Abstract
The methodology of comparative assessment of the mortgage market is proposed. The study of the Ukrainian mortgage market was conducted in three areas: the preconditions for the development of the mortgage market, the current situation in the mortgage market, and the risks in the mortgage market. The integrated coefficient of the level of development of the mortgage market in Ukraine is calculated. It is substantiated that the level of the Ukrainian mortgage market is in an embryonic state in comparison with the corresponding EU market. The object of study is the mortgage market of Ukraine. The subject of the study is the methodological principles of mortgage market. The study of the mortgage market as a financial mechanism for implementing the strategy of technological development of the national economy contributes to the understanding of the areas of efforts to overcome socio-economic problems in the country. The purpose of this article is to carry out a comparative assessment of the mortgage market of Ukraine. To achieve this goal were used: system-parametric approach - to the scientific knowledge of the mortgage market, which allowed to integrate the preconditions of development, potential and risks of the mortgage market; a comparative analysis of the assessment of the Ukrainian mortgage market, which helped to determine the level of development of the national mortgage market in comparison with the EU. The practical significance of the results is that the proposed valuation method can be used to rank both banks and national mortgage markets of other countries. Conclusions. The assessment of the preconditions demonstrated the high responsibility of Ukrainian mortgage borrowers. The potential for mortgage capital in Ukraine exceeds the European one almost three times. The biggest risk of mortgage market for housing construction in Ukraine is the problem with unfinished projects. The development of mortgage market in Ukraine needs legislative support in the direction of changing the status of property rights, state support in guaranteeing loans and resolving issues of unfinished projects, finding alternative sources of financing.
Keywords
mortgage interest rate, mortgage preconditions, non-repayable mortgage, residential mortgage, mortgage market risks
References
1. McDonald, D., Thornton, D. (2008). A Primer on the Mortgage Market and Mortgage Finance. Review. DOI: 10.20955/r.90.31-46 [in Eng.].
2. Krainer, J., LeRoy, S., Munpyung O. (2009). Mortgage Default and Mortgage. URL: https://www.frbsf.org/economic-research/files/wp09-20bk.pdf [in Eng.].
3. McCord, M., Stanley, M. Berry, J., Haran, M., Peadar, D. (2011). The implications of mortgage finance on housing market affordability. International Journal of Housing Markets and Analysis, 4. 394-417. 10.1108/17538271111172175 [in Eng.].
4. Choi, J., Kaul, K., Goodman, L. (2019). FinTech Innovation in the Home Purchase and Financing Market. URL: https://www.urban.org/sites/default/files/publication/ 100533/fintech_innovation_in_the_home_purchase_and_financing_market_0.pdf [in Eng.].
5. Ruda, O. (2018). Formuvannya ipotechnoho kredytuvannya v Ukrayini. [Formation of mortgage lending in Ukraine]. Efektyvna ekonomika - Effective economy. - Vinnitsa. URL: http://www.economy.nayka.com.ua/pdf/5_2018/61.pdf/ [in Ukr.].
6. Rev'yuk, N. (2007). Ipoteka yak ekonomiko-pravova konstruktsiya zaluchennya investytsiy v ekonomiku: teoriya ta praktyka yiyi zastosuvannya [Mortgage as an economic and legal construction of attracting investment in the economy: theory and practice of its application]. Kharkiv [in Ukr.].
7. Latsik, G. (2011). Finansovi instrumenty na ipotechnomu rynku Ukrayiny [Financial Instruments in the Mortgage Market of Ukraine]. Candidate’s thesis. Ternopol. [in Ukr.].
8. Manjos, S. (2013). Naukovi pidkhody do vyznachennya ta klasyfikatsiyi ryzykiv ipotechnoho kredytuvannya, zakhyshchenykh promyslovoyu nerukhomistyu [Scientific approaches to definition and classification of mortgage lending risks secured by industrial real estate]. Nauka ta ekonomika - Science and economics, 3 (31), 192-198 [in Ukr.].
9. Nazukova, N. (2018). Stan, problemy ta perspektyvy investuvannya v osnovnyy kapital v Ukrayini [State, Problems and Prospects for Investing in Fixed Capital in Ukraine]. Investytsiyi: praktyka ta dosvid - Investments: Practice and Experience, 14, 54-59 [in Ukr.].
10. Satire, L. (2013). Ipotechne kredytuvannya zemli yak dzherelo finansovykh resursiv dlya silʹhospvyrobnykiv [Land mortgage lending as a source of financial resources for agricultural producers]. Investytsiyi: praktyka ta dosvid - Investments: practice and experience, 4, 36-38 [in Ukr.].
11. Sayt AKB «Arkada» [Website of JSCB «Arкadа».]. arkada.ua. URL: https://arkada.ua [in Ukr.].
12. Sayt AT «Oshchadbank» [Website of JSC «Oschadbank»]. oschadbank.ua. URL: https://www.oschadbank.ua/ua/private/loans/kredit-p-d-poteku [in Ukr.].
13. Website of European Mortgage Federation. hypo.org. URL: https://hypo.org/app/uploads/sites/3/2018/09/HYPOSTAT-2018-FINAL.pdf [in Eng.].
14. Sayt natsionalʹnoho banku Ukrayiny [Website of the NBU]. bank.gov.ua. URL: https://www.bank.gov.ua [in Ukr.].
15. Sayt Derzhavnoho komitetu statystyky [Website of the State Statistics Committee]. URL: http://www.ukrstat.gov.ua [in Ukr.].
16. Reytynh Vedennya biznesu [Rating. Doing Business]. URL: https://russian.doingbusiness.org/ru/rankings [in Rus.].
17. World investment report. URL: https://unctad.org/en/Publications Library/wir2018_en.pdf [in Eng.].
18. World ranking of the cost of Living Around the World 2018. URL: https://www.mercer.com/newsroom/cost-of-living-2018.html [in Eng.].
