The effect of the program of affordable mortgage lending eOselia depends on the amount of its financing and the speed of disbursement of funds by the program manager, says Oleksandr Nasikovsky, founder and managing partner of the DIM group of companies.

"From August 1, Ukrainians who do not own housing will be able to use the state program eОselia, any restrictions on the categories of citizens participating are removed. This program has a good chance of truly becoming a driver of the construction industry with an average multiplier of UAH 7.8 of GDP However, with one amendment: it is unlikely to happen this or even next year," Nasikovsky told the Interfax-Ukraine news agency.

According to him, the expansion of the mortgage program is a reserve for the future, which will give the construction industry time to reformat and restart processes.

According to the expert, quick results should not be expected for a number of reasons, including low effective demand and urgent items of expenditure for the state budget related to the war. At the same time, he noted the low speed of allocation of targeted funds by the program manager to partner banks.

"Currently, loans worth UAH 722 million have been issued. However, for the program to work the way idealists in the real estate market dream of, at least UAH 50 billion is needed annually. Otherwise, affordable mortgages risk remaining in dreams, since today the effectiveness of the program is 4% according to official statistics: about 44,000 applications and hardly 1,700 funded. There are approved applications that have been waiting for money for two to four months," he explained.

In addition, program participants still predominantly choose housing in the secondary market. According to Nasikovsky, in order to increase the chances of the primary market in the struggle for a buyer, high dynamics of construction is required, which guarantees the completion of the facility, and a low down payment of 15%.

The limiting amount of the loan, which should not exceed the average cost of housing in the regions with the corresponding coefficient approved by the government, also acts as a limiter when choosing an apartment in the primary market, he added.