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Жилищная экономика


Читается: 
1-2 модули 3 курса

Пререквизиты: knowledge of corporate finance, micro- and macroeconomics, some notion of mathematics and statistical methods.

Трудоемкость: 5 кредитов

60 аудиторных часов:

  • 20 часов лекций; 
  • 40 часов семинаров.

Формы контроля:

  • экзамен,
  • 2 теста,
  • домашние работы.

Преподаватели

Холодилин Константин Аркадьевич

Департамент экономики: Профессор

О курсе

Dual nature of housing: investment asset and consumer good. 
Choice between own and rented housing: user cost of housing (transaction costs, mortgage payments, maintenance, property taxes, and capital gains).
Methods of real estate valuation/appraisal: 1) cost approach, 2) income approach, and 3) direct comparison approach. Hedonic regression as a property valuation method (input data and methodology). A special case of hedonic method: Case and Shiller approach.
Mortgage loans and investment: Pros and cons of loans for owner-occupier: own and borrowed capital; fixed vs. variable interest rates; importance of principal payments; refinancing. Investment: portfolio approach, real estate funds and REITs.
Government regulations: 1) macroprudential policies (restrictions on the bank capital - Basel Capital Accord; restrictions on the borrowers - loan-to-value ratio, debt-to-income ratio, etc.); 2) rent controls and protection of tenants from eviction; 3) tax treatment of real estate property (interest subsidy, taxation of imputed rent for owner-occupiers; stamp duty and annual property tax; housing allowance, etc.).

Аннотация дисциплины

 

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