UDC 332.8:005.332.4(477); JEL R21, R31
Maksymchuk, M. (2018). Instytutsializatsiya rehional'nykh rynkiv zhytla v Ukrayini [Institutionalization of regional housing markets in Ukraine]. In Sotsial'no-ekonomichni problemy suchasnoho periodu Ukrayiny [Socio-Economic Problems of the Modern Period of Ukraine]: Vol. 129 (1) (pp. 58-63). Retrieved from http://ird.gov.ua/sep/doi/sep2018.01.063. [in Ukrainian].
Sources: 9

Authors



Maksymchuk Maksym Vitaliyovych

Doctor of Economics, Senior Researcher

Leading Researcher of the Department of regional economic policy of the Dolishniy Institute of Regional Research of NAS of Ukraine

Contacts: regionmak@i.ua, (032)270-7089

Webpages:

Resume

The paper researches the peculiarities of the processes of housing markets institutionalization in Ukrainian regions. The scheme of classification of housing markets’ sectoral structure by various criteria is outlined. Major stages of residential real estate markets development in Ukrainian regions in the context of forming of their institutional structures are analyzed, organizational-regulative, budget-financial and sociocultural problems of regional housing markets institutionalization in the country are emphasized and perspectives of their solution on the basis of forming of efficient institutional environment for housing market functioning at regional level are shown. The research aims to analyze the specifics of housing markets institutionalization in Ukrainian regions and to outline the problems and challenges of housing markets institutionalization in conditions of decentralization on this basis, as well as to provide suggestions to overcome them, including on the basis of improvement of institutional environment for functioning of housing markets in the country’s regions. Institutionalization of regional housing markets is the process of organic consolidation of economic actors operating at the markets in economic relations, their economic activity, collective and individual behaviour, certain institutes – rules, regulations and understandings on organization and conducting of market activity, increase of the frequency of these institutes’ application in economic practice and forming of consolidated institutes on this basis. In fact, institutionalization is the organization of institutions as institutes consolidated in the practice of regional housing markets activity. Institutionalization makes possible an efficient functioning of regional housing markets in a country. Under its influence, the market of residential real estate is settled as the powerful independent segment of regions’ economy. The following main problems are peculiar to institutionalization processes: frequent changes of «institutional field» of housing markets functioning at national level as well as significant differences between institutional regulators in various regions of a country; insufficient level of investment in market infrastructure of housing construction sphere and disproportions in regional perspective; poor level of budget and financial maintenance of forming of institutional structures supporting the development of housing markets in the regions of a country; lack of information maintenance of housing markets functioning in different regions of a country and low level of public society institutions’ impact in the sphere of construction business. Efficient institutionalization of housing markets in Ukraine will lead to more predictable and coordinated behaviour of market actors, because the system of institutions that will be formed as the result of these processes will provide order and subordination of the whole market relations system in the sphere of housing and construction economy.

Keywords:

residential real estate, regional housing markets, construction, institutionalization, market, region

References


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