Экономика недвижимости
.pdf! # 3$# 0, # # # i# , 3-# 02
2=
722 "3 0, # 3 #2$>
=# ! -& ! # # 6 >
# , $# ! #2 #$ -# !" # A$0 & 0 # 02 &
# B # ' #2 ,-#, + 0-' >
3 # 0, 3 # # & , & 0,9( ' #2 & #$#
- & # ! # ' !" # 5!( , &0
-i# # , 0, & ! #>
# # 0 &9( ;
|
B " %; ( |
|
722 " = |
|
|
|
||
5% − / |
||
|
||
|
" / |
|
|
|
5- -#-2= !" #-i# #2 0$# 02
$ # # = !& # # #2 # 4 + 0&
0$' #-0, ' & # !& 0&- !& &( # 0 !" # 9# ! 02=
0 ' # # #
1 " # &
" # %C% '
1 ,32$& $0 ( ' $0 ( 4 & > 0&' &( # 0, # , & 0 , ;
> K 0& # , 3 # 0 # 0, $> 0 ( 4 & 0&' , 0, # , #
$0 ( # ! # # + 2 !>
# ,$#2 # - -# ! # 9# > #- # &( ' 0 !& &( ' 4 ! 3 3
# 0 # 4 ,( $0 ( 4 & 0&' !" # 0 , # & 2 $0 ( '
> 1# # 02 # E 0 # #2 # # 02 # 3 # #
0$ $0 ( ' & 0-# ,#9# # 02
$0 ( ' 3 # 0 #
$0 ( 4 & 0&' , 3 ,32$& & , A
$0 ( ' $0 ( 4 & 0&'B 009 # & # ,.->
# i4 # . ' * * A .` > 0 ( , . 0, ' : ' B
|
, |
!- |
|
+- |
|
|
|
|
|
|
|
|
|
|
= |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
= |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
δ |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
∆ = − δ |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
!- |
|||||||||||||||
+- |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
' |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* * $0 ( '$0 ( 4 & 0&'
* * # 0 ' 9# >
3 #2 # # # @ |
4 # A > |
||
#- |
9' > #- |
B # 0,9# |
023 , |
$0 0 ( A$0 ( |
4 & 0&'B 0 |
4 # A > |
|
3 |
9' >3 B D $0 ( ' A$> |
||
# B |
|
|
|
1 > #- #; 0, # , # &( , 0-
# 0 # K# # # # ; & 2 # 0 # A > -i#$0 0 !( 0 ( B 3$0 0 !> ( 0 ( A B 3 # $0&9 0 > ( 2 # , 3 # # & , # 0 >
# 6$, #-' 0, # 0-&$0&9 0 ( 2 # # # &9(&9 & & 9 # 0 # #0$>
& # 02 E 0$02i # i# , 3 A 0 #- B 09! 0- # 0 # # ' >
# 0, # !-# # 02 &9 0 9 E 0$02i > # #- -& # # 0 & 9 # 0 # A 0 #-B # '
!0$# , ' 3 # 0 - "i '
( # ,; 4 0 -0 & 0-# , A# #2
#$& # 0 # $02i # #B 3 D > #&-'
+ #& , $02i E 0 '
$0 0 (F6 # 0 #G0$! #2 0 # ! > 3-# ! #-# # # # 0 0$9 1
9-2 3 # # # 0 # !( ' # , , ;
E 9G( 7 : H F
6 #-0 2 = 0$ $0 0 (
$0 ( 4 & 0&' !& 0 0 #& $0 ( ' >
