Increase in property prices for first time buyers

2009-09-25



First time property buyers have been expecting a further fall in prices during the past year since Ukraine entered recession. However, a rapid reduction in new construction projects has led to an increase in demand for first time properties, causing prices to rise and affecting the purchasing decisions of prospective buyers, according to Oksana Kondrashevskaya, the director of the Chaika residential complex in the Kyiv region.
Between January and July 2009 there was a 54.3% reduction in the volume of construction work in Ukraine. Kondrashevskaya claims that the availability of new properties has fallen by 95% in the last six months and affordability demand by up to 70%.