CURRENT STATE OF MORTGAGE LENDING IN UKRAINE

Анотація

The article examines the current state of the mortgage lending market of Ukraine, identifies the main trends in its development in 2020–2025, and assesses the key factors shaping mortgage activity in the country. The analysis showed that the mortgage market of Ukraine is undergoing a stage of gradual recovery after the deep recession of 2022, caused by the full-scale war; starting from 2023, there has been an increase in lending volumes, which is provided primarily thanks to the state program “e-Oselia”, which has become the main driver of the market. Over the period 2022–2025, the volume of mortgage lending has more than doubled, and the leading role in its implementation is played by systemic banks (JSC CB “PrivatBank”, JSC “OSCHADBANK” and JSB “UKRGASBANK”), which demonstrate a stable increase in the portfolio of preferential loans. It has been proven that the development of the mortgage lending market depends on a balanced interaction of economic, legislative, social and institutional factors, and for its further sustainable development, macroeconomic stabilization, a decrease in the cost of credit resources, improvement of the legal framework and development of long-term refinancing institutions are necessary, which will ensure the transition of mortgages from a niche segment to a mass, socially significant financial instrument. The need to implement a comprehensive strategy for the development of mortgage lending is outlined, which is based on the expansion of state and preferential lending programs; the creation of a national system of mortgage risk insurance; the development of the secondary market for mortgage assets and financial instruments (mortgage bonds, securitization); improvement of the legislative framework and increased market transparency; stimulation of housing construction and increased financial literacy of the population. Thus, the formation of an effective mortgage lending system in Ukraine requires not only financial resources, but also a deep institutional transformation, political will, and state support to transform mortgages into a powerful instrument of socio-economic development of Ukraine in the post-war period.

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