The FINANCIAL — The Union of Real Estate Specialists of Ukraine expects the housing real estate market to stabilize no sooner than in the January-June 2012 period.
Oleksandr Rubanov, president of the Union of Real Estate Specialists of Ukraine, said this at a press conference at press center of the Ukrainian News information agency.
"My forecast is that the housing real estate market will stabilize no sooner than in 1.5-2 years," he said.
He noted that the Union of Real Estate Specialists of Ukraine used to believe that the housing real estate market will revive in the fall of 2010.
"I feel myself bound to abandon these forecasts, because everything done at present allegedly for the sake of stabilization of the real estate market is in conflict with the logic of the development," he added.
He also noted that the renewal of mortgage crediting could have positive effects on the housing real estate market.
He does not expect the renewal of the mortgage crediting before the second half of 2012.
At the same time, the chairman of the analytical committee of the Union of Real Estate Specialists of Ukraine, Vsevolod Zhoholev, said housing real estate prices can drop to the level of March 2009.
"Today we see the fall of the price expectations by 1.2% a month. With this trend we will hit the minimum prices seen in March 2009," he said.
At the same time, he noted that splashes of activity can be seen on the market and influence of macroeconomic factors that are hard for prediction.
"If the situation is as it is now… and if there will be no macroeconomic improvements, we will hit that minimum by the fall of this year," he said.
According to him, at present developers are interested in implementation of construction projects that allow offer flats in the nearest suburbs of Kyiv at a price of USD 600-700 per square meter.
According to Zhoholev, this can lead to a deeper reduction in the prices on the housing real estate market.
As Ukrainian News earlier reported, the Union of Real Estate Specialists of Ukraine predicted that the prices on the second housing real estate market of Kyiv can fall or grow by 10-15% in 2010.
