Ok, as you know, my dear devoted reader……apart from writing this blog and dabbling in the commercial real estate market……..I also build the odd house……
Oh Ha-Ha!!……..Not “odd” as in “peculiar”, but “odd” as in “uniquely western…..open plan”, rather than Ukrainian numerous small rooms with no real “idea” behind any room’s use……….But I can build an “odd” house if that’s what you want!!
You want to see one of mine?…….Ok, this is the only one I have for sale that I built at the moment…….all the other sold prior to the current financial situation.
What?………Of course I’m f*cking qualified, I have more construction qualification certificates than would wallpaper a Ukrainian bathroom!!
Anyway, of recent weeks, the so called “real estate agents” have started making noises about my remaining house for sale………after 5 months of absolute invisibility on their part. I have also had a few enquiries from investors over some commercial properties I represent.
Added to this, 5 out of 7 building sites I pass on the way to my current construction project at the top of Primorsky Steps, which have been “moth-balled” since October……..are all back at work with some gusto.
Now it is true, that real estate prices have fallen back to the prices of 2005/06……..the time that I entered the market in my small way, building “western stylee” open plan houses for the “rich and occasionally famous” here, it seems as though we have reached the floor regarding the “revaluation” of property and land prices in Ukraine.
There may be a further small reduction over the summer months…….due to the 3 month holiday season from schools, when parents spend their time either at work or trying to entertain the “ankle biters”…….but those reductions will not be noticeable going no further than several hundred $ less…..and after the holidays will return to today’s prices……..or should I say 2006 prices.
Having spoken with numerous other parties, who engage in real estate and construction in a far bigger way than myself………they all agree, regardless of their nationalities……..which include Swiss, British, Ukrainian and Russian, that the property market has bottomed and a slow creep upwards will begin around the autumn.
What?………No they work for people like DTZ, international players, not people who want to play at it here in Ukraine.
Now, I do not expect prices to rocket as they did over 2007 and 2008……..because by the autumn, there will no doubt be a lot of banks with repossessed houses and apartments which will enter the market keeping the prices rises in check………for now.
BUT……and my English teacher will be turning in her grave……”You should never start a sentence with “but”…..it’s simply bad grammar”!!!!” ……….But, this will only keep the upwards price curve suppressed for so long, because, as I have previously posted, Ukrainians have an estimated $60 Billion literally under their beds, according to the National Bank of Ukraine……..and everyone likes a bargain…….so there is only so long they will sit on it when prices are seen to have bottomed……..which they seemingly have.
Therefore, dear reader, if you are thinking of buying your retirement home or apartment here, you have between 4 to 6 months to get the best possible deals.
Eh?……..Yes, I can build you want you want……..I have 2 more apartment “rip-outs” and “refurbs” to do……so in 3 months (ish), my boys and I are available to start new projects………whilst the property prices will still be at the bottom of the bell curve!!
Errrrm…………No, I cannot and wouldn’t recommend another house builder here………and this is why!!
No………I ain’t joking!!!!
