KV #19905-9705 PR dated 02.04.2013.







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Economics of Construction


Sierikov A. V., Granko Y. B.
Financial and industrial potential of building enterprise in light of its SWOT-analysis and synthesis (p. 74 - 79)

In the article on the basis of the systematic approach proposed a procedure of using the SWOT-analysis and synthesis for design the development strategy financial and industrial potential of building company.

Article is written in Ukrainan

Butnik D. V.
Basic principles and factors influencing the efficiency of energy resources in the construction industry (p. 79 - 82)

The factors of intensive and extensive use of energy has been pursued in the article. The basic directions of the introduction of energy saving in the construction industry has been highlighted. The main directions of improving the efficiency of energy use has been defined.

Article is written in Russian


Achkasov A. Y., Kosyak A. P.
Problems and Prospects of Ensuring Economic Safety of the Construction Organizations (p. 161 - 166)

Scientific-theoretical problems of construction branch of Ukraine in aspect of external financial and economic safety of the construction organizations are investigated. Financial and economic bases of functioning of a construction complex and investment dominants of its sustainable development are analysed. Deterrents of development of construction business are defined. It is system the perspective directions of development of construction branch and their coordination communications with environment are presented.

Article is written in Russian


Bubenko O. P.
Innovative Components of Increase Efficiency of Building Enterprises (p. 156 - 161)

The questions of the state and prospects of development of a build complex in Ukraine and component formings of innovative policy of build enterprises are considered in the article. Decisive influence of innovations on achievement of competitive edges and providing of the programs of strategic development enterprises of a build industry is defined.

Article is written in Ukrainan


Solovyova O. Y.
Functional Analysis of Competence of Directors of the Executive Body of a Construction Company (p. 196 - 200)

The article performs a functional analysis of a competence of top managers on identification of key: tasks and functions, rights, responsibility and qualification requirements. The studies and statistical assessment of observation data identify importance of each leading competence of a general director by stages of the living cycle of a joint-stock company. It generalises the structure of importance of a competence of directors by relevant prospects of development of the construction business. The proposed card of leading competences of a director provides with an opportunity to make an assessment of correspondence of his or her competence for solving tasks of a specific period of time and identification of an adequate system of reimbursement.

Article is written in Ukrainan


Dikiy A. V.
Imperatives and Prerequisites of Introduction of Mechanisms of Realisation of Investment Construction Projects on the Basis of State-Private Partnership (p. 193 - 197)

The article shows specific features of development of foreign projects of state-private partnership (SPP), types and forms of the used SPP models, also reveals modern problems and obstacles on the way of introduction of SPP, and provides recommendations on how to overcome them in construction industry in Ukraine. It provides theoretical build-ups and practical tools of managing investment activity of companies. It considers problems of investment management with respect to development and introduction of an organisational and economic mechanism of realisation of investment construction projects on the basis of SPP. It pays attentions to perfection of the process of formation and realisation of investment strategy by construction companies, justification of theoretical and instrumental procedures of the process of development and making investment decisions, development of analytical tools of project financing on the basis of foreign experience of the use of concession forms of partnership between the state and private business and its application in the investment construction sphere in modern conditions.

Article is written in Russian


Halchynsky L. Y., Stanislavchuk Y. S.
Factor Analysis of Price Formation in the Construction Market in Ukraine (p. 187 - 190)

The article is devoted to a system analysis of factors of development of the construction market in Ukraine, the state of which is determined both through internal and external economic factors. It conducts a factor analysis and identifies influence of factors upon the situation in the construction market in Ukraine and connections between them.

