REAL ESTATE MARKET AND STOCK MARKET: COMPARATIVE ECONOMIC ANALYSIS AND INTERCONNECTION IN THE CONTEXT OF POST-WAR RECOVERY PROSPECTS
Abstract
The article presents the results of a comprehensive comparative analysis of the functioning of two key segments of the financial sector — the real estate market and the stock market — under martial law. Theoretical and methodological approaches of domestic and foreign scholars to the issues of market transformations during crises have been investigated. A gap has been identified between the existing domestic scientific discourse, focused primarily on the physical recovery of objects, and global trends in asset financialization. Based on the economic analysis for 2017–2024, structural shifts in capital investments have been revealed (reorientation from residential construction to engineering structures and non-residential objects, caused by security risks and logistical needs). It has been established that the real estate market demonstrates inertia and adaptability, shifting consumer priorities towards energy efficiency and safety (autonomy, bomb shelters). The transformation of the stock market, which has shifted from trading equity instruments to the dominance of debt obligations (military bonds), has been analyzed. A comparison of the markets has been carried out based on the criteria of reaction speed to shocks, liquidity, and physical vulnerability of assets. The necessity of deepening the interconnection between the markets through the introduction of collective investment instruments, particularly real estate investment funds, has been substantiated. It has been found that since the beginning of the full-scale invasion, the classic stock market has effectively ceased to function. Attention is focused on the fact that this is due to high risks and regulatory restrictions of the NSSMC, a low level of financial literacy among potential investors, and the lack of effective financial compliance. It is proven that overcoming these problems and adapting the REIT model to Ukrainian realities will allow democratizing investments, lowering the entry threshold for private capital, and ensuring professional management of recovery by transforming physical objects into liquid financial assets. The direction of further research is the substantiation of the essence of the real estate stock market and the prospects for its formation and development.
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