THE DEVELOPMENT OF THE REAL ESTATE DEVELOPMENT INDUSTRY AS A FACTOR IN IMPROVING HOUSING AFFORDABILITY: AN ECOSYSTEM APPROACH

Анотація

The purpose of this article is to refine the conceptual foundations for developing the real estate development business ecosystem as a key means of improving housing affordability for the general public. The relevance of the study is based on the need to address the low level of housing provision for the population: according to the methodology of the European Commission’s Statistical Office, nearly half of Ukraine’s population lived in overcrowded housing in 2022, including nearly threequarters of children under the age of 18. The general methodological framework of the study employs the dialectical method, methods of the systems approach, scientific abstraction, induction and deduction, and statistical analysis, which made it possible to: assess the economic affordability of housing by region in Ukraine; determine the magnitude of the gap between the volume of housing commissioned and the population’s immediate needs, taking into account the destruction caused by Russian military aggression. The study revealed the insufficient effectiveness of the real estate development business ecosystem, which poorly fulfills the role of a platform where the rules for distributing costs and benefits among its components are determined, the activities of participants are coordinated, and a complex of resources belonging to various sectors of the economy is combined. The necessity of shifting the focus from the construction of “premium” and “business” to “standard” and “economy” class housing, directing the resulting revenues primarily to construction companies and building materials manufacturers, creating incentives for companies to invest a portion of their revenues in expanding production capacity, and introducing innovative technologies focused on housing construction for the general public. The need for more effective utilization of the potential of the “eOselya” state program has been demonstrated; participants in this program (commercial banks) receive budget funds for mortgage lending to households. It is proposed to incentivize the public’s purchase of new housing by increasing tax rates on bank profits derived from lending for housing purchases in the secondary market. It is deemed appropriate for the State Enterprise “Ukrfinzhytlo” to hold competitions among accredited commercial banks for the allocation of budget funds for mortgage lending to eligible categories of the population. The practical value of this article lies in the formulation of conceptual foundations for expanding the housing supply for the general public.

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