C ? ? # 0 #& 0,9# # 0 , 0-& >
0$, $0 0 ( ' 3 # 02 # , &> 0, # # 0 ( 0 , ' 3 # 02 &9 0 > 9 # #-4-, # 02
% 1 >3 #; $0 ( K# # #
# 0, # &9-#2 $0 ( ' # ; & , # 0 # A3 & 0 ( B J&-4 ,( 3
# # # 0, # ! & # 0 3 >
$# # #2 # = # 0 # K# # # # &( >
4 # # ,# , 0&-#2 # ! # , $>
#2 6 0 & # 0 3 0 ,9#-# # ;
> # # 0'- 3 H >$ # # 0 # H
> ,3 0&-4 # 0 # H > & # 0 # 02 # 0 '$#2
= # 0 3 i# ( 9 0&-
-# 0 i$D ( 9 0&-# 0$>
0 + # # # 0 3 #& #
-# = ' # 02 & # 4
# 4 ! 0 ! 0 = # 0
A 09-9( !& ' #- 0 B
! 3 >3 # 3-0, # > '-# ! 0- # 0 # G3 > #-'
# 0 #2 & $0 ( ' I (29
# 0 3J;
I = G J
K# 3 # , 0 &9( ! 3 ; # 0i '
& , # 0 # # 02 ,# ' 3 # 02 &9 0 9 0&->3 # 3 #-4-> , & 9# &0, ' 3 # 02 &9 2 0&-, &
$0 0 (
* I' >3 # # 0, # #&-#2 $0 (> ' # 0,9# , =# ! # # 02 # ' $02, ? 2 'K9L: $# 3 # # # # 02 # D
L>3 # # 0 ' # ,-# # & 0-!"i
# # 02 # # ' ( # , 9' >3 5 # 2
#-# # # &9( 02 A-i# >
&$0 0 ( B # # # 02 # ( # i# , > ' E 0 ! 09! 4 =# ! 4 # # 02 # 3 # # >
'-# 3 ,0 2 # & 3 ' # 0,0 ! !
-# # 02 &9 0 9 5 .&3 # . 4 # 3 0 &' ,# # , 0 9# 0$ ' $02, 0 #->
#-# ' # 0 , # , # & ' 3 # 0 5 0 # #2 $0 ( ' >3 #
# 02 &9 0 9 3 ' & 3 # #
# # 02 # 3 # D ' 3 # 02 &9 & # 02 0&> -!"i ' # # 02 # # 3 # # '
! # '$0 ( ' M 0 3 !"i # > # 02 # i# 0 # 02 &9 ! 02 ! # ! 0
!"i # # 02 # # # &! #-
! 3 $0 ( ' I 3 # # # # 02 # AL>3 # # B -i ! # 3 # 0, 3 ,# # !"i # # 02 # ;
I H L1 H K9L:
) + I' > #-# ' !"i ' # # 02>
# ! 3& # , 0'- # $0 ( ' 3>
$0 ( 'MF3 !">
i & ' # # 02 # 3 -# # 2$0 ( ' >$ 4 # 3 A BN;
MF H L 1 N
J&- 4 ,( 3 # # #$# # 0-# $0 ( ' A ' 3 # 02 B 0,$, # >
' # !& # , ' !"i ' # # 02 # #0$>
# 02 K# 3-#-# !"i$> 0 ( ' # # # &9( & !"i # # 02 # 0 > -# $0 ( ' !& # # #2 , # , #-
# # 3 , !& # #-# #2 , >
# # 02 # # #2MFH= FHLON
E$' #$0 ( ' 3 #$& >
# # 02 # # 3 @ & # # 3
# 0, # k ' 0 # 02
MF H L 8 =(= N
3 !"i # # 02 # 0&-0 &9( !">
i$0 ( ' ;
F H LON
K# # # & ,F H L 8 N# 0
9' > #-# 0&- 4 ,( ' 3-0 >
#
! 3 # & 4 0 # 0 0>
! # ' # ,( 3-# i4 # 4 , 3 ' !"i$0 ( ' $0 ( 4 & 0&' > 0, # 0-& # 0 # # , 3 # ! 3& # , &
! # ' $0 ( ' # 0 K#
9-2 3 9# 0i !"i ' # # 02 #
