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Authors: Dr. Nikolai Siniak, Associate professor of Belarusian State Technological University, E-mail: [email protected]@tut.by Prof. PhD. DrSc. Arturas Kaklauskas, Dr. Uladzimir Valetka
THE IMPACT OF THE ECONOMIC CRISIS IN THE DEVELOPED COUNTRIES ON THE REAL ESTATE MARKET AND PUBLIC SECTOR IN THE TRANSITION ECONOMIES – A BELARUSIAN AND LUTHIANIAN CASE STUDY
European construction crises macro and micro-economic effects (Detemmerman, 2009):
Macro-economic effects: The situation varies significantly from country to
country (initial market state and long term trends, real estate market corrections, effects of the financial crisis, effects of the overall recession, effectiveness of governmental recovery measures).
Economic downturn has a delayed impact on the construction sector.
Redundancies. Negative impact on the "sustainability" trend?
Micro-economic effects: Tightened credit conditions. Downgrade with regards to credit
insurance. Funding of projects at risk. Cancellation and postponement of orders. Increasing late payment by clients. Risk of “cascading bankruptcies”
throughout the supply chain.
IN THE PERIOD BETWEEN 2001 AND 2008, THE GROWTH OF LITHUANIA’S GDP AND PERSONAL INCOME MADE A POSITIVE IMPACT ON INFRASTRUCTURE INVESTMENT AND PRIVATE CONSTRUCTION ACTIVITIES
Gross value added - Construction, Percentage of total
0
2
4
6
8
10
12
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
EU (27 countries) Lithuania
Construction - gross wages and salariesIndeks (2000=100)
100150200250300350400450500550
2006
q01
2006
q02
2006
q03
2006
q04
2007
q01
2007
q02
2007
q03
2007
q04
2008
q01
2008
q02
2008
q03
2008
q04
United Kingdom EU (27 countries) Lithuania
90
100
110
120130
140
150
160
17020
00M
01
2000
M07
2001
M01
2001
M07
2002
M01
2002
M07
2003
M01
2003
M07
2004
M01
2004
M07
2005
M01
2005
M07
2006
M01
2006
M07
2007
M01
2007
M07
2008
M01
2008
M07
2009
M01
Mo
nth
ly C
IPI
as c
om
par
ed t
o 2
000
Residential buildings Non-residential buildings
Index, 2000=100, Percents
0
100
200
300
400
500
600
2000
Q1
2000
Q3
2001
Q1
2001
Q3
2002
Q1
2002
Q3
2003
Q1
2003
Q3
2004
Q1
2004
Q3
2005
Q1
2005
Q3
2006
Q1
2006
Q3
2007
Q1
2007
Q3
2008
Q1
2008
Q3
2009
Q1
Number of granted permits for new residential buildings in Lithuania
Index of new construction starts in USA
Construction production, Index, 2005=100, Percents
80
90
100
110120
130
140
15019
99M
12
2000
M07
2001
M02
2001
M09
2002
M04
2002
M11
2003
M06
2004
M01
2004
M08
2005
M03
2005
M10
2006
M05
2006
M12
2007
M07
2008
M02
2008
M09
LT EU27 UK
Construction cost - new residential buildings, Index, 2000=100
90,00100,00110,00120,00130,00140,00150,00160,00170,00180,00190,00
2000Q
1
2000Q
4
2001Q
3
2002Q
2
2003Q
1
2003Q
4
2004Q
3
2005Q
2
2006Q
1
2006Q
4
2007Q
3
2008Q
2
EU (27 countries) Ireland Lithuania United Kingdom
-70
-60
-50
-40
-30
-20
-10
0
10
20
30
2001-0
5
2001-1
0
2002-0
3
2002-0
8
2003-0
1
2003-0
6
2003-1
1
2004-0
4
2004-0
9
2005-0
2
2005-0
7
2005-1
2
2006-0
5
2006-1
0
2007-0
3
2007-0
8
2008-0
1
2008-0
6
2008-1
1
2009-0
4
Consumer Confidence I ndicator
EU Sweden UK Lithuania
The Lithuanian housing affordability index, compared to countries of Western Europe, was usually the lowest; it managed to exceed 100 only in the period between 2001 and 2004, when the conditions of credit taking improved and before the rapid growth of housing prices started. In 2005, growing housing prices caused the affordability index to fall again; in 2007, its value was only 63 and was the lowest among all 8 compared countries. However, the housing affordability index began to grow once again in 2008, when housing prices started falling and income was still increasing. In March 2009, this index was equal to 75.9. Despite dropping incomes and worsening loan conditions, the housing affordability index might continue growing in Lithuania in next years due to falling housing prices.
