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Selling or buying a residential property (apartment, flat, house) in Kiev

Get ready to find the home of your dreams. Get the tips on what you should look for, how to negotiate a great deal, and how to protect yourself in the process. Understanding Kiev’s real estate market is essential if you want to find a perfect home while making a sound investment. Kiev’s real estate market is still in the early stages of development so it can be compared to the western real estate market decades ago. Aside from typical information which any educated investor has to take into consideration prior to making an investment decision (such as liquidity, market data, historical pricings, economic indicators etc.), there are country/city specific factors which are not very familiar to an outsider or a Westerner.  

First, you need to understand that Kiev has the so called “primary" sector of the market (property available for sale for the first time shortly after it was built), and the "secondary" sector of the market (apartments available from a private or "secondary" owner).

Buying “primary” property in Kiev

Many properties, especially in highly sought-after buildings and locations, are bought before they are built. Approximately 70% of the new elite properties are bought before "gospriyomka" (validation of the constructed building by a municipal commission). It is a known fact that the price of the property increases approximately by 20% immediately after "gospriyomka." When buying an apartment during the construction phase, an investment contract is normally signed. After the completion of the construction, the documents proving ownership rights (the so-called Certificate of Ownership for an apartment) are registered. Please note that according to the Ukrainian law, the construction company cannot sell the apartments directly to individuals and has to act through a real estate agency in Kiev which is either set up by the construction company as a subsidiary or a deal with a real estate agency (or several agencies) is made to advertise and sell the properties in the building. There are certain risks involved in the primary property purchase if the property is bought out preliminary to construction being finished. The site can be delayed or in extreme cases frozen due to external problems with government certifications, or internal problems of the property developer. This is why it is very important to have an experienced broker who will represent your interests and get the insight on both the site in question and the developer constructing it.

Another factor to consider is that upon purchasing a “primary” property the owner will get an apartment with bare walls, without any finishing, flooring, appliances etc. The clear advantage is that the owner then decides how he/she wants to finish the apartment, or appoint a personal interior designer/architect to do it for him/her. On the other hand this does required significant investment of time and money therefore creating a considerable inconvenience to buyers who require housing on a short term notice.

Buying “secondary” property in Kiev

Kiev’s “secondary” property market is an attractive segment as it entails purchasing a flat from an existing owner. Aside from typical factors familiar to a Westerner which influence the price of the property (such as location, size, quality of renovation etc.), there are some factors to be taken to consideration which are specific only to the post-Soviet real estate market. These most significant one is the era in which the buildings were constructed (starting with the pre-revolutionary era, post-war Stalin’s era, Khrushchev’s era etc.), the history of the building, the targeted group for whom the building was erected etc. Kiev International Realty’s consultants will be happy to acquaint you with this “insider’s knowledge” so that you can make an educated and profound investment decision.

From the legal perspective, the purchase of an apartment from the secondary market may pose a risk since the apartments have had many previous owners. Such a circumstance may pose a predicament because according to the Ukrainian law, the right of ownership and the right to use the property (to be permanently registered and have the right to live in the apartment) are two very different things. To overcome these legal obstacles Kiev International Realty will guide you through the local bureaucracy to verify the history of the apartment, conduct a title and authenticate the number of registered inhabitants with the local municipal/police office. Our experienced consultants are happy to give you advice concerning the purchase of property in Ukraine. Should you need more information, please don't hesitate to contact us by filling out a contact request form, emailing us at [email protected] or calling us at +(380) 44-209-3266.