Prospects for the implementation of real estate development in Ukraine based on energy efficiency principles and the problems with raising the finance required

Abstract

The main goal of the study is to analyse the residential real estate market in Ukraine from the point of view of the need and the possibility of increasing its energy efficiency. Also, it aims to justify effective financial and credit mechanisms for ensuring measures to improve the thermal protection properties of residential and non- residential real estate, in particular by introducing energy efficiency development projects. With this research we investigated Ukraine's housing stock and utility tariffs and concluded that a beneficial strategy to be applied in Ukraine is the energy-efficient retrofit of real estate. This is one of the most effective ways to re-profile unclaimed real estate units in the existing state or to reconstruct inefficiently used buildings. Also, we reviewed selected methods of energy efficient residential real estate development and mechanisms of financing energy- efficient renovation of real estate used in the EU. And, in our view, the next step of the Ukraine in the direction of improving the energy efficiency of housing should be the effective operation of a dedicated/specific energy efficiency fund to ensure stable financing of housing modernization projects, which will allow for a comprehensive renovation of buildings and lead to significant annual energy savings in this end-use sector.