Article is written in Ukrainan


Malykhina O. M.
Formation of Main Elements of the System Motivation of Human Capital of Construction Enterprises (p. 391 - 396)

The article focuses on a necessity to develop system motivation of human capital of construction enterprises. The author gives her own vision of this process on the basis of the system situational approach. The article identifies main requirements, which are made stronger with the necessity of establishment of the system motivation. It generalises the aggregate of components of internal and external environments, which form the structure, requirements to functioning and directions of managerial impact on the genesis of this process, which would facilitate achievement of long-term goals of construction enterprises on the basis of the innovation model of development. Efficiency of functioning of the system motivation of human capital of construction enterprises would depend on accounting in the process of its formation and development of such basic properties as: target orientation, synergetic integrity, availability of the internal organisational structure, ability to restore and resistance to influence of external environment factors, flexibility and dynamism and ecologo-socio-economic efficiency.

Article is written in Ukrainan


Zalunina O. M.
Role of Target Indicators in Determination of Prognostic Estimates for the Construction Industry (p. 160 - 165)

The article considers interrelation of planning and forecasting in the construction industry. It justifies a need of determining key indicators for specific conditions of formation of the market model of development of economy, inconstant volumes of production in industry, absence of required volumes of investments for technical re-equipment of the branch, absence of sufficient volumes of own primary energy carriers, sharp growth of prices on imported energy carriers, absence of the modern system of tariffs on electric energy, and inefficiency of energy saving measures. The article offers to form key indicators on the basis of a factor analysis, which envisages stage-by-stage transformation of the matrix of original data with the result of “compression” of information. This allows identification of the most significant properties that influence economic state of the region under conditions of use of minimum of original information. The article forms key target indicators of the energy sector for the Poltava oblast. It calculates, using the proposed method, prognostic values of key indicators of territorial functioning for the Poltava oblast.

Article is written in Russian


Shtondenko K. V.
Role of the Accumulative Mechanisms in Funding of Housing Projects (p. 160 - 163)

The purpose of the article is to study the effect of accumulation mechanisms on the dynamics of the construction sector in the post-crisis period. While analyzing the reaction of Eastern European countries to the global financial crisis it was concluded that there is a feasibility of implementing the mechanism of housing savings in the practice of housing financing. The list of mechanisms to improve the purchasing power of consumers was defined, and the potential impact of each of them was analyzed. The socio-economic objectives were determined, the achievement of which will contribute to the support system of housing savings of the state. The estimation of the possible economic effects of savings mobilization of Ukrainian citizens in the construction sector was made. The problem of introduction of the system of housing savings in the absence of state support and the issues of forming an effective mechanism to attract investment resources require further study. Experience of the housing co-operatives in Russia 1992 – 2003 requires special attention of our scientists.

Article is written in Ukrainan


Marchenko O. V.
Possibilities of Improving the Financial Security of Construction Industry Enterprises in the Current Context (p. 157 - 161)

The objective of the present work consists in determination of possibilities and primary aspects of improving the level of financial security of construction enterprises in the current business environment. The article determines the essence and key elements of economic security of businesses and provides a rationale for the necessity of singling out financial security among its constituents. It is established that maintenance of a sufficient level of financial security is a top-priority task for enterprises, including those of the construction industry, since the situation is currently extremely severe in this field. Deterrents to the development of the construction industry in Ukraine are considered, and a list of basic tasks for the system of financial security of enterprises is formed. Aspects of improving the financial security of construction enterprises in Ukraine at five levels are generalized and proposed using the hierarchical approach: at the megaeconomic, macroeconomic, mesoeconomic, microeconomic, and nanoeconomic levels.

Article is written in Ukrainan

Gao S.
The Effectiveness of Reconstruction of Housing: Conceptual Basis, the Essence, the Criteria (p. 162 - 167)

This paper summarizes current approaches to determine the effectiveness of reconstruction of housing. The author distinguishes two main concepts to evaluate the effectiveness of the reconstruction of the city’s housing stock. Within the first approach the efficiency of the design decisions in terms of social, economic and environmental efficiency is determined. The second approach is to determine the effectiveness of one or more participants in the investment and construction process. In this case, most often the effectiveness of the reconstruction project for the investor or the municipality is determined. Analysis of the criteria indicators that are used by various scholars, led to the conclusion that the main criteria for evaluating the effectiveness of reconstruction of housing is a set of technical, economic, social and environmental indicators. While using them such problems occur as intercoordination, the need to bring to comparable units of measure, having to choose from a variety of factors those best able to assess the effectiveness.

