Positive News for Ukrainian Real Estate Market during Pandemic
Over the past twelve months the Ukrainian property market has had to contend with some serious hurdles including an election, collapse of one of the largest construction firms and a global pandemic. Prior to this, the country's real estate market had progressed a long way in reclaiming the losses from the market collapse in 2008.
However, as quarantine restrictions have eased in the country, new figures show that the damage is not as bad as experts feared. The real estate market in Ukraine remained relatively resilient during the quarantine with little to no declines seen.
"The absence of a deline could be counted as growth for the real estate market in Ukraine," says Igor Nikonov founder of construction firm KAN Development. "The number of sales was stable, prices were stable, the economy was growing. It would be a sin to complain."
Many Ukrainians have viewed the real estate market as the most stable investment and there has been a steady flow of investment into property. Significant buying activity has been seen from foreigners too, attracted by the fast returns of local real estate particulrly in the commercial section. Retail and residential real estate have remained stable with some steady growth seen. Purchasing ability has also improved over the last twelve to eighteen months.
So it is with some surprise that despite the lockdown of citizens during the pandemic that the real estate market remained strong despite restrictions, outperforming expert predictions.
In the commerical market in major cities, office space sales have remained very resilient. According to figures released by CBRE Ukraine, new office space double from 2018 to 2019 amounting to 100,000m2 in Kiev.
The majority of office space is leased to high tech and telecom industries, with around 12 percent of office space leased on a co-worker basis to freelance entrepreneurs, a growing area in Ukraine.
However, according to CBRE constructio of new office spaces is not keeping up with demand. According to public data, developers in Kiev alone have been granted permission to build a further 255,000m2 of office spaces by the end of 2020.
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