50
75
100
125
150
175
200
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Q1
Housing Affordability Index
Spain I taly France Lithuania
Collapse of companies or firms is part of our reality. The situation is determined both by financial tension and other types of tensions in society and government, and it may affect international community as well. Though attempts are made to forecast and recommend action plans for cases of threatening bankruptcy, collapses of organisations spread from sector to sector and from country to country uncontrollably. Scientists (Marwa and Zairi, 2008) studied documents of 120 companies involved in various activities, which collapsed in the period between 2000 and 2007, and looked for similarities or differences in activities of top managers. Six of the companies operated in the construction sector.
The specified reasons of their failure could be described as follows:
Group 1. Reasons that could be described as internal: accounting errors, discrepancies with calculations, poor construction quality, internal disputes, contract prices blown out of proportion and lack of integrity in project management;
Group 2. Impact of immediate (micro) environment: unsuccessful merger, rapid expansion, big receivables, failure to meet deadlines, big operating expenses;
Group 3. Effect of macro environment: falling sales, competition, financial barriers.
Housing starts in Sweden, USA and Lithuania declined sharply during the crisis
The competitiveness of Belarus substantially depends on the development of the building and real estate sector. The role of building branch in economy of Belarus have been increasing lately – specific gravity of building in GDP has made 9,8 % in the first quarter of 2009 . The branch realizes a considerable part of investment activity of a national economy.
GROSS VALUE ADDED AT BASIC PRICES
Construction, %
2001 2006
Republic of Belarus
Spain 8,9 12,2
Ireland 7,8 10,0
Lithuania 6,0 8,6
Estonia 5,6 8,0
Greece 8,4 7,6
Czech Republic 6,3 6,8
Sweden 4,4 5,0
INVESTMENTS IN A FIXED CAPITAL, bln rbl.
1 quarter 2008
2 quarter 2008
3 quarter 2008
4 quarter 2008
1 quarter 2009
jan-may 2009
0
2000
4000
6000
8000
10000
12000
14000
16000
В основной капитал
В строительно-монтажные работы
INVESTMENTS IN A FIXED CAPITAL, %
1 quarter 2008
2 quarter 2008
3 quarter 2008
4 quarter 2008
1 quarter 2009
116
118
120
122
124
126
128
119,7 %
126,6 %
122,1 %
123,4 %
120 %
So, for January-March 2009 as a whole in republic was used 8049,8 billion rbl. of investments in a main capital, provided rate of growth of investments at the level of 120 % (with the forecast for 2009 123-125 %).
It is obvious, that state bodies consider this branch to be the locomotive of growth of the national economy in the conditions of decrease in business activity
Let's remind, that according to the Decree of the President of Belarus №291 from June, 3rd, 2008, 23,5 million sq. m of a total area of habitation.
HABITATION BUILDING, mln sq. m
2009 2010 20110
2
4
6
8
10
12
67.5
11
To realize the intended plans, it is necessary to involve considerable investments in building and the industry of building materials.
Thus it is necessary to realize, that such extensive requirements for investments and priority allocation of resources in building will occur to some extent at the expense of other branches and kinds of activity. It will increase the risk of diversification growth delay of the national economy and disbalance increase.
With the purpose of given risks compensation it is necessary to accomplish the investments into its development during the branch management taking into account the changes of economy requirements in the future. In other words, the sector should develop on an innovative basis so that investments carried out today wouldn’t restrain economic growth in the future.