Article is written in Ukrainan


Volkova T. V.
The Specifics of the Construction Industry and Their Influence on the HR Management System (p. 175 - 180)

The relevance of the topic is found on the reason, that the construction industry is one of the most important in terms of the capital employed and the number of the personnel involved. However, in the early 2000s, the HR-management system in the construction industry has been given little attention, and as a result, state of the construction industry companies was materially affected during the crisis at the end of the first decade of the 21st century. The article is aimed at the identifying of the peculiarities of the construction industry, along with detailed analysis of the influence on the personnel management and selection of the most important features with regard to the development of the HR management system in the case of a construction company. A large number of the scholarly works on the similar topic as well as other concerns was analyzed. The results of the analysis show that from the line personnel's point of view the specifics to significantly affect the HR management system are the variety of types of the construction works, the dependence of much of the work on weather conditions, the presence of the caused by circumstances, substantial interruptions in the work load of the specialized construction organizations or the individual specialized teams of the construction companies, the high mobility of the line staff. The generalized analysis enables to make a conclusion, that in the development of an HR management system the following specifics of the construction industry should be taken into consideration: the uniqueness of the vast majority of construction projects; a significant period of construction; the presence of the caused by circumstances, substantial interruptions in the work load of the specialized construction organizations; sequentiality of construction projects; territorial separateness of the administration of the construction enterprise and the production administration; the high mobility of the line staff. The peculiarities of the construction industry, selected in the grading process and the analysis, are applicable when developing a scenario approach in the system of the HR management in the companies in the construction industry.

Article is written in Ukrainan

Salnikova T. V.
Development of the Public-Private Partnership to Finance the Housing Construction in Ukraine (p. 181 - 186)

In the article the theoretical aspects of the implementing of the public-private partnership (PPP) in the field of housing are highlighted. The concept of the public-private partnership and its interpretation in the works of scholars, legislative framework of its practice in Ukraine, as well as the basic classification of PPP were studied. It was revealed that development of the public-private partnership is a mechanism to ensure the housing with the sufficient volumes of financial resources. The need for the implementation of PPP as a mechanism for supporting the housing construction in Ukraine on the basis of the current state of the economy in the country and considering the inadequacy of the budget of this industry branch in its entirety were confirmed. The foreign experience of PPP development and its efficiency were reviewed. The main risks of the development of PPP in Ukraine in both the private and the public sectors and the basic methods of minimization were highlighted. The role of the State and the private partners in the relationships of the public-private partnership was highlighted as well.

Article is written in Ukrainan

Krikun K. V., Oliferuk S. L., Ryazanov A. S.
Economic Factors of the Increase of the Labor Force Efficiency in Construction (p. 186 - 191)

The aim of the article is to study the effectiveness of industrial labor force and direction of its growth. The quantitative and qualitative factors of labor were considered, factors of productivity and its increase were analyzed. Production workforce act as the main categories of operating personnel required for full production and economic activity. Also the examples of calculations of the number of employees were presented. As a result of analysis, systematization and generalization of scientific works of scientists the groups and classification of quantitative and qualitative factors of labor were examined. Results of the study allow to make a scientific statement that the balance of quantitative and qualitative factors of labor is the basis for improvement of the enterprise and ensure its competitiveness in the market.

