{"id":11946,"date":"2012-06-10T12:10:07","date_gmt":"2012-06-10T12:10:07","guid":{"rendered":"https:\/\/frishberg.yakimaxim.site\/?p=11946"},"modified":"2026-03-12T10:39:27","modified_gmt":"2026-03-12T10:39:27","slug":"house-hunting-in-ukraine","status":"publish","type":"post","link":"https:\/\/frishberg.com\/uk\/house-hunting-in-ukraine\/","title":{"rendered":"House Hunting in … Ukraine"},"content":{"rendered":"

SLEEK DUPLEX WITH A TERRACE IN CENTRAL KIEV<\/strong><\/p>\n

$880,000 (7,115,944 UKRAINE HRYVNIA))<\/strong><\/p>\n

This 2,260-square-foot unit is on the top two floors of a seven-story walk-up building. Built in 1914, it has high ceilings and several open areas, and is awash in natural light from oversized windows, two small balconies with French doors and a wall of glass sliding doors.<\/p>\n

The apartment is entered on the lower level, into an airy space shared by the kitchen and the living room. The ceiling is 13 feet high, and one wall has four large windows and a set of French doors that lead to one of two small balconies. The gleaming black appliances in the open kitchen are made by Miele and Bosch. A rectangular island, also black, divides the kitchen from the living room. With a sink and an electric stovetop built in, it also functions as an eating counter, on the side facing the living room. The floor in this part of the apartment is light wood painted with a black abstract pattern resembling exaggerated knotty wood, according to Luda Kosobutskaya, an English-speaking colleague of the listing agent, Ludmila Leonidova, at Park Lane.<\/p>\n

The master bedroom, beyond the living room, has three large windows and a small balcony with French doors. On the opposite end of the floor, by the front entrance, is one of two bathrooms. Each has fixtures by Devon & Devon, an Italian company, as well as a mounted flat-screen TV; this one has a vintage feel with its clawed tub, striped wallpaper, a decorative fireplace, and a black-and-white-checkered floor.<\/p>\n

On one wall of the light-filled family room upstairs is a contemporary columnar fireplace; another wall is outfitted with a large-screen home theater. The room is dominated by a wall of sliding glass doors, which open to a large terrace with panoramic views of Kiev.<\/p>\n

Also on the upper level is the second, smaller bedroom, which has a 10-foot-high ceiling and a blond wood floor. The bathroom is lined with beige marble and has a whirlpool bathtub. A small adjacent room, now in use as a walk-in closet, could be converted into a third bedroom or an office.<\/p>\n

The apartment is centrally located in the Shevchenkivsky district of Kiev, a bustling neighborhood filled with stores, restaurants and cafes that cater to a business crowd. The nearest metro stop is a five-minute walk, and there is a movie theater across the street. Also within walking distance are the National Opera House, historic theaters and cathedrals, Taras Shevchenko National University and Shevchenko Park.<\/p>\n

MARKET OVERVIEW<\/strong><\/p>\n

The housing market has been in a downward spiral since the global financial crisis, making Kiev a buyers\u2019 market. \u201cSince 2008, prices have fallen twice,\u201d said Igor Darmogray, a lawyer in the Kiev office of the Berlin firm Werner & Partners. \u201cTwo years ago, the prices were simply unimaginable, they were extremely high. The apartments which cost $1 million, now it\u2019s difficult to sell them at $500,000.\u201d<\/p>\n

Luxury property prices have dropped 20 to 25 percent since 2008, said Yaroslava Chapko, the manager of Knight Frank Ukraine, the international property and research company. \u201cThere are empty business-class buildings,\u201d Ms. Chapko said.<\/p>\n

According to Mr. Darmogray, \u201cUkraine was hit harder by this crisis than other, neighboring countries.\u201d Ukraine\u2019s gross national product fell about 15 percent in 2008, he said.<\/p>\n

\u201cIf you want to get a good deal on real estate,\u201d said Alex Frishberg of Frishberg & Partners, a Kiev law firm, \u201cnow, within the next year or so, would be a good time. The entire market is dead.\u201d<\/p>\n

The market has been crippled further by the unpopularity of President Viktor F. Yanukovich, whose presence has scared off foreign investors, Mr. Frishberg said. In addition, Ukrainian banks are barely lending money, making it virtually impossible for middle class Ukrainians to purchase property and stimulate the market.<\/p>\n

WHO BUYS IN UKRAINE<\/strong><\/p>\n

Kiev\u2019s prestigious Shevchenkivsky district attracts foreign companies and embassies. They buy buildings to house their staffs while on assignment, said Mr. Frishberg who counts many such expatriates as his clients. \u201cKiev is not a luxury or tourist destination,\u201d added Mr. Frishberg. \u201cIt\u2019s business, purely.\u201d<\/p>\n

Mr. Darmogray says he has seen some individual foreign buyers in the Shevchenkivsky district, and they tend to be Russians, Americans, Britons and Poles. Most foreign buyers are Europeans, said Mr. Frishberg, citing the one exception, in the resort areas of Crimea, which draws Russians. According to Mr. Darmogray, the number of foreign buyers fell by 10 percent from 2010 to 2011.<\/p>\n

BUYING BASICS<\/strong><\/p>\n

Notaries are required; lawyers are not typically involved, although foreigners are encouraged to hire one.<\/p>\n

\u201cForeigners get cheated in different ways,\u201d Mr. Frishberg said. \u201cYou have to do your due diligence. It\u2019s a high-risk country where a lot of things don\u2019t go right.\u201d Most business in Kiev is conducted in Russian and Ukrainian. Although the official currency is the hryvnia, large transactions are typically conducted in euros or dollars. Ms. Chapko says it is possible for foreigners to get financing from Ukrainian and foreign banks, though she doubts it is practical. \u201cThe interest rate is crazy,\u201d she said. \u201cIn national currency, it\u2019s 22, 23 percent.\u201d<\/p>\n

\u00a0<\/p>\n

<\/p>\n

\n
Source: nytimes.com<\/a><\/div>\n<\/div>\n

<\/p>\n\n\n

<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

SLEEK DUPLEX WITH A TERRACE IN CENTRAL KIEV $880,000 (7,115,944 UKRAINE HRYVNIA)) This 2,260-square-foot unit is on the top two floors of a seven-story walk-up building. Built in 1914, it has high ceilings and several open areas, and is awash in natural light from oversized windows, two small balconies with French doors and a wall…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[65,117],"tags":[],"class_list":["post-11946","post","type-post","status-publish","format-standard","hentry","category-legal-analysis","category-real-estate-and-construction"],"yoast_head":"\nHouse Hunting in ... 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