The decision of the assigned problem, as well as transition of the whole economy of Belarus to an innovative way of development requires the development of both branch, and general, horizontal mechanisms of stimulation and activization of innovative activity at the enterprises. The financing mechanism of innovative activity at the expense of innovative funds means which has been developed since 1996 allows to increase a share of new production, however only at the expense of the centralized deductions included in the cost price of production. As a result the possibility of innovations financing is reached at the expense of decrease in the general competitiveness of production.
Y = 1118,9 + 17,8· X1 – 11,5 · X2 X1 –inflation X2 –salary
Dependent Variable: DWELLINGS__TH_M2
Method: Least Squares
Date: 06/23/09 Time: 23:06
Sample: 2006Q1 2009Q1
Included observations: 13
Variable Coefficient Std. Error t-Statistic Prob.
INFLATION_RATE 17.78768 9.178166 1.938043 0.0813
WAGE_GROWTH_RATE__PREV_Y -11.47873 7.109854 -1.614482 0.1375
C 1118.925 162.9662 6.865997 0.0000
R-squared 0.607616 Mean dependent var 1171.315
Adjusted R-squared 0.529140 S.D. dependent var 145.0907
S.E. of regression 99.56018 Akaike info criterion 12.23858
Sum squared resid 99122.29 Schwarz criterion 12.36895
Log likelihood -76.55074 F-statistic 7.742632
Durbin-Watson stat 2.377269 Prob(F-statistic) 0.009302
At that stage of development funds have lost in many respects the function of R&D support which was one of the main at their creation. Following the results of 2007 170,3 billion rbl. or 9,6 % from the general size of the used funds means was turned to financing of scientific researches and works on preparation and development of new kinds manufacture of high technology production
THE GENERAL SIZE OF THE USED MEANS, billion rbl.
2005 2006 20070
20406080
100120140160180200
2. ГЕОРЕЙТИНГ КАК ИНТРУМЕНТ ДИАГНОСТИКИ
УНИКАЛЬНОСТЬ ИССЛЕДОВАНИЯ ВОЗМОЖНОСТИ СОЦИОЛОГИИ
•Впервые поставлена задача изучить ресурсы массового инвестирования РФ с разбивкой по регионам.•2006 год – начало формирования социальной базы массового инвестирования. «Схвачен момент» зарождения массового инвестиционного сословия.•Опросами охвачено 1930 населенных пункта.•Население исследуемых регионов - 94% населения страны.•Объем выборки – 34000 респондентов.•Выборка репрезентативна для населения каждого из 68 субъектов РФ и для России в целом. •Статистическая погрешность по России в целом – не более 1,0%.
ГЕОРЕЙТИНГ – ЭТО ОПРОС НАСЕЛЕНИЯ РФ, КОТОРЫЙ СКЛАДЫВАЕТСЯ ИЗ 68 РЕГИОНАЛЬНЫХ ОПРОСОВ. ДАННЫЕ РЕПРЕЗЕНТАТИВНЫ КАК ДЛЯ СТРАНЫ В ЦЕЛОМ, ТАК И ДЛЯ КАЖДОГО ИЗ РЕГИОНОВ.
Исследование малых групп, формирующих «инвестиционную моду».
Инвестиционная география: создание атласа инвестиционных настроений РФ, учет специфики регионов.
Изучение стратегий инвесторов, каналов влияния и коммуникации.
The Council of the Republic of the National Chamber of Representatives of Belarus have adopted Draft Law ”On
Mortgage". It remains to be waited for the President to sign the Draft Law.The Draft Law lists grounds for mortgage emersion , as well as property to be covered by it, engagements and requirements secured by mortgage. The Draft Law specifies the notion of mortgage deed as a security.
Situation with mortgage in Belarus
The absolute majority of current buyers in Europe take loans to buy housing. The term of mortgage loans varies between 30 to 40 years.
