KyivPost

Bloomberg: Ukraine captive to Soviet era after lending collapse

Print version
June 20, 2012, 12:30 a.m. | Business — by Bloomberg

For most of Kiev’s 3 million residents, including the nascent middle class, owning a home isn’t an option. Eight years after the Orange Revolution that swept pro-Russian premier Viktor Yanukovych out of office and kickstarted a real-estate boom, the cost of a house as a proportion of the average income is among the highest in Eastern Europe even as prices lag behind.
© Courtesy

Olesya Myhal, a 28-year-old public- relations executive who lives in a cramped Kiev apartment with her husband, is also being squeezed in other ways. Ukraine’s weakening currency inflated the principle of the couple’s 20-year dollar mortgage, while high prices and loan rates are preventing them from moving up the property ladder. Higher mortgage payments mean they can’t afford to modernize their 58 square-meter (624 square-foot) Soviet-era home.

 Read the story here.

comments powered by Disqus

KyivPost

© 1995–2014 Public Media

Web links to Kyiv Post material are allowed provided that they contain a URL hyperlink to the www.kyivpost.com material and a maximum 500-character extract of the story. Otherwise, all materials contained on this site are protected by copyright law and may not be reproduced without the prior written permission of Public Media at news@kyivpost.com
All information of the Interfax-Ukraine news agency placed on this web site is designed for internal use only. Its reproduction or distribution in any form is prohibited without a written permission of Interfax-Ukraine.