Fall in prices on primary real estate market in Ukraine slows to 0.12% a month in 2018 - expert
KYIV. Dec 14 (Interfax-Ukraine) – The pace of falling for prices on the primary real estate market in 2018 slowed and reached 0.12% a month, a representative of the Realtors Association of Ukraine Eduard Brazas has said.
"The pace of decline decreased, and decreased very significantly. If last year the five largest cities had an average price drop of 0.7% per month, then by the end of 2018 the average percentage of decline was 0.12%. A drop of more than 83% is evidence that prices have practically stopped," he said at a press conference at Interfax-Ukraine on Thursday.
Brazas said, citing data from the Ministry of Justice, that the growth in the number of transactions in the real estate market in the first three quarters of 2018 was 13%, to more than 330,000 transactions.
"Given the fact that in recent years, the fourth quarter was the most active from the point of view of the real estate market, we predict that by the end of 2018, we will also have growth," the expert said.
At the same time, according to Brazas, the share of transactions in the economy segment is growing.
"If last year about 70% of transactions were in a segment of up to $50,000 per apartment in Kyiv, then this year this is up to 80% of demand. Three-room apartments have already begun to be seen in this segment, and there is the supply for this demand," he said.
According to Brazas, the average exhibition time for the property on the market (from the moment it appears on the market to its sale) is no more than two months, although there are facilities that have been sold for years.
In addition, according to him, in the current year the supply of apartments in new buildings has grown.
"There are about 400 facilities under construction in Kyiv and about 300 in the suburbs where sales are under way. This is approximately 20% more than in 2017," the expert said.