Sadoviak M. Financing of housing construction in Ukraine

Українська версія

Thesis for the degree of Candidate of Sciences (CSc)

State registration number


Applicant for


  • 08.00.08 - Гроші, фінанси і кредит


Specialized Academic Board

Д 26.883.01

Banking University


The dissertation deals with the important scientific task of deepening theoretical foundations, improving methodological approaches and developing practical recommendations for improving the mechanisms of housing construction financing in Ukraine. The essence of housing construction has been clarified and the directions of its financing have been determined. The author interprets housing construction as the process of creating new ones, as well as the extension, reconstruction, technical re-equipment of housing objects for profit and providing citizens with adequate housing and living conditions, which requires the involvement of significant financial, labor, scientific, technical, administrative and legal resources. It is determined that the objective condition for the development of housing construction is the availability of investment financing sources, which represent the entire amount of temporarily free funds that are directed (or potentially can be) to finance investments in housing construction by various economic entities that function both within and outside the national economy. The classification of financing sources by usage frequency and accessibility for developers was worked out on the base of the peculiarities analysis of financial resources drawing at specific stages of the housing construction investment project, considering the investment potential of different creditors and investors. The content of the housing finance system as a complex of objects, subjects, forms, sources and financing mechanisms used in the housing investment process is revealed. The state and changes trends in the housing construction scope and its financing sources are evaluated. It is proved that the current state of housing financing is predetermined by the economic and political situation in the country. It is established that the list of financing sources of housing construction has significantly narrowed, the use of external sources has become economically profitless under the influence of the hryvnia devaluation. The main obstacles to the development of housing financing mechanisms are the following: the low level of commonweal of the households vast majority and their purchasing power decline; financial agents shortage in long-term credit resources; house prices rising; exchange rate fluctuations; budget deficit; poor quality of state programs for housing finance of implementation; inefficient segmentation of the housing market. The scientific and methodological approach to the investment attractiveness assessment of a housing project, which includes four stages: goals setting, collecting information, analysis and evaluation of the housing investment attractiveness, and selection of investment projects based on their ranking is reasoned. In contrast to the existing approaches, the peculiarities of investing in real estate objects under the influence of the time factor, risk, structure of incomes and expenses that are generated in the process of housing construction and exploitation were considered. Scientific and practical approaches to state stimulation of economy-class housing construction have been developed due to reasoning of advantages, formulation of key conditions and financial and credit mechanism for implementation of complex territory development projects with the purpose of housing construction on the basis of public-private partnership and on the basis of creation of Agency for promotion of investments in housing construction area, as well as defining its key functions and activity directions. The feasibility is substantiated and recommendations on the formation of financial mechanisms and investment institutions for the rental housing construction are given. Suggestions on improvement of financial and credit stimulation of housing construction in Ukraine are presented. The model of housing construction cluster (which provides the integration of residential, social objects and business, where conditions for innovative development of society are created, a balanced system of social, economic, cultural, environmental and political is formed) with the state financial support is suggested. Directions for improving the financial security of citizens in the process of financing housing construction have been identified and substantiated.


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