Housing prices expected to soar in 2021

REUTERS

REUTERS

Housing prices in Ukraine will rise by 15-25% during 2021 and will continue to grow in the future

It is reported by the Economichna Pravda news outlet.

Read also Ukraine's government forecasts inflation at 6.2% in 2022

According to the online newspaper, LUN Marketing Director Denys Sudilkovsky does not see any trends indicating a decline in prices of apartments. Owner of the SAGA Development company Andriy Vavrysh, in turn, forecasts that in 2021 the cost of housing will increase by 20-25%.

According to forecasts by Chief Executive Officer of Kovalska Industrial-Construction Group Serhiy Pylypenko, the average price of apartments in the primary market of Kyiv in 2021 may grow by 15-20% to US$1,300 per square meter. By the end of 2023, this figure may reach US$2,000.

"The market is very active, overheated, demand is stable. Against the background of rising prices for building materials, inflationary processes, lower interest rates, affordable mortgages and other factors, we expect a rise in prices," Pylypenko said.

According to head of the Domik.ua portal Vitaliy Kotenko, the upcoming cancellation of the moratorium on the collection of overdue debt on foreign currency loans and the settlement of the debt collection services market will entail a decrease in mortgage rates.

New legislative initiatives and a reduction in mortgage rates will fuel price increases, the expert said.

Mortgage at 7%

  • On January 27, 2021, the Cabinet of Ministers approved a resolution to reduce the cost of mortgage loans. The decree provides that the Entrepreneurship Development Fund compensates the interest rate up to 7% per annum on mortgage loans provided to borrowers for the purchase of housing, in order to reduce the cost of their cost. The fund provides interest refunds to borrowers who have received a mortgage in national currency from an authorized bank.
  • On February 26, 2021, the Entrepreneurship Development Fund and seven authorized banks signed agreements under the Affordable Mortgage at 7% program.
  • On March 1, 2021, the first two Ukrainians took advantage of the Affordable Mortgage at 7% program.

Translation: Akulenko Olena

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