Regional specifics of housing market functioning: institutional analysis of actors and their interactions

Abstract

Importance: the article analyzes actors in Russia’s regional housing markets, their functions, and interaction dynamics. It examines the multifunctionality of participants (government, businesses, consumers, institutions) capable of role-switching depending on context, along with feedback mechanisms ensuring market stability. Purpose: to identify key actors, clarify their contemporary functions, and develop a dynamic interaction model overcoming limitations of traditional static approaches. Research design :combines system analysis, content analysis of scholarly literature (including Russian and international sources), legal framework analysis, and theoretical modeling based on D. North’s institutional approach. Results: The proposed original model identifies four flexible roles: «provocateurs» (shaping housing type/policy demand), «implementers» (delivering supply), «consumers» (generating demand), and «active correctors» (temporarily initiating changes). Findings demonstrate market efficiency directly depends on developed feedback loops between roles and actors’ role mobility. Empirical verification confirms regions with flexible role distribution show higher housing policy adaptability and better demand-supply balance. The model reveals market stability stems not from fixed participants but quality of cyclical feedback between roles, emphasizing any actor’s capacity for temporary function-switching to ensure systemic reflexivity and adaptability.