Faculty Scholarship 1994 - Present

The Role of Marketing in the Evolution of Residential Real Estate in Kyiv, Ukraine

The residential real estate market in Ukraine, one of the few sectors in the country to be largely privatized, has experienced dramatic growth since the collapse of the Soviet Union. Marketing, a function essentially unknown during the socialist era, has been an instrumental force in driving and guiding this remarkable transformation. This paper examines how marketing has revolutionized the residential real estate market in Ukraine's capital, Kyiv, by looking at the information content in real estate information bulletins. Despite the lack of market-based reforms in may key sectors of Ukraine's economy, the relative progress and growth in marketing sophistication reflected in the residential real estate sector is powerful evidence that marketing can contribute significantly to a better quality of life and, as many theorists assert, lead to higher standards of living.