# 3 i# # # $0 ( ' E 0$4 - !"i $0 ( ' #
$0 ( '$0 ( 4 & 0&' 4 ,# , E 0$4 - !"i $0 ( ' #0-9#> , -# # = A # 0 #
# # 02 #$0 ( B 4 ,# , 0
E 0 #-02 3- = #-# # 0 >
#$02, !"i ' # # 02 # 0$ #2 , > ! # 0 4 3- $ -' # # 0 #
!"i # # 02 # 0$ 3 #2 , K# 0- = >
# .-# i4 # . ' , 0, # , # 009 #>
= 9 # & 4 # ' >
+ #& '$02i 3 # ' 0 0 >$&
9# , -# # # # 02 4 $0 ( '
$0 ( 4 & 0&' + # # ' $0 (
# 0 # 0,9# , = @ = 3 # # # 4$& 0
# 0-# 0&-! # ,$02, 0,-i
#-3-4 * * 3 09-> # , 3$# 0 #2 0 , 30- 4 3 >
$02, 6 3 #$# #2 > # # + # 0&- # # 0'- 3 &' # ' # ( 9 ' >
$0 ( 3 , #& # #- 4 > # # 4 0 4 # # 02 # ' 3 #2 3 # #
$02i 6$ 3 # 4 3 0-i# 3 ! 30-
0 # , # # #- 0 ' 0$9# , >
# 02# # 4 # = , ' +$>
0&- $ 023&, # 4 0 #
0 #2 # 3 =0 3 , 0 #2 >
0 # , # 4 3 &' # # >
& 0'-& 9 30- 4 0' >
- 4 = A # , -' ,B 0 > 3 9#,
8 2 # # #$ > ,
-' # ,$0 ( & 0&> ' > #-# ( # , K# #$# ! > 0 023$0 0 ( 29 #$A 0 &' 4B & # 0 # 0 , & 0-, 4
0 4 0-#
E 0 !"i$0 ( ' 3 # # 0 # 0$3>
# -# ! |
$0&9 0 ( 2 ,0 , 0$ |
|
= # 0 # 0-i# 02 = & 0- |
! # $02i >3 # -# 9
-2 # #& !"i # # 02 # 9' >3
# #-D & 0-9 $0 ( ' A9' > #- #B C * ) -
# 0 & # , &' 02 # 4 >
0 ,4 4 # 3 0 , &' 02 = ' ->
# ' # , 4 ' ,
! 3 ' ' = , & 0 >
,4-' # ' ! 3& # , , &' 02
4 ,( 3 0 4 ' C # 0 # !"i
# # 02 # !"i $0 ( ' ' ! #2 2=
4 4 K# 3-# -# = 0$ >
'0, #2 02 = 4 ' , &' 02 >
< ' , &' 02 3 # # 0 # 02 4
4 C 0&- 0 #-# # # 02 #
# = 9 $02i A# #2 0 ' 9' >3
# !0$# , # 0 B , 0- # 0 #
!& 0 =2 ' = #2 4 # ,
!"i # # 02 #$0 ( ' & 0-# , ' 3 ! 02> =
# - # & 0-# 3-,
4 4$0 ( ' -& 2= >
# 4
|
|
, |
!- |
|
+- |
|
|
|
|
|
|
|||
|
|
|
|
|
= |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
. |
|
|
|
|
|
|
|
|
|
|
|
|
|
/ |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
= δ |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
∆ = − δ |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
!- |
||||||||||||
+- |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
' |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* ) |
$0 ( '$0 ( 4 & 0&' |
8 2 / ! / ,
$> /