Article is written in Ukrainan


Moroz O. V., Volovodyuk S. S.
Description of the Model of Sectoral Influence on the State of Market (p. 134 - 141)

Relationship of development of construction with economic growth as well as its influence on the latter were covered. Within the world GDP, dynamics of the relative volume of construction industry sector, consisting of groups with different socio-economic development, was analyzed. A comparison of dynamics of change in the share of construction in Ukraine with the corresponding indicator of the countries with transitional economy systems was carried out. The main economic indicators of construction-industrial complex in the context of the country and of the Vinnytsya region were considered, limitations for development of the industry sector were defined. A special place and the influence of the industry sector of construction materials on the growth and development of the construction industry at the country and regional levels was highlighted. The need of fundamental modernization concerning the technological basis of the industry sector, as well as the system for management of its development, was indicated. Prospect of implementation in the production and supply activity of enterprises tools for marketing and communication, adapted to the domestic consumer, was specified.

Article is written in Ukrainan


Geleverya Y. M.
Economic-Legal Provision for Establishing the Accumulative Funds of Condominium Owners Associations (p. 229 - 233)

The article is aimed at studying the regulatory-legal provision on issues of establishing accumulative funds and elaboration of proposals to improve both the economic-legal and the institutional provision of activities of condominium owners associations (COA). The current legal framework on issues of establishing and operation of repair, reserve and special funds of condominium owners associations has been analyzed. The economic-legal framework and specific features of determining the amounts of contributions to the repair and reserve funds of COA have been identified. Purposes and destinations of each of the cumulative funds of condominium owners associations have been substantiated. Grounds for the establishment of a special fund have been defined. It has been proved that regardless whether a cost estimate was prepared when determining the amount of contributions to the repair and reserve funds, implementing a cost outlay will require a cost estimate prepared. Contradictions have been identified and directions for further improvement of economic-legal provision for establishing the accumulative funds of condominium owners associations have been elaborated, taking into account the present realities of development of the housing-and-utilities sector.

Article is written in Ukrainan

Romanenko L. F., Prokopenko V. Y., Stolbova M. A.
Analysis of the Development Companies' Activity at the Ukrainian Real Estate Market (p. 234 - 238)

The article analyzes and evaluates the development activities at the real estate market. Such indicators of the real estate market as the vacancy rate in the segments of the office real estate as well as retail real estate have been analyzed. An evaluation of dynamics of the office real estate market of Ukraine was carried out. The key indicators of the retail real estate segment have been analyzed. The major problems of evolvement of the development activity at the real estate market of contemporary Ukraine have been identified.

Article is written in Ukrainan


Tatar M. S.
An Instrumentarium for Evaluating the Level of Resource Potential of Enterprises in the Construction Industry Sector of Ukraine (p. 123 - 130)

The article discloses the substance of resource potential as economic category, proposes an instrumentarium for its evaluation in the current conditions of operation of construction enterprises. To evaluate the resource potential of construction enterprises, the method of integral taxonomic evaluation by the elements of resource potential has been used. A characterization of elements of resource potential of construction enterprises has been provided. Using the carried out analysis, key factors of increasing the level of resource potential of construction enterprises in Ukraine have been identified.

Article is written in Ukrainan


Miniailo О. І., Burian A. M.
The Current Status of Competition in the Primary Real Estate Market of the City of Kyiv (p. 126 - 130)

The article is aimed at studying the status of competition and the competition environment in the primary real estate market of the city of Kyiv. Approaches and indicators for analyzing the degree of market concentration have been considered. Particular attention has been paid to the characteristics of establishment of the real estate market. Conditions for functioning of the real estate market within the system of economic relations have been provided. It has been determined that establishment and development of the primary real estate market is a process of regulating the needs of society, which in turn causes market participants consistently implement the most efficient production methods, offer new concepts, perform work in the new segments of economy. The percentage of developers in the primary real estate market of Kyiv, the entropy value for the market particles, the market concentration ratios, as well as the index of Jeannie have been calculated and analyzed, allowing to draw a conclusion about a moderate concentration in the primary real estate market of city of Kyiv with impossible sole monopolization.

