Year: 2025
Type: article
Abstract: The purpose of the study is to determine the impact of the full-scale invasion of the Ukrainian real estate market in terms of assessing the supply of commercial and non-commercial real estate, taking into account changes in construction activity, price levels and the transformation of housing demand. The study aims to identify the main trends and factors that have contributed to the transformation of supply in the real estate market, as well as to outline opportunities for its stabilization and development in the post-conflict recovery. Design/methodology/approach – The research employs a thorough and systematic methodological framework, integrating a broad literature review with qualitative and quantitative analyses. The paper applies a systematic approach, which made it possible to study the real estate market as a complex system, taking into account the interaction of various economic factors; dialectical logic, induction and deduction are used to analyse the prospects for strategic development of the real estate market; comparative and statistical analysis is used to assess the dynamics of housing prices and construction volumes; the problem-oriented method is used to identify key problems that impede the stabilisation of the real estate market in the context of war; index method – for assessing the level of concentration of the primary real estate market in Ukraine in numerical terms.SWOT analysis, which is used to. Findings – Trends in the development of the real estate market before and during the full-scale invasion of Ukraine were studied. An analysis of the areas of residential and non-residential buildings at the beginning of construction and put into operation in 2021–2023 was carried out. Factors affecting the transformation of demand for real estate due to the impact of the war are analyzed. Price changes on the primary and secondary real estate market in safe regions in 2021–2023 were analyzed. Using the Herfindahl-Hirschman and Lind indices, the market shares of developers in the primary real estate market of Ukraine in 2023–2024 were estimated, an analysis of market concentration was conducted, as a result of which the main market participants in both years were identified. SWOT-analysis was used to identify internal strengths and weaknesses, as well as external factors influencing the real estate market of Ukraine under economic instability. Practical significance – The research provides valuable insights for companies aiming to enhance their operational performance in the real estate market in the post-war recovery period. The study offers a comprehensive framework for understanding how the identified factors influencing the development environment of real estate market participants can be strategically used to improve customer experience and optimise internal processes, ensuring sustainable competitiveness in the long term. Originality/value – This study contributes to the existing literature by offering an in-depth analysis of the factors influencing the real estate market in the context of economic instability. The study emphasises the importance of the significant transformations in the structure of supply, demand and prices in the primary and secondary residential and non-residential real estate markets, taking into account the differentiation of these changes by regions where the level of security and affordability of housing varies significantly. The above outlines specific approaches to the adaptation of the real estate market in the crisis. The conclusions highlight the prospects for Ukrainian real estate market participants to attract international grants and finance innovative construction projects, as well as to develop environmentally friendly and autonomous solutions, diversify their business lines, focus on safe regions, and expand cooperation with international partners.
Authors: O. Shandrivska, O. Mrochko
Language: English
Topic: Housing Market and Economics
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4410709174