The Real Estate Market in a State of War: The Problem of Restoring Economic Balance

This article solves the scientific problem of identifying one of the important aspects of restoring equilibrium in the real estate market, disrupted as a result of economic imbalances of the active phase of the war. Such study is necessary insofar as the defining feature of the modern Ukrainian real estate market is the destruction and lossed of significant parts of residential and non-residential real estate, engineering structures, etc. This causes a significant imbalance in this market, creating threats not only for its functioning, but also for the functioning of the entire national economy. After all, throughout all the years of modern Ukrainian economic history, the real estate market has played a special stabilizing role. Therefore, the first tasks of this article were to announce the key features of the modern Ukrainian real estate market and assess the restoration of the market. The research method is to form one of the possible approaches to assessing the process of restoring equilibrium in this real estate market. In achieving the goals, the authors relied on the theoretical foundations of the analysis of this market, formed in economic science, and used statistical information from international and domestic sources. Based on the research, the hypothesis is put forward that, in addition to many factors that affect the equilibrium in the real estate market, for the destroyed war economy, the decisive factor is the factor on the supply side. This is the potential for investment in the construction and reconstruction of real estate. The article presents a methodology for assessing the number of years that are compensated for returning the volume of real estate to the level that occurred before the start of the active phase of the war. The study uses methods of historical analysis and statistical methods, which, in the opinion of the authors, create the basis for the predicted terms of the restoration of real estate and the future achievement by this market of a response between the demand for real estate and the supply of these objects. The results of the study can be used when creating a program for the post-war restoration of the Ukrainian economy in general and the Ukrainian real estate market as a part, in particular.