Article is written in Ukrainan


Fisynenko P. A., Laze M. V.
Analyzing the Factors of External Environment of Construction Enterprises that Impact the Economic Security (p. 189 - 195)

The article is aimed at analyzing the factors impacting the economic security of construction enterprises. It has been determined that external environment is the spring of the resources required for activities and development. Studies have shown that negative factors have a very wide classification and are being implemented in various forms. A detailed study of the threats that could impact the enterprise's operations, will help to better understand the trends of their occurrence and development, and thus will effectively prevent negative consequences. It is concluded that in order to ensure the economic security of enterprise it is necessary to determine the existing level of threats, hazards and risks. The main factors and their parameters have been identified, which have both direct and indirect impact on the economic security of construction enterprises in the current economic conditions.

Article is written in Ukrainan


Mohammad Khier Falah sh Al-qaaydeh
The Diagnostics of the Status of Norming and Regulation of Labor Processes of Specialists at the Construction Enterprises (p. 134 - 139)

The article is aimed at defining and improving the directions of diagnostics of norming of labor and the level of regulation of labor processes of specialists at the construction enterprises. Some attention is paid to analyzing volumes of the construction works performed by the types of construction products for 2015, also volumes of performed construction works are analyzed, including for the cities and districts of the Kharkiv region. The article proposes the theoretical and scientific-methodical recommendations on diagnostics of norming of labor and regulation of labor processes of specialists at the construction enterprises, which, unlike the ones available in the scientific literature, are built on the basis of a comprehensive evaluation of the indicators of financial and economic activity of the construction enterprises, structure of staff, field of application of labor norms. A comparative analysis of the structure of labor norms was carried out; practicable methods for calculating the number of specialists have been defined. The recommendations offered should provide for choosing the reasoned methods for calculating the number of specialists in the construction enterprises, which are based on the labour intensity of the work performed according to the norms of time, interdisciplinary norms of number and regression, as presented in the collections of the cross-sectoral standard norms.

Article is written in Russian


Kovalenko-Marchenkova Y. V.
The Methodical Instrumentarium for Ensuring the Competitiveness of Potential of the Construction Industry Sector (p. 109 - 114)

The article is aimed at studying the competitiveness of potential of the construction industry sector, which is nowadays one of the most important sectors of the national economy. The specific features characterizing potential of the construction industry and, in particular, the competitiveness of potential of the sector, have been analyzed. The essence of the concept of «ensuring» has been researched. The methodical instrumentarium for ensuring the competitiveness of potential of the construction industry has been developed, which consists of the stages of setting goals, a description of the current situation, the formation of competitiveness of potential, making and implementation of managerial decisions, and monitoring results of ensuring the competitiveness of potential.

Article is written in Ukrainan


Iakymchuk I. M.
Planning Costs in Certain Stage of the Life Cycle of Investment Activity of Construction Organization (p. 154 - 158)

The article discusses the issues related to planning costs in certain stages of the life-cycle of investment activity of construction organization. It has been specified that cost management based on the life-cycle model of the investment project, which is being implemented by a construction organization, allows for a consistent improvement in the efficiency of the innovation process on the basis of a clear planning, as well as cost forecasting. This approach allows for the long-term effectiveness of innovation project by providing cost-management services at all stages of investment project, identifying opportunities for reducing them, thereby contributing to sustainable development of construction organization over time. It has been concluded that the more specific the program of activities of construction organization, the more accurate the process of identification of costs becomes, the more efficient is the management of costs, targeted at saving resources, reducing the self cost of construction works.

Article is written in Ukrainan


Demochani O. Е.
Creation and Strategy of Use of Financial-Credit Mechanism in the Construction Industry (p. 170 - 178)

The article considers the theoretical and methodical approaches to the essence of financial-credit mechanism and its constituent elements in the construction industry. Relevance of this article is grounded on the gradual change that of the nature of financial-credit relations between economic entities: the State, financial-credit institutions, and enterprises of the construction industry in the process of formation and development of the market economy in Ukraine in the sphere of construction. The content of the financial mechanism of enterprise, its constituent elements, structure, and the influencing factors are disclosed. It is substantiated that the construction of efficient financial-credit relations in the construction industry requires taking account of the specifics of the industry and the contemporary dynamic business conditions in order to ensure an efficient operation of enterprise.