ONE OF THE MOST IMPORTANT OBLIGATIONS OF A PLEDGER CONSISTS IN THE FACT THAT SUCH PLEDGER IS OBLIGED TO INSURE A MORTAGE OBJECT. IN SUCH CASE AN INSURANCE POLICY SERVES A WARRANTY IN THE EVENT OF SUCH MORTGAGE OBJECT DAMAGE OR LOSS.
This Draft Law will enhance opportunities for citizens in purchasing dwellings, procure development of the construction sector, promote banking business. Specifically, a mortgage object may be real estate to be considered by lawmakers in future since as on a mortgage agreement date it is not considered to be created. For instance, such situation emerges when a dwelling is being built, but a pledger has no property yet, since it has not been created yet.Mortage is called up to become one of the tools to mobilize funds to all branches of the national economy and in the first turn to the residential housing sector.
The Draft Law also provides for such aspect as an opportunity for mortgaged property to be recovered both in a judicial and extra-judicial procedure in the event of a failure to pay debt.Besides on the same day the Council of the Republic of the National Assembly of Belarus approved the law allowing the creditor to take recourse upon a house or a flat in the event of a failure by a borrower to comply with mortgage obligations. The Code of Civil Procedure of Belarus is added with a provision provides an opportunity to take recourse upon a borrower’s house or flat in the event that such borrower fails to comply with mortgage obligations
The mortgage rate is equal to 8-9% p.a. in USD
31
SHARE OF MORTGAGE TRANSACTIONS IN THE HOUSING MARKET
Покупка жилья
Строительство жилья
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Объем сделок
Сделки с привлечением кредитов банков
Housing construction
Housing purchases
Scope of transactions
Transactions with mobilized bank loans
32
LOAN RATES
Currently loan interest rates under loans for housing purchasing are varying between 11 to 19% per annum and in average are equal to 14-16% p.a. The rate equal to 12-15% in foreign currencies and 16% in BYR should be considered typical for the market. Interest rates offered by Belarusian banks two-three times exceed those existing in countries with developed mortgage lending systems. For comparison purposes: in the U.S.A. a 15-year mortgage loan is equal to 2-4%, in Baltic countries - 3,3-3,5%.
OF APPROXIMATELY 30 OPERATING BANKS ONLY AROUND A DOZEN ARE RENDERING SERVICES RELATED TO EXTENDING LOANS TO INDIVIDUALS FOR HOUSING PURCHASING OR BUILDING (SEE THE TABLE). AS AT 7 MAY, 2008 BELARUSIAN BANKS OFFERED REAL ESTATE FINANCING UNDER THE FOLLOWING TERMS AND CONDITIONS
Bank Loan sizeLoan
currency
% (annual
)Period Loan security
Belagroprombank Open “Joint Stock Company
Up to 90% of the total value
BYR 16* and 18 Up to 20
years2 guarantorsя, real estate pledge, incl. purchased (built) one
USD 13
Belpromstroibank Open Joint Stock Company
Up to 90% of the total value
EUR 11* и 12
Up to 15 years
2 guarantors, real estate and other pledge, security depositBYR 15* and
16
USD 12* и13
Belarusbank Open Joint Stock Company
Up to 75% (in BYR); 90% (in foreign currencies.) of the total value
BYR 14* и 17 до 15 лет
Guarantors, real estate pledgeUSD 13* и
15 до 10 лет
Belinvestbank Open Joint Stock Company
Up to 80% of the total value
EUR 10* and 11
Up to 15 years
Surety cash deposit, property pledge, surety, warranty, risk insurance by the lender, etc..
Bfnk
OTHER BELARUSIAN BANKS
Belvnesheconombankpen Joint Stock Company
up to 70% of the total value
EUR 12,5
up to 15 years
Guarantors, real estate property pledge, гsecurity deposit
BYR СР+4,5-5
USD 13,5-14
Belrosbank Closed Joint Stock CompanyUp to 90% of the total value
USD
12-15
Up to 20 years
Real estate property pledge when purchasing housing;;uarantors. Lending without income certificates.
Belagroprombank Open Joint Stock Company
Up to 80% of the total value
EUR 11,5-13,5
Up to 15years
Surety by individuals, pledge of purchased real estate.
