FINANCIAL MECHANISM OF REAL ESTATE DEVELOPMENT IN A MULTI-FACTOR ENVIRONMENT

Анотація

This research article examines the nature of the financial mechanism for construction development. It was determined that the financial mechanism comprises: financial methods, financial levers, legal support, and regulatory support for the effective formation of a financial resource fund. The financial mechanism of construction development, through the interconnections between key links, involves the participation of professional entities such as: a financial company, a bank, a trustor, and a construction developer. In turn, participants such as the designer, developer, and contractor are involved in the financial mechanism as technical executors of construction projects. It has been established that the construction developer attracts investment resources through such professional participants as: joint investment institutions, whose activities are regulated by the National Securities and Stock Market Commission of Ukraine; construction financing funds, which operate through the involvement of a financial intermediary—a manager, typically a commercial bank that controls the use of funds entrusted to it by the investor; a real estate investment fund; and through participation in state programs. It has been established that the mechanism of interaction between the construction developer and the Real Estate Operations Fund relies on the aforementioned professional participants—financial companies that serve as sources of investment for construction projects. The primary financial instrument between the Real Estate Operations Fund and the developer is investment certificates, through which funds are raised for construction. The state exerts its influence through tax regulations governing the financial mechanisms of real estate development. Through taxation, the state effectively encourages construction developers to participate in financing socially significant projects and construction projects that bring the industry closer to European standards (energy efficiency, digitalization, use of CO2-absorbing building materials (decarbonization)). State regulation of taxation for construction developers is aimed at encouraging them to expand their business projects.

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