+ #& ' ( # , ! #$02, !> # #2 0 # , # ' , 0 , &( # #0-9# , # # 4 # !09 9# , 3$0 ( & 0&> ' ($0 ( $# ! #2 3 30- = # 0 # &-i# ' > # # , A 0 #B # . #-. #$0 ( ! # # # # , # # #$A = B 9
4 # 0$, ' .# i . !& '
K# 3 # 0, # # 3 0 #2 # 0 3 $0 (
A 0 ! # 0 #2 4 #& B E 0$# , & 0
A& 2= B # ,4$02i # # &( 4 # $0 ( ! # # $# #$ # #2 # #- A 0
! # ! 0 - 3-# 02 B -# ! 3 # #2 #
! # #2$02i &' # >
#$02i ' 02 0 ,#2 3 , ' & # 0 ' 0 # # =$# C >
= # 3 ' i $02, # $ ,
# 0 # !& # #2 ' 3 ! 0 4 0 & >
0 # 0 '
) # #
` 0 ( # '&0 & # , ' & # !( >
02 # # & , # C >
' & # ,$, 0 # # , # 029 3 # # # $, 3!$0 , #
# 0 #i$! $0 ( 0 >
# 02 !"i ' # # 02 #
6 # ' &( # &9# 0 , ' & # 0 #
# # '&0 $0 ( '
# ,#-# 3 ! # # 0 # #$0$
' 3 #2 , 0 # , 4 @0, # ' # > $ $# ! #2 023 4-# i4 # ,=
" , , + 1
0$+
% + 1
+
# @
& ' 722 " D
) ' 722 " 1
* D% + / $
+$2
-' 7 %
3 0 , 7 % % 1
1
"
#- $# >
! 02= 0 2 ( ' & # @ 0 >
0 # ' & # 3 09-0 2 & # 0 3 >
, 0,0 2 ,# ,>' ' # &' # 4 0 ' C 0 ( 0 2 3 2 ' K# # , > 0 & # & #&-0 # ' ' 0 , > 3 0-# # #$02, + #$, 3-# 02 ,-#2 !" # $0 $0 $# ! 0 #4 #
3 & ,3 0$($0& #
5 # , & =0 3 # ! &
3 0 2 # # 02 #$0$#
!( # 4 3 # #-& & ! # 0
-# # , 0 9 = 9 # '$02,
@0, = , !0 4 ' & # # ,>
0 2 + #-:7 D 7>4 ' 0 3 , # 0 #
# 0 0 2 & 0 9( , ,# # , # 4 0 '-'
& ' 4 # 0 ,# ,# 0 # 9( ! 02>
= !" # 02 4 0$! 0 = # & >
! ' 9( # 4 0 ' -# & 2 3>
# ( ' & # 4 # K# 3-
! 0 0 & 3 0$ 0 #& 3 > = ' # # 02 #
@ 02 = # 0 3 # 0 # >
0 ! 0 3 , # ' # 0 0 ,0
# # 02 # -# 0 ! # 9 >
!0 &-# # ,; > & '$3 0 2 & # 02 , ! #2H
> & # # 02 4 ' 3 , 0 2 # & # 0 # 0 ' ' = # 09-, #
# H
> & ! $0 ( > # # 02 ' 0 , &' 4 >
# 4 ' 3 3 0 2 # # # & #-> ' # ,H
> & ' & # 3 0 2 #& 0 , 0 ' &' 4 !,3 > # 02 4 0 #$!9$# 3 0 !0 0
! 4 #$& !9$# 3 ' & ,
+ # #& 2 3 !0 , 0,0 2 0'-
-# # #-#
+ 0 7>4 ' '-# ! 0 ,3$' ;
> & 0 , '-' $0 ( ' # , >
4 # 4H
> # # # , #-# 02 > ' 3 0 ' #& 9#$0 ( H
>-02 # , ! # H
> 0 4 # 0 & # ' ' 0-# >
-4 ! H
> # ! 02 # 0, 0,9( >
# 02 # 4 # 0'->
# 02 & ! ! 0 #- '0 >
! 3 #- 4-# 4H
> 2 3 #29 $0 ( ' # , ,> 3 # # 0, 0 ,$02 3 4
#
) !
+ ? E :7 # 4 # # ,
3 0 '$# + 0&-#2 #& # #
!-# #-# &-, 0,9# ,;
> 3 , 0 #2$' &( # H
> ! # H