USD 13-14,5
VTB Bank (Belarus)Up to 90% of the total value
EUR 12,25 and 14
Up to 20 years
Pledge, surety by individuals, lending with and without income certificates.
BYR 16 and 18
USD 12,75 and 14,5
Bank Loan size Loan currency % (annual) Period Loan security
Major forms of loan and interest repayment security are sureties by individuals and legal entities , pledge of purchased housing, pledge of real estate or another property available, as well as pledge of legal claim on a flat being constructed with further pledge of purchased property. This significantly reduces loan debt risk.
For instance, in 2001 housing loans on easy terms amounted to BYR 210 bln. . As at 1.09.2003 housing loans balance in the banking system amounted to BYR 632,8 bln. . In 2004 housing loans amounted to BYR 862,4 bln. , in 2006 this figure was almost twice as much, or around BYR 1.650 bln., of which BYR 1.490 bln. fell on easy- term loans. As compared to 2000 in the foreign exchange equivalent loan volume growth amounted to approximately 500%, and 200%. In respect of their purchasing power. It should be stated that loan demand has been always growing concurrently with housing price growth (as in recent months) and reducing concurrently with some price stabilizing (as in the first half of 2004 .).
for 2007 - BYR 2.194 bln. Loans for housing purposes.Of them 76% on easy terms, the rest 24% - conventional loans.
Of this 76% the Exhibition tended: rural individuals – 5%, families with many children - 17%, young families 10-12% , and the rest – on a common basis. It is true that currently in Minsk loans are extended to those who queued them in 1986-87, in provinces – somewhere in 2005-2006..
Volume of extended mortgage loans, BYR bln. (data provided by the Central Bank of the Russian Federation)
6 3 9 11 21 24
5477
10882
121
161
193
151
0
40
80
120
160
200
240
Summary of Mortgage Lending in Russia
Extended Mortgage Loans, BYR bln..(in 2007prices)
0500
100015002000250030003500400045005000
2008 2010 2020
На балансах банковских организаций СекьюритизацияIn balance-sheets of banking institutions
Securitization
DYNAMICS OF MORTGAGE LOAN INTEREST RATES
RUB loan interest rate Foreign exchange interest rate
SITUATION IN THE HOUSING SECTOR OF THE REPUBLIC OF BELARUS (ACCORDING TO DATA THE STATISTICS AGENCY)
The housing space of the Republic of Belarus equals to over 223 mln. sq.м. Currently the share pf private housing space is over 75% .
In 2006 45,6 thou. Flats were built. An average flat size is around 89,7 м2. . Annually there are built around 15% of one-room flats, 28% of two-room flats, 37% of three-room flats and 20% of four-room and over flats.
Currently Minsk is inhabited by around 16% of the country’s total population (over 1,7 mln. people), or every fourth inhabitant of the country. The population density is 6,7 thou. People per 1. кm2.
Annually around 0,4. м2 of total housing space is built per each inhabitant of the country.
HOUSING SPACE IN BELARUS According to international standards the annual volume
of housing real estate should be maintained on a level equal to 1 sq.m. per person.
Belarus is inhabited with 10 mln. People , hence it is required to annually build around 10 mln. Sq.m. and this figure is scheduled to be reached by 2011 (in 2008 г– around 5).
In order to reach the U.S.A. housing figure Belarus is required to additionally build approximately over 400 mln. sq.m. of living area.
The Government is planning to annually build 8-10 mln. sq.m. of housing area. This means that 65 sq. m. of housing area per person will be built approximately inз 45 years (к 2053 ).
74
6562
5553 52
46 43
37 3633 31 30
3028
22,7 22,621,5 21
0
10
20
30
40
50
60
70
80
Обеспеченность населения жильем (кв. м. на 1 человека)
The Netherlands, USA, Great Britain, Belgium, Luxemburg, Denmark, Germany, Sweden, France, Portugal , Ireland, Japan, Bulgaria, Hungary, Poland, China, Belarus, Russia, Ukraine
Government –supported housing construction in 2005 averaged USD per 350-370 per 1 m2. For individuals in housing line in 2007 the cost of such construction with individual share will average around USD 460–470 per 1 m2, and in the near future it is expected to exceed USD 550–600 per 1.m2.