Article is written in Ukrainan


Yakimenko O. V.
The Factors of Increase of Efficiency of Management of Innovation Potential of the Construction Complex of Region (p. 223 - 228)

The publication identifies the factors of improving the efficiency of management of the innovation potential of the region’s construction complex, which the author proposes to consider as an aggregate of incentives for a favorable State policy in the innovation sphere. The analysis of the structure of strategic potential of the construction complex of region has proved the correlation between potentials of different levels and between the potentials of one level. Mutual influence of potentials of one level is caused by interchangeability and complementarity of different resources. The Interchangeability property assumes that a decrease or increase in the system of one resource can be compensated in certain proportions by another resource. It is concluded that formation of the advanced technological level of production is not only the most important task in terms of innovation activity of the construction complex, but also a condition of its further development and improvement of competitiveness.

Article is written in Ukrainan


Rizva L. A.
The Transformational Dynamics of Quantitative and Qualitative Parameters of the Ukrainian Real Estate Market (p. 127 - 131)

The article is aimed at researching the quantitative and qualitative indicators of the current status of the real estate market, which assert the stable trend of staying in a status of depressive stability in the coming years. The level of deficiency together with the low price availability of both own and rented housing for Ukrainian citizens are analyzed. On the other hand, there is an aggravation of competition among builders and real estate agencies in conditions of super high rates of profitability and rentability of the capital invested in commercial real estate objects, which caused a significant improvement of building standards and a rapid increase in consumer demand for real estate. A clarifying of the institutional cycles of the Ukrainian real estate market development is carried out, which confirms the dynamics of its main quantitative and structural parameters, reflecting its character and key trends in the long-term period. The necessity of urgent measures on the part of the State policy both on increase of volumes of house building and on creation of favorable conditions for the full-scale solving of the housing problems by citizens is indicated.

Article is written in Ukrainan


Ureva S. U., Hnatchenko E. U.
The Impact of Salary on the Tendency towards Redistribution of Finance between Expenditure in Construction in 2016–2018 (p. 215 - 220)

As result of researches it is determined, that the level of growth of estimated salary is proportional to the level of index of change of cost of construction works, but differs from it in the direction of reduction. The ratio of these indicators in terms of percentage value is close to the size of estimated profit. The authors concluded that the current level of estimated salary is indeed one of the factors that indirectly impacts the reduction of profits of construction industry. The negative impact on the estimated profit from the reduction of labor costs can be partially compensated by the increase in normative estimated salary. However, the direction of further research should be a revision of the principles of calculating the general production costs, administrative costs and estimated profits, which may have a more significant impact on the redistribution of finance in the construction sphere between cost items, rather than the level of salary.

Article is written in Ukrainan


Pokolenko V. О., Klymchuk M. M., Ilina T. A.
Formation of the Mechanism for Risk Management of Construction Projects on the Basis of Compensatory Technology of «Tax Increment Financing» (p. 218 - 223)

The article is aimed at forming a mechanism for risk management of construction projects, to provide researching within its terms of the possibility of attracting additional financial resources through compensatory financing on the basis of deferred tax payments (Tax Increment Financing – TIF). Studying the risk management practices in the field of construction has demonstrated the fragmentary nature of the existing system, but with the appropriate legal framework and in view of the experience of other countries, development of preventive measures can be a source of financial resources for the implementation of construction projects. According to the results of the carried out research on the financial compensatory technology of TIF, the authors present proposals as to the formation of a mechanism for risk management of construction projects, with allocation the following components in its structure: theoretical-methodological, organizational-economic, process-empirical.

