Real estate development: European trends

Abstract

The real estate market is an active and influential component of any economic system, a determining factor in the socio-economic development of a country. The share of construction in the GDP of developed European countries is approximately 6-8%. Additionally, the construction industry provides orders for more than 30 related industries producing goods and services. During the active phase of the war, Ukraine suffered significant losses of immovable property. The consequences of the destruction of hundreds of thousands of commercial and residential buildings are particularly noticeable for businesses and citizens. The restoration process needs to take into account the requirements and standards of real estate design, construction and development within the context of Ukraineʼs European integration course. In view of this, the purpose of the article is to define the directions of transforma­tion for domestic real estate development and adaptation to new trends in the conditions of European integration. The statistical methods, methods of abstraction and theoretical generalization, analogies and comparison have become the main research methods. An analysis of the state of the residential and commercial real estate market in Ukraine has been conducted. The directions of development, current trends and concepts of real estate construction in the EU countries have been identified. The challenges of development compa­niesʼ activities in the real estate market of Ukraine under conditions of war have been systematized. The expediency of implementing the principles of environmental, social, and managerial sustaina­bility (ESG) into the practice of Ukrainian development for the sake of a responsible international image and increasing the investment attractiveness of the Ukrainian market in the post-war period, as well as the implementation of current construction concepts, particularly the Build-to-Rent concept, is substan­tiated. The systematization of positive experience and adaptation to European requirements will enable the construction industry and Ukrainian development companies to more effectively carry out post-war recovery and integrate into the European community.