Currently new housing in Minsk is sold at market prices equal to USD 1700–2200 per 1 m2 .
In this way an average 67 sq.m. flat will cost USD 21,5–25,0 thou. while its market value is USD 65–87 thou.. Easy-term housing is planned to be up to 80%, the rest 20% will be commercial housing. In order to save money for building a cheap two-room flat a Belarusian family of three persons with monthly income equal to USD 500 will need 46 years. (Such family of three persons should monthly spend at least USD 450. Let us assume that the remaining USD 50 the family would place in a bank to save USD 600 a year. Therefore the family will need 46 years to buils a two-room 60 m2 flat at the cost of USD 460–470 per 1 m2). Hence, even in case of Government-supported housing construction for many individual s such housing will remain to be unpurchaseable.
HOUSING AVAILABILITY IN MINSK (THE COST GROWTH OF SQ.M. IN MINSK AVERAGED BY 32,8% A YEAR, WHILE AVERAGE WAGES GREW BY 26.3%)
Average cost of 1sq.m.
2002 г. 2003 г. 2004 г. 2005 г. 2006 г. 2007 г. 2008 г.0
200
400
600
800
1000
1200
1400
1600
1800
2000
106.7 123.5 162.3218 255
360424.8
366
456
692
1011 1082
1600
1915
Growth of average wages and average cost of 1sq.m. in Minsk in 2002-2007and forcast for 2008
Average salary (USD)
Average cost of 1sq.m.(USD)
HOUSING AVAILABILITY IN MINSK REDUCES WITH EVERY YEAR
2002 г. 2003 г. 2004 г. 2005 г. 2006 г. 2007 г. 2008 г.
0.000
0.050
0.100
0.150
0.200
0.250
0.300
0.350
0.292
0.271
0.235
0.216
0.236
0.225
0.222
Housing availability in Minsk in 2002-2007 and prognosis for 2008(Amount of sq.m. which the average inhabitant of Minsk can get for the salary)
Only 15–20% of Belarusians have enough funds to build housing without any external aid, and а wages of a Belarusian builder are 6 times lower as compared to his Polish colleague .
ПОМОЖЕТ ЛИ ИПОТЕКА?Average interest rates existing in the secondary market
BYR
Foreign currencies
0
200
400
600
800
1000
1200
1400
1963
1965
1967
1969
1971
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
Цены на дома
Персональные доходы
ВВП на чел.
Price per 1 sq.m.
Wages
GDP
DYNAMICS OF GROWTH OF PRICES, GDP AND INCOME IN BELARUS
Price per 1 sq.m.
GDP
Wages
DYNAMICS IN PRICE CHANGES PER 1 SQ.M. IN MINSK
1100
1300
1500
1700
1900
2100
10.1
0.20
06
28.0
4.20
07
14.1
1.20
07
01.0
6.20
08
18.1
2.20
08
06.0
7.20
09
22.0
1.20
10
1-room flat
2-room flat
3-room flat
4-room flat
New building flats in Minsk are offered at commercial prices equal to from USD 1600 to 2500 per sq.m. Share construction average price in Minsk amounts to USD 2020 per. м2 (in May 2006 it wasUSD 1050 per. м2).
Kiev: average price in the secondary market is equal to USD 3528 per м2 (since early 2008 it grew by 6,74 %, since January 2007 - by 21,8 %.) The average price for flats in the primary market in Kiev is lower as compared to the secondary market and amounts to USD 2710 per м2.
Moscow: average price in the secondary market isUSD 4697 per . м2 (it grew since beginning of 2008 by 5 %, since Januaryя 2007- by 11 %. ). These data were collected from real estate website Realt.by.
MAJOR TRENDS IN THE REAL ESTATE AND MORTGAGE MARKET IN 2008
The mortgage crisis in the world insignificantly affected prices in Belarus. It was mainly due to availability of loans and low interest rates. Surety institution in Belarus is a good defence mechanism protecting from global financial crises.
