STRATEGIC DEVELOPMENT OF CONTROL AND INVESTMENT OF THE REAL ESTATE MARKET OF UKRAINE

Real estate ownership is one of the key factors in the prosperity and independence of an individual household. At the same time, real estate is an object of investment, not only in Ukraine, but all over the world. However, due to the differences between the domestic and European investment markets, various speculations in this market are observed in Ukraine, which lead to price fluctuations and the emergence of equity bubbles in the market. The consequence is that prices for ready-made real estate are unreasonably inflated and own housing turns from an attribute of the middle class into an element of luxury. The problem becomes acute with the beginning of the full-scale Russian invasion on Ukrainian territories, which led to the transfer of a significant amount of the population from eastern regions to the central and western regions, at a time when the supply on the market shows a sharp decline. This affected the real estate market and the sharp change of real estate prices. However, this work demonstrates another important factor in price growth, the imperfection of investment opportunities in real estate at the construction stage from a legislative point of view and the impact of this process on prices in general. That is why the purpose of this article is to identify threats to this market, as well as to analyze the impact of these risks on the economy and the level of social security; analysis of the Western market, which has a longer history and more established real estate market; search for tools that will help stabilize the development of the real estate market, as well as ensure transparency in this market. The result of this work contains identified risks that negatively affect the country's economy; examples of legislative loopholes that stimulate the development of the shadow economy and enable large developers to control prices in the direction of their unjustified growth; analysis of the level of affordability of real estate in Ukraine for citizens compared to Spain based on the average income in these countries; tools that will contribute to the development and transparency of the market are proposed. Last but not least, it is worth noting that the solution to the problem requires amendments to the current legislation, with the aim of controlling the quality of residential real estate construction and limiting the influence of large companies on the market, as well as limiting the direct investment of individuals in construction projects, which contributes to the injection of a large and permanent amount of money into business development.