Support a MORTGAGE together or who RISKS HIS APARTMENT? - News about real estate, Kiev, Kyiv region. Real Estate In Ukraine

Support a MORTGAGE together or who RISKS HIS APARTMENT? - News about real estate, Kiev, Kyiv region. Real Estate In UkraineIn late February, the Ministry of regional development approved the draft decree of Cabinet of Ministers governing the allocation of 3 billion UAH of state funds to the builders. Billion UAH will be directed...Who will support the mortgage?In late February, the Ministry of regional development approved the draft decree of Cabinet of Ministers governing the allocation of 3 billion UAH of state funds to the builders. Billion hryvnias will be sent to the State mortgage institution - the national Bank will Finance the SMI through securities. Another 1 billion UAH for financing residential construction will receive state Ukreximbank and Oschadbank.According to construction Minister Vasyl Kuybida, the first money developers will have in March. But for all those in need of budgetary funds is not enough: the 19th of February, the Ministry of regional development has received 396 applications from developers on 6,077 bn. However, this year the Cabinet will be able to Fund the completion of only 150-200, more ready than 70%. Investors remaining risk being left without money and without shelter, as most construction companies have neither apartments, nor money for the erection of frozen objects.Steep diveAccording to the Ministry of regional development, by January of 2009 in Ukraine there were about 2.7 thousand unfinished houses. According to developers, just over 2 thousand objects frozen because of money on their end not.Housing construction in Ukraine in average 80% was financed by future residents who bought apartments in an existing house. About 20% of the funds invested by the developers. But in four cases out of five it was credit money - own circulating assets of construction companies, with rare exception, were not. Ukraine is confronted with the global liquidity crisis, they have lost access to cheap credit. Simultaneously, banks have frozen mortgage lending."Now the state support is necessary for any developer who has unfinished housing and obligations to investors", - said the Director for corporate communications of the company "XXI Century" Dmitry Vasilyev. According to the estimates of the Ministry for conservation in 2009 the volume of construction at the level of last year the construction industry will need more than 200 billion USD. Neither the government nor the banks such resources at their disposal.The intricacies of stateTo avoid in 2009, mass protests of defrauded investors, but to meet the minimum sum of 3 billion USD, the government decided to Finance the completion of objects gradually, starting with the almost completed houses. To do this, with the filing of the Cabinet, the Parliament adopted a compromise version of the state aid for the industry. The law "On prevention of the impact of the global financial crisis on construction industry development..." it is envisaged that in 2009 by the state will be completed at home with the readiness of over 70%, in 2010 - was erected more than 50%.However, according to Vasyl Kuybida, apartment houses built by two-thirds, in Ukraine, about 750. Approximate estimates of construction - 10 to 14 billion USD.3 billion is not the amount that will solve all the problems of the construction industry. But even this money will help to complete the construction of about two hundred houses with a total area of about 1.6–2 million sq. m. in addition, according to experts, the construction company will be able to complete this year from 300 to 400 homes, or about 4 million sq. m. Thus, following the results of 2009 will be completed virtually all homes readily than 70%, while the volume of housing construction can be 5-7 million squares.Although this figure is almost twice less of volume of residential construction in 2008, mass unrest among the citizens that have invested in the construction, this year will be avoided. "A large number of defrauded investors-individuals, confirms the Deputy Director General for strategic development and marketing of the company "TMM" Oleksiy Govorun. - Although it is likely that some objects will turn into a protracted". According to him, provided real support from the state and the resumption of lending stroyotrasli banks with the majority of developers will continue construction work. "But the schedule for completion and commissioning for many companies may be offset," adds the expert.Castles in the skyAmong the objects of "off-schedule" by the end of this year will be about 2 thousand of new buildings. In 2007-2008 almost all apartments in new houses were sold before completion. If we assume that in most new houses number of apartments of approximately 100, to the beginning of 2009 in 2 thousand unfinished new buildings invested money from 20 thousand to 100 thousand citizens. Of course, some part of them, albeit with a delay of two to three years will still be able to enter the purchased apartments, while the majority run the risk of losing money. If the crisis will last another year, the state will not be funds to help the developers and their investors."Now no one will answer, what percentage of investors will be left without apartments. The main task - to unite the efforts of the state, the banking system and developers to ensure that this never happened," sums up the sad result Dmitry Vasilyev.How will helpTo receive aid from the state of the developer can, if their unfinished object corresponds to the three conditions. First - high (70%) degree of commitment. The closer the object to the final stages of completion, the more chances to receive money from the state budget. Second, the marginal price of square meter. By decision of the Ministry of regional development, the cost of 1 sq m of housing for the capital must not exceed 8 thousand UAH, for the regional centres - 6 thousand UAH, for the rest of the cities - 5 thousand UAH per square. Third - the state may count only those companies that have the budget cost of work performed at the facility not less than the amount received by the developer from private investors.Most of the state funds will be allocated for loans to individuals wishing to invest in the construction. For the last part in the program - based on current realities - would be beneficial. If you believe the promises of the Ministry of regional development, customers will be able to obtain long-term loans through the state banks for a period of 30 years at 14% per annum (discount rate of the national Bank 2%).ExaminationOleksiy Govorun, Deputy General Director for strategic development and marketing of the company "TMM":Whether made by the government 3 billion to complete construction of all facilities readily over 70%? -Definitely won't be enough. But even this amount will help restore trust between all participants of the construction market: banks, property developers, government, potential and already invested money in the construction of investors. In fact, these funds will be used to complete 20-25% of the objects. But it's a chance for the industry and construction market, if not excited, at least stabilizing.Government support is required for all construction companies or someone can finalize objects yourself?- Need help any Builder. But the government is now promising to support large developers. Any market over time is structured. In the future the construction industry will have to work with reasonable prices and a margin of 30-35% (in 2005-2007 profitability reached 100-150%. – ed.). It can afford only the big players. Small developers will leave the market or will be absorbed.Many investors are now likely to remain without homes?- The exact number of investors who bought apartments in unfinished buildings, unknown. In 2007-2008, on average, 10% of the apartments were sold during the construction of the first floor and 20% in the process of building the box, remaining at the final stage. Incidentally, the apartments will be purchased closer to the final stage of construction.


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