27 September 2008

Real Estate in Ukraine

Our September meeting last night was another great success.
Kindly sponsored by EFG Property Services Ukraine and NAI Pickard, presentations were made regarding the current state of the property market in Ukraine, plus the importance of obtaining accurate valuations.
93 people attended and the formal part of the evening was as usual followed by drinks and buffet and lively discussions.

It was commonly agreed by many members that the residential property market has cooled down in Kyiv and in the middle segment we may seem some price reductions next year as a result of more people looking to buy in "Cottage Housing" in the far suburbs or in villages.
Better value for money and a real garden are some of the reasons why people are moving "outward from the city centre".

However, Kyiv city centre prices for prime locations will probably remain the same. Housing in the heart of Kyiv will continue to be attractive as a safe investment.

Regarding commercial property, it was agreed that we will continue to see the boom across office, retail, industrial (mainly warehousing) and land. The demand for offices and retail sites continues to outstrip supply even after the recent political events.

Political instability is now a norm in Ukraine and doe snot appear to be of great concern to the vast majority of Ukrainians. Perhaps it is we foreigners who worry about it more. But foreign companies are continuing to enter Ukraine as it is still seen as one of the few remaining economies offering high returns. The risks are still here. But what would life be without risks?

No comments: