Investment in elite property in Kyiv under First Realty Group deals 2.1 times down in May
Investment in luxury real estate in Kyiv under transactions with Blagovist and Park Lane, part of First Realty Group (all based in Kyiv), in May 2015 decreased by 2.1 times in comparison with April 2015 and amounted to $3.45 million due to lower market activity because of longer holidays.
Park Lane said that this data includes the calculation of the cost of a transaction in the national currency at the average exchange rate to U.S. dollars on the day of the transaction.
"In May, long holidays decreased the activity of buyers and accordingly the number of transactions and the amount of investment. However, we expect that June, as the first month of summer, to be quite active," Director General of Park Lane Viktoria Barabash said.
According to Park Lane, the share of transactions in the elite housing segment in Kyiv, including facilities worth from $250,000, in May 2015 remained at the level of April 2015 and accounted for 5% of the total volume of transactions made by First Realty Group in April.
"With regard to the structure of demand, during three months we have been observing a similar situation in the distribution of apartments, houses and office space in percentage, which indicates a stable demand for all types of real estate in proportion to their supply in the market," the expert said.
According to Park Lane, in May 2015 the share of transactions with apartments of the total volume of transactions with elite real estate decreased to 60% from 70% in April 2015: buyers preferred downtown apartments or in surrounding areas.