First Is Coming!
Hello my old friends. And new ones, too. I would never have been able to imagine what situation we will find when I returned back for blogging. No extra words, you know that. Mirax just has closed its head office and stoped the highest building in Ukraine at 11th floor. XXI Century lost more than 60% value since IPO. DUPD should buy back to stop price fall. That is our horizon for now. And to be straight with you no one know where the down is. They tell that investment activity still alive but that in most cases this is just a smilie face. No more.
Btw, I leaved Colliers for my own project. I miss you guys.
So, I'm online again. And I hope you as well. CU
P.S. Alex, you're rock, chuvack! ;)
4 comments:
Hi! Great to hear you are back. Could you please let us know your thoughts on the residential market of Kiev, where it is, and where you think it is heading? There is no doubt that prices will begin decreasing, the question is how much? My sources tell me that nothing is selling right now, only 'Elitnoe jiliye' is moving. This is consistent with the US market where the mega rich continue to thrive.
I am curious about how the Ukrainians going to accept their apartments are dropping in prices as really all they remember in the last 10 years is price increases. Leaves for an interesting show. I suspect people will be very stubborn with price reductions but if nothing is selling, they will have no choice? I am also hearing about building freeze on most residential projects. Would not want to be the one with deposit down on one of those units :-)
I also picked up Aviso the other day, I was amazed to see how many $8,000 - $12,000 per month apartments there are being offered. I do not suspect there are too many people these days willing to spend that type of cash. Would be curious to hear your thoughts on everything.
I suspect a 20% price reduction in the very center of Kiev and 20%-50% reduction outside of the very center. Rents down 10-20% everywhere.
Hello. The residential is pretty dead, for now at least. I'm telling about middle and low segments. They will down, no doubt during next year.
Taking into the premium properties (real "premium"!) are lack of supply, I don't think that market will fall down. But you should forget about high price for low quality. Main topics in that market now:
1.No mortgage for near the future or crazy rates exceeding USD 20-22 %/y
2. 25% properties will be frozen (remember, no mortgages?)
3. Developers with 1-2 residential project will leave the market (time to buy them!)
4. Exchange rate rally 4.6-5.6 UAH/USD make the market unpredictable.
5. Possible personal and family expenses cut will suspend the purchases
6. Mortgages flow rate increasing for existing loans (it could be a personal disaster for many people, like in States)
I guess few people can imagine what can happen if all (or some of these) get real. Unfortunately we have not Federal Reserve or sort of that to save housing market.
Great site Sergey.
So what is your opinion on the market in the near future?
How low do you think a 1 or 2 room apartment close to Kiev centre?
When do you think may be the best time to buy?
Are you able to help me in buying (for a fee of course).
Is a foreigner protected to buy in the Ukraine property market? I have heard many stories.
Can we discuss this further by email?
I really want to buy in Kiev and this may be the time to.
Please update us when you can :)
Robi
Robi, if you have any specific questions, feel free to email me.
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