Behavioral aspects of the real estate shadow market

TERRA ECONOMICUS, , Vol. 11 (no. 2.3),
p. 9-15

The article discusses the financial and behavioral interpretation of the existence of the shadow of the residential property markets and provides an explanation of the nature of such in-vestments. Sociological data show that financial constraint is available from the housing show only 44.4% (of respondents USA, EU) and 25.1% (modeling, the situation on the local market of Russia - Rostov region) the reasons for the refusal from sales of own responsibility, and three documented behavioral reasons account for a large part of such refusals. Because the demographic characteristics of the respondents may have a significant impact on the shadow markets, the work they were has-optimized as additions to the three behavioral reasons.

Keywords: residential investment; shadow market; financing housing investment; cognitive errors investors; «awareness»; «deviation towards the status quo»; «false benchmarks»

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Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606