In connection with the world financial crisis interest rates under mortgage loans extended by foreign and commercial banks will further incraese.
Only support from the part of the Government (amendments in respective laws, favourable investment climate, loans on easy terms extended to the building industry,etc.д.) will help Belarusians have worthful housing conditions.
In the event of insufficient demand insignificant growth in prices for real estate will occur in all cuities and towns of Belarus preserving by the end of 2008 .
ADVENT OF INVESTMENT ESTATE• home-saving system crisis
Challenges
Dollar depreciation.
High prices in the real estate market.
Low deposit interest offered by banks.
Growth in prices, tariffs, inflation expectation.
2 alternatives
Lack of efficient mortgage system.
Investing promotion
Mass development of consumer lending and mortgage.
Consumer boom
InvestingExample by individuals who bought real estate and equity stock.Elimination of financial illrteracy and financial experience.
Key issue for households – chice between consumption and investing
Communication developmentации: financial elite – the population.
Availability of financial instruments, adequate to demand by individuals.Interest of issuers in mass shareholder asdvent.
Deposits: So far the only reliable mechanism for investing small family capital
Public approval of purchasing securities, «order of the day».Restrictions for small-scale
business development. Investing promotion in mass culture.
Problems of growth of innovative activity in building are common for European countries.
In the future it can become the reason of labour productivity decline and delay of growth of quality of a life of the population. In particular, scientists notice, that labour productivity in building sector grows in 2,5 times more slowly, than in other branches of economy.
LABOUR PRODUCTIVITY IN BUILDING SECTOR
Категория 1 Категория 2 Категория 3 Категория 40%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Ряд 3Ряд 2Ряд 1
Besides this innovative decisions of a problem of processing of the firm waste formed in the EU countries annually in number of more 1300 million т from which more than half of volume fall to the building share[4 are necessary, with. Ecological influence of branch reflects the fact, that the building sector is second-large emitter CO2, and in buildings is consumed an order of 42 % of energy.
For the purpose of the decision put above problems taking into account experience of the developed countries employees of chair of economy and management at the enterprises of chemical-wood complex of BSTU have prepared the demand for financing of the international project «the Sustainable development through training and an exchange of innovations in building and real estate sector». Creation of the international alliance of the universities carrying out of a research part of the project including definition of factors which form innovation sectors will be which problems is planned. The considerable attention will be given revealing of organizational, contract and financial structures which make active innovations and constant training that is слабоизученной area even in the developed countries
The educational part of the project is aimed at overcoming of mental restrictions and resistance to innovations by means of remote training. And, at last, creation of the virtual centre of support of innovations in sector of building and the real estate, the creation aimed at activization and distributions of innovations, cooperation development, rendering of consulting and research services is provided.
MY THANKS FOR ATTENTION
References1. Синяк, Н.Г. Рынки недвижимости в условиях кризиса и их государственное регулирование / Н.Г. Синяк, В.В. Валетко // Государственное регулирование экономики и повышение эффективности деятельности субъектов хозяйствования: пятая Междунар. науч.-практ. конф., Минск, 23-24 апреля 2009 г.: сб. науч. ст.: в 2 ч. / Акад. упр. при Президенте Респ. Беларусь; редкол.: С.А. Пелих [и др.]. – Минск, 2009. – Ч. 1. – С. 148–150.2. Construction and real estate dynamics / ed. by P. Thalmann and M. Zarin-Nejadan. – Houndmills: Palgrave Macmillan, 2003. – viii, 142 p.3. Miozzo, M. Innovation in construction: A European analysis / M. Miozzo, P. Dewick. – Cheltenham: Edward Elgar Publishing, 2004. – viii, 156 p.4. Europe in figures. Eurostat yearbook 2008. – Luxembourg: Office for Official Publications of the European Communities, 2008. – 566 p.5. Science, technology and innovation in Europe. – Luxembourg: Office for Official Publications of the European Communities, 2008. – 125 p.