The Meta-Analysis of the Transformation of the Global Real Estate Market
Petrenko O. M., Pakhnenko O. M.

Petrenko, Oleksandr M., and Pakhnenko, Olena M. (2026) “The Meta-Analysis of the Transformation of the Global Real Estate Market.” The Problems of Economy 2:58–67.
https://doi.org/10.32983/2222-0712-2026-2-58-67

Section: World economy and international relations

UDC 332.72:330.322:004

Abstract:
The article analyzes the long-term transformation of the global real estate market from 2004 to 2026 and argues for the need to understand it systematically in the context of a global polycrisis, digitalization, and increasing environmental constraints. It is found that traditional approaches to evaluating real estate as a static asset are losing relevance, giving way to the conception of functional and operational efficiency. The aim of the study is to identify patterns in the evolution of the real estate market based on a summary of empirical data and to develop a comprehensive model of its development. To achieve this aim, methods of historical-logical and comparative analysis, induction and deduction, as well as a qualitative meta-analysis of analytical reports from the Emerging Trends in Real Estate® series for 2004–2026, were used. Additionally, semantic analysis of professional terminology was applied to identify changes in market expectations. As a result of the research, a new periodization of the global real estate market development was proposed, combining macroeconomic cycles with digital and ecological transformation processes. Four stages of market evolution were identified: the stage of financial expansion, crisis correction, technological shift, and polycrisis transformation. It has been shown that the current stage is characterized by a transition from financialization to market infrastructurization, where real estate is transforming into a service platform integrated into social and digital infrastructure. Significant changes in the sectoral structure of investments have been identified, particularly the decline of office real estate and the growth in importance of logistics facilities, data centers, and residential formats. It has been shown that environmental factors and compliance with ESG criteria act as key determinants of asset liquidity and shape the risk of «stranded assets». Summarizing the research results allowed for the development of a conceptual model for making investment decisions, based on prioritizing operational efficiency, asset adaptability, and the integration of digital and environmental characteristics. The practical significance of these results lies in their potential use by investors, developers, and regulators to develop asset management strategies in conditions of uncertainty. Future research prospects are related to assessing the impact of artificial intelligence on market structure and analyzing the socioeconomic consequences of digitalization in the housing sector.

Keywords: real estate market; financialization; PropTech; sector rotation; ESG factors; digital transformation; climate risks.

Fig.: 1. Tabl.: 2. Bibl.: 54.

Petrenko Oleksandr M. – Postgraduate Student, Department of Economic Cybernetics, Sumy State University (116 Kharkivska Str., Sumy, 40007, Ukraine)
Email: o.petrenko@biem.sumdu.edu.ua
Pakhnenko Olena M. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Financial Technologies and Entrepreneurship, Sumy State University (116 Kharkivska Str., Sumy, 40007, Ukraine)
Email: o.pakhnenko@biem.sumdu.edu.ua

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