Experts not forecasting significant decrease in house prices in Kyiv region

18:43

There is unlikely to be a significant decrease in prices for houses in Kyiv region in the next 1 to 2 years, Serhiy Yeliseyev, the director general of the Europe development company (Kyiv), has said.

"There won't be a significant decrease in prices in the next 1 to 2 years compared to the current level," he told journalists at a press lunch in Kyiv.

Natalia Pronina, the head of the department of strategic consulting at Knight Frank Ukraine LLC (Kyiv), agreed.

"In many housing estates it has been decided to cut prices. The prices will be cut, but not by very much," she said.

According to Pronina, from the third and fourth quarters of 2008 the price of a house in Kyiv region in the dollars fell by 30-40% in a number of villages.

By March 1, 2009, 35% of 75 housing estates under construction were frozen.

The company is constructing a housing estate on an area of 290 hectares located 19 kilometers from Kyiv on the Zhytomyr highway. The plans for the estate foresee the construction of 1,030 houses with an area of 150 to 350 square meters. Construction is to be completed by 2013. Investment into construction will be about $270 million.

The Europe development company was created in 2007. Its founder is Mykola Lahun.

Knight Frank was founded in London and provides a full range of agent and consulting services for developers, real estate owners and users, including businesses and individuals.