real estate in the city economy, rental rates. Based on this, determine the rate of return on the location of each investigated segment of real estate. The researches of the residential real estate market of the city of Kharkiv on the certain areas are carried out. The market value of one-room, two-room, and three-room apartments is calculated. The cost of rent for one-room, two-room, and three-room apartments is determined. Studies have been conducted and the rate of return calculated in relation to the location of each of the segments of residential real estate. Conclusions are made about the prospects for the development of the residential real estate market in the city economy, options for investing in real estate in the city and the best return on real estate. Today, the problem of profitability research when investing in different segments of real estate and real estate that differ in location is very relevant. Determining the rate of return or rate of return is possible using the approaches used in valuation and using valuation techniques and procedures. The problem of investing is important for business development. Current issues are - in what area to invest and how to get the maximum profit. It is very important for business owners and ordinary citizens to know the amount of profit that can be obtained. Real estate investing is an important and profitable project to save and increase your own resources. Today, there are several methods for assessing the effectiveness of investment. One of them is to determine the rate of return on each of the investment options. The problem posed in the work is the search for locations for investment within the city of Kharkiv with the maximum profit. As a result of research it was established: the average cost of 1 - bedroom apartments = $ 32,564; the average cost of 2 - bedroom apartments = 48385 $; the average cost of 3 - bedroom apartments = $ 65,849; average rent = $ 7; average selling price of 1 sq. km. m = $ 849; average rate of return = 10%. The minimum rental price per 1 sq. кm. m. in the areas of HTZ, Rogan, the village of East - $ 5, and the maximum cost in the areas of Center, Nagorny, Derzhprom - $ 10. Thus we see that those areas of the city in which the rate of return exceeds the average in Kharkov. Thus, the most favorable areas for investment are the areas of the beginning of Gagarin Avenue - 11.29%; Central Market, South Station - 12.36%; Zhukovsky, Shishkovka - 11.34%; Novozhanovo, Moskalivka - 11.76% and Saltivka - 11.17%.

Development of a Methodology for Assessing the Technical Level of Cultural Heritage Objects in Construction

Cultural objects (building and construction) that are considered as the most valuable segment of real estate in terms of historical heritage usually evaluated only by monetary aspects. Not concreteness of the approaches to the determination of the historical heritage objects leads to the fact that its original value often remains unread, the assessment has subjective character, reflects the values of certain time frame and place. Therefore, for the purpose of determination of value of the historical heritage objects, there is need for the creation of the unified classification system of their assessment. Thus, this research is considered to be very relevant. The paper investigates intangible factors that affect the evaluation of cultural heritage objects in construction. In the work a system of value indicators, which take into account not only tangible indicators but also the intangible value of cultural heritage objects, has been developed. Developed indicators system makes it possible to evaluate the historical and cultural value of real estate objects quite objectively on the contrary to common methods which deal only with monetary aspects of market price of such objects. A methodology for a comprehensive evaluation of cultural heritage objects has been formed as well. This methodology is based on both the traditional comparative approach and the system of value indicators. As a result, suggested integrated approach has been proven to provide fair evaluation of both the tangible and intangible characteristics and improve the quality of cultural heritage objects assessment process. Doi: 10.28991/cej-2021-03091680 Full Text: PDF

COVID-19\u2019s impact on real estate markets: review and outlook

As symbolized by vacant office buildings, empty shopping malls and abandoned flats in metropolitan areas, the new coronavirus disease 2019 has severely impacted real estate markets. This paper provides a comprehensive literature review of the latest academic insights into how this pandemic has affected the housing, commercial real estate and the mortgage market. Moreover, these findings are linked to comprehensive statistics of each real estate sector’s performance during the crisis. Finally, the paper includes an outlook and discusses possible future developments in each real estate segment.

The applicability of FCFF method evaluating an enterprise of Real Estate segment

The article aims at evaluating a specific enterprise of the Real Estate segment using FCFF (Free Cash Flow to Firm) method. This technique determines the company’s value through free cash flows. Enterprise valuation presents a distinct discipline requiring appraiser’s deep understanding not only of the evaluated enterprise but also other external decisive influences. The theoretical part focuses on calculation procedures using The CAPM (Capital Asset Pricing Model) model quantifying separate variables that determine discount rates. The suggested technique deals with specific financial data of the company and is applicable in evaluating small and medium-sized enterprises.