Article is written in Ukrainan


Horbal N. I., Romanyshyn S. B., Shalin A. S.
Ukrainian Real Estate Market: Tendencies and Prospects (p. 149 - 154)

The article is aimed at researching tendencies and prospects of Ukrainian real estate market in different segments. The tendencies of development of construction market of Ukraine are positive: volumes of both construction and price are increasing every year. At the same time, the situation in Ukrainian real estate market is unstable. Due to the large number of new buildings in Kyiv, Lviv, Odessa and other major cities of Ukraine, the offer exceeds the demand. In 2018, a number of laws were enacted to bring the real estate market out of the shadow. Obviously, there will be a seasonal decline in the prices of rental property in winter. However, in the real estate purchase and sale market, prices in Hryvnya are likely to remain stable. The prices in foreign currency can decrease up to 5% at possible growth of rates of foreign currencies. In case of escalation of military threat, demand for economy-class apartments in new buildings of the Western and Central regions will increase, which may cause price growth. The «expensive segment» in the primary market will not change. In the secondary market the situation is similar – demand can grow in the case of internal migration. In the segment of commercial real estate a significant increase in demand is possible. At the moment the Verkhovna Rada of Ukraine is considering a number of bills that may cause a boom in the commercial real estate market. One can conclude that the real estate market of Ukraine at the present moment is attractive for investment.

Article is written in Ukrainan


Voznyak H. V.
Modern Mechanisms for Financing the Housing Construction in Ukraine: Problems and Ways to Solutions (p. 111 - 116)

Meeting the needs of the population in housing (or improving their living conditions) is part of the social policy of the State, and therefore the basic characteristic of quality of life. There is no noticeable progress in this direction from the part of the State, so the emphasis is shifting towards private investors. At this, the right choice of the mechanism of investment of funds is the key to obtaining the desired residential real estate. The article is aimed at analyzing and systematizing the features of the existing financing mechanisms for housing construction in Ukraine, as well as defining the directions of their improvement in the context of the changes in the country's financial-economic system. The existing mechanisms for financing housing construction in Ukraine are researched, their features are highlighted, advantages and disadvantages are provided. The result is a proposed scheme, which allocates: construction financing funds, trust bonds, real estate funds, and joint investment institutions. It is demonstrated that in recent years the financing mechanism with forward contracts has become particularly popular in Ukraine. Uncertainty and significant financial risks for the investor in the case of financing the construction of housing by signing contracts for the purchase and sale of real estate or property rights are specified. As a result of the carried out research, the author identifies directions and substantiates a number of measures that could improve the financing of housing construction in Ukraine, namely: deepening cooperation with international financial organizations; development of public-private partnerships; popularization of local programs of housing construction (at least for preferential categories of the population). It is noted that in Ukraine today there is no mechanism for financing the housing construction, which would completely protect the investor from the risks of loss of real estate or funds paid for it.

Article is written in Ukrainan


Rakhman M. S., Malko V. V.
Structural Changes in the Real Estate Market in Kharkiv Region (p. 136 - 143)

The article is concerned with researching theoretical provisions regarding the specifics of the real estate market conjuncture in Kharkiv region and analyzing structural changes in the market, as well as dynamic fluctuations in its prices. The article is aimed at studying the real estate market in Kharkiv region; determining existing problems and current tendencies of market development; elaborating a forecast and the recommendations to improve performance in this segment. Structural changes in the real estate market in Kharkiv region are considered, it is identified that the population prefers the secondary market, mainly small 1- and 2-room apartments. According to indicators of dynamic analysis, the greatest rate of price increases are observed in de-luxury and comfort-class real estate. Business class real estate figures for 2019 were negative. An analysis of mortgage loans showed an increase in the number of loans issued. The average rate of growth reaches 10,9%, but the main drawback of lending is high interest rates, which reach 25% per annum. To overcome this barrier, developers introduce various loyalty programs, which allows to leave the demand in the real estate market relatively stable. As a result of the index analysis, it is identified that prices on the secondary market increase until December and then fall until June. Significant risks are characteristic of the real estate market: unstable political situation, population migration, rising real estate prices.

Article is written in Ukrainan


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