16:53 05.12.2017

Pace of housing construction in Kyiv region could slow in 2018 - UTG

KYIV. Dec 5 (Interfax-Ukraine) – Kyiv region would gradually slow the pace of housing construction, and the left bank district of Kyiv would be actively developed, UTG consulting company has said.

"The rush around construction in Kyiv region is gradually falling, which is linked to the price policy: housing prices in the region almost equals to the construction cost," head of UTG's strategic consulting department Rostyslav Simonov said at a press conference at Interfax-Ukraine on Tuesday.

He said that construction in the left bank district (Darnytsia and Desniansky districts) continues growing, but 56% of construction sites are on the right bank.

UTG said that in the first three quarters of 2017, 2.3 million square meters of housing space was commissioned in Kyiv city and region, which is 23.5% more than year-over-year.

Despite the increase in supply, the sale pace in Kyiv city is not recorded. Only the premium class housing market has average saturation, and the sale pace next year would stabilize or show a slight decline.

"We expect that credits to buy housing would stir up. The U.S. dollar exchange rate would remain in the range of UAH 26-28/$1, and it is likely that the conditions of mortgage credits would improve next year," Simonov said.

The expert said that in 2017 no sales and housing commissioning meltdown would be seen.

UTG said that 70% of the Kyiv city market is in hands of six or seven companies, and two of them have the share of over 50%. These companies have enough influence to control the number of housing projects commissioned and not allow the market meltdown.

UTG said that last year 114 construction permits were issued, and 59 – in H1 2017. The company predicts that the number of permits in 2017 would exceed the figure for the previous year, and in the next two or three years the construction pace could slow, but not significantly.

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