Dynamics of commercial real estate market segments in the post-pandemic period

Research background: Commercial real estate segments have reacted differently to the effects of the coronavirus pandemic, announced early last year. Thus, the greatest interest is represented by commercial, service and warehouse real estate. The retail segment seriously felt the restrictions in the work of retail and service enterprises from March to July 2020 – due to the rotation of operators, the departure of many players from the market, the vacancy rate of space increased, the average rental rate decreased due to the revision of lease agreements. Warehouse real estate, on the contrary, has received incentives for development due to a twofold increase in online trade in Russia – the vacancy rate in the most high-quality areas tends to 0-2%, the average rental rate is growing rapidly. Purpose of the article: to analyze the commercial real estate market in the context of retail and warehouse real estate in the regions of Russia and St. Petersburg, to develop mechanisms to increase their competitiveness in the postcovid period. Methods: description, comparison, analogy, generalization and correlation and regression analysis. Findings & Value added: there is a high dependence of the current state of retail and warehouse real estate on the growing volumes of online trade, which causes certain trends: the growth of the shortage of warehouse space and the increase in the vacancy rate of retail space-mechanisms have been developed to increase the competitiveness of commercial real estate operators in St. Petersburg and the regions

RESEARCH OF THE MARKET OF MINI APARTMENT

The purpose of the article is to investigate the development of a new segment of the real estate market in urban development projects. The definition of a mini apartment - the gostinka. The analysis of the world market of mini-apartments is carried out. There are questions of living of different social groups in society in mini-apartments. A classification of mini-apartments has been developed. Factors significantly affect the cost of a mini-apartment. Conclusions are made about the future market of mini-apartments in the city economy The development of the market of mini-apartments can be considered as a new social phenomenon. Many social groups have access to the purchase of a mini-apartment. The residential real estate market is in a difficult stage now. The economic crisis has had a strong impact on stakeholders. The market of mini-apartments in Ukraine is a new and currently unexplored social phenomenon. The market of mini-apartments is of great importance for urban development and has high uncertainty in further development. Therefore, the development of the market of mini-apartments poses many problems for urban development in the future Today in Ukraine in the real estate market of Kharkiv increased activity in such a segment of real estate as mini-apartments. The results of the research show that the cost range of 1 sq.m. for such objects is very large and ranges from 300 to 1000 US dollars. Which is 2 times lower than the average market prices for typical apartments. Let's analyze the primary and secondary markets of mini-apartments. The houses in which the mini-apartments are located can be characterized. Mini-apartments in reconstructed houses are of great interest to stakeholders. Here they are much lower than their cost. Mini-apartments are now actively bought by the following social groups and categories of people. Mini-apartments in reconstructed houses are of great interest to stakeholders. Here they are much lower than their cost. The classification of mini-apartments was carried out according to the parameters that significantly affect the prices in the studied segment. They can increase or decrease the market value of such real estate. The price is significantly affected by such a parameter as the ratio of total and living space. The author proposes factors that affect the cost of mini-apartments. Thus, in Ukraine, the market of mini-apartments (hotels) arose and developed due to the unstable economic situation, the devaluation of the hryvnia and declining incomes. Today, renting apartments is expensive, so mini-apartments are the best option for affordable housing. Many people buy mini-apartments as temporary housing. This segment of real estate has a fairly high profitability for investors. The cost of 1 sq m of mini apartments depends on the investment attractiveness of the regional center. Market research and excellent characteristics of mini-apartments. In large cities of Ukraine, especially in Kyiv and Kharkiv, the number of mini-apartments under construction is growing. The analysis of the market showed that such apartments are in demand among stakeholders today. Factors increasing demand for mini-apartments. Conclusions. 1. The researched market of small-sized housing can be considered as a new social phenomenon in large cities of Ukraine. The question of a new segment of the real estate market in urban development projects is highly relevant 2. In Ukraine, the market of mini-apartments (hotels) has emerged and is developing due to the unstable economic situation, the devaluation of the hryvnia and declining incomes. The cost of 1 square meter of mini-apartments depends on the investment attractiveness of the regional center. 3. The whole market of mini-apartments (hotels) in large cities of Ukraine is actively developing. In Kharkov, in most cases, buy small apartments for further rent. Keywords: real estate market, mini apartment, gostinka, studio, classification of mini apartments, social groups in society, factors influencing the value, municipal economy.