Housing Heterogeneity Dimensions and Their Elements: a Systemic Approach

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Abstract

Housing market participants constantly face the housing heterogeneity - the technical and socio-economic differences of dwellings in a certain populated area. Housing heterogeneity often complicates the managerial decision making related to housing transactions, identification and objective evaluation of the quantitative and qualitative aspects of transactions. Housing heterogeneity is an objective phenomenon that implies housing uniqueness - housing distinguishing characteristics divided into specific and interconnected groups within the framework of the research. Most of these differences can be noticed by each market participant, but some of them can be identified only by experienced and professionally trained market participants. Theory and practice have demonstrated that the constituent groups of heterogeneity influence each other and take part in the formation of market value and transaction price of housing units. The increased housing construction intensity, the continuous modernisation of construction technologies and the diversification of building materials used in housing construction, as well as restriction of the building plot of land change the quantitative and qualitative aspects of heterogeneity dimensions. This poses considerable challenges to market participants in the managerial decision making process related to housing transactions. Research results demonstrate that the socio-economic elements of housing heterogeneity are constantly changing under the influence of the dominating factors of the external and internal environment. Therefore, nowadays, housing heterogeneity has become a major cause of information asymmetry, which means that heterogeneity is inherent in the formation of socio-economic market barriers in the housing market.

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