SUSTAINABLE DEVELOPMENT OF THE REAL ESTATE MARKET IN THE CONTEXT OF UKRAINE’S POST-WAR RECOVERY
DOI:
https://doi.org/10.32689/2523-4536/81-8Keywords:
real estate market, sustainable development, post-war recovery, energy efficiency, economic component of sustainable development, social instruments, environmental instruments, integral index of sustainable development of the real estate marketAbstract
The article examines the real estate market as one of the key elements of Ukraine’s post-war economic recovery, combining the functions of housing provision, formation of the investment climate, and stimulation of related sectors of the economy. It is substantiated that, under conditions of large-scale destruction, resource constraints, and heightened security risks, the recovery of the real estate market requires a transition from a traditional reconstruction model to a sustainable development strategy based on the integration of economic, social, and environmental components. The study analyzes contemporary scientific approaches to post-war recovery of the construction sector and identifies systemic problems of the domestic real estate market, including high energy intensity of buildings, insufficient social inclusiveness, and low adaptability to climate change and security challenges. Particular attention is paid to economic instruments for stimulating real estate market development, including compensation and mortgage-credit mechanisms, construction and investment programs, public–private partnerships, war risk insurance, as well as tax and land instruments. Within the research framework, international experience in implementing environmental instruments for sustainable real estate market development is systematized, and the possibilities for their adaptation to the conditions of martial law and post-war recovery in Ukraine are substantiated. It is concluded that the integration of economic efficiency, social orientation, and environmental safety into the real estate market development strategy creates prerequisites for increasing investment attractiveness, regional resilience, and the formation of a modern, energy-efficient, and safe living environment. The study develops a methodological approach to assessing the sustainable development of the real estate market in the context of post-war recovery, based on the formation of an integral index that incorporates economic, social, and environmental components, and substantiates three possible development scenarios (pessimistic, inertial, and optimistic).
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