Support The Moscow Times!

Ukraine Housing Market Hits Record Low

Housing sales in Ukraine have fallen to their lowest levels in five years due to currency devaluation and the difficulty of acquiring loans, news web site reported Monday.

Kiev, whose housing problems began with the Euromaidan protests last year, registered 100,820 housing sale transactions in the first nine months of this year, down from 242,300 during the same period last year, reported, citing figures from ARPA Real Estate company.

Despite interventions from Ukraine's Central Bank over the past month and a half, the hryvna fell to historic lows against the dollar last week, hitting nearly 14 to the dollar, Reuters reported.

In many cases banks are also unwilling to provide long-term housing loans due to liquidity problems, and those that do may charge exorbitant interest rates. Prostobank Consulting company told that the weighted average interest rate for mortgage loans was 21.8 percent.

To make matters worse, businesspeople who may have the money to buy property in Kiev have been choosing to buy elsewhere. Demand for high-end apartments in Moscow has risen 10 to 15 percent due to purchases made by Ukrainian businesspeople, a study found last month.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more