With property values soaring in the Ukrainian capital city of Kiev, many potential buyers are being forced to rent. This has provided a good opportunity for investors in rental properties, and has also helped to expand the traditional Kiev market further out from the city centre. Ukrainian Carpathian Mountains now feature Ukraine’s first off plan Ski resort all signs of a booming Ukraine real estate market
Ukrainian website Kiev Weekly has noted in several articles recently the trend of rising prices and what it has done to property investors in the capital city. With prices rising in the city so much, many people are now looking to rent instead of buying. Another factor contributing to the large number of renters is the high interest rate on local mortgages in the Ukraine. Rates in Kiev have been averaging 12-15% in recent months, significantly higher than many other European cities. Certainly one reason for the high rate is the skyrocketing value of property in Kiev.
One local real estate executive, Mykhailo Zhogolev, who is the Director of the Kiev Office of the Real Estate Experts Association of Ukraine, believes that renting is a cheaper option for the average citizen given the high prices and interest rates, noted the Kiev Weekly.
While the high prices and interest rates are forcing many to rent instead of purchase, this is providing a good opportunity for investors who are focused on rental income. International property investors, seeing the increasing value in the market as well as the need for renters, have scooped up many homes and apartments and are making a good return on their investment.
Ukraine’s first off-plan ski mountain resort complex is considered as one of the best investment and holiday home opportunities available in the Ukrainian ski areas.
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The London-based magazine The Business highlighted the fast-growing real estate market in Ukraine. The country’s economy is on the rise and the prices for property in Kiev are still rising about 2% per month, according to some statistics.
Another result of the boom in Kiev is the increasing popularity of towns outside the city, such as Khreshchatyk or Borispil, where Kiev’s major airport is located. Many of these towns and villages are experiencing their own building boom, with quite a bit of off-plan development under way. Either in the city of Kiev or the surrounding locations, there are plenty of opportunities for investors who want to take advantage of the local market.
The major locations for international real estate investors are in Kiev, Odessa, Lviv and along the Black Sea coast in the Crimea. Other popular places are the growing ski resorts in the Carpathian Mountains, including Slavsk.
