Alexander Adamov

Comparative assessment of real estate market development strategies in countries with economies in transition

Introduction

Comparative assessment of real estate market development strategies in countries with economies in transition. Compares real estate market development strategies in transition economies (Poland, Hungary, Georgia, Kazakhstan, Ukraine). Analyzes institutional, legal, and investment factors for optimal management.

Abstract

Abstract. The article is devoted to a comparative analysis of real estate market development strategies in countries with economies in transition, with an emphasis on their institutional, economic, legal and investment features. The study reveals the specifics of the functioning of real estate markets, determined by historical, political and socio-economic factors, and offers methodological approaches to assessing their development. The aim of the article is to assess the effectiveness of real estate market development strategies in countries with economies in transition by analyzing their institutional, economic, legal and investment aspects, as well as identifying optimal management models that take into account national characteristics and global trends. The study is based on a comparative analysis of five countries (Poland, Hungary, Georgia, Kazakhstan, Ukraine) using a systemic approach, including market trend analysis, regression modeling, geographic information systems, assessment of the legal environment and investment attractiveness. Statistical data, reports of international organizations (Statista, Global Property Guide), as well as scenario planning and institutional analysis methods to assess the effectiveness of regulatory and financial instruments. It is found that the success of strategies depends on the level of institutional maturity and transparency. Poland achieved stability through privatization and land law reforms, Hungary through mortgage liberalization and social programs, Georgia precisely through deregulation, Kazakhstan through state programs and digitalization, while Ukraine faces legal uncertainty. It is found that an integrated approach that combines economic efficiency, social responsibility and environmental sustainability is key to the sustainable development of markets. Further research should focus on developing adaptive strategic management models, integrating digital technologies, and assessing the impact of global climatic and geopolitical factors on real estate markets. Particular attention should be paid to improving socially oriented instruments, revitalizing depressed regions, and harmonizing national policies with international sustainable development standards.

Review

This timely paper undertakes a vital comparative assessment of real estate market development strategies in countries with economies in transition, a topic of considerable contemporary relevance. The study's strength lies in its comprehensive, multi-dimensional approach, analyzing institutional, economic, legal, and investment features across a diverse sample of five countries: Poland, Hungary, Georgia, Kazakhstan, and Ukraine. The stated methodology, incorporating market trend analysis, regression modeling, geographic information systems, and institutional analysis alongside statistical data and international reports, suggests a robust and rigorous research design capable of providing nuanced insights into the complexities of these evolving markets. The research yields significant findings, notably highlighting that the success of real estate strategies is intrinsically linked to institutional maturity and transparency. The paper effectively distinguishes between the varied pathways to stability, such as Poland's privatization and land law reforms, Hungary's mortgage liberalization, Georgia's deregulation, and Kazakhstan's state programs and digitalization, while also addressing challenges like legal uncertainty in Ukraine. A particularly valuable contribution is the identification of an integrated approach—one that harmonizes economic efficiency, social responsibility, and environmental sustainability—as the cornerstone for sustainable market development. This synthesis provides practical guidance for policymakers seeking to foster resilient real estate sectors. While the abstract provides a compelling overview, a deeper exposition in the full paper on how the advanced methodologies, such as regression modeling and GIS, concretely informed the specific country findings would further enhance the study's transparency and impact. The authors' proposed future research agenda is commendable and forward-looking, correctly emphasizing adaptive strategic management models, the integration of digital technologies, and the critical influence of global climatic and geopolitical factors. The call for improving socially oriented instruments and harmonizing policies with international sustainable development standards further solidifies the paper's contribution to both academic understanding and practical policy formulation in this dynamic field.

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