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The Relationship between National Economy and Real Estate: Cases of Transition and Market Economy Countries

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Abstract

The orientation to market economy in Belarus and other countries of transition economy more than ten years ago influenced also the developments in the field of real estate. Since real estate is an important industry in national economy countries of transition and market economy, there exists close relationship between them. Real estate influences the national economy continued and national economy influences real estate in many sides, such as development level, speed, scale and cycle fluctuation, amplitude, frequency etc. This paper makes quantitative and qualitative analysis about the relationship between development national economy and real estate in Belarus, Italy, Russia and Ukraine on example mostly on housing markets. The concrete step is as the follows. 1. The development of real estate and national economy shows cyclical fluctuation. 2. Analysis about basic factors developing their cyclical fluctuation. 3. Analysis about tendencies and particularities of developing real estate markets of transition and market economies. 4. Regression analysis about real estate and GDP and total Regional product growth, a regression analysis is made between their relationship, and a linear regression equation of one unknown for reference is calculated.

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