Buying Offplan in Odessa ?

[armando1065]

Hi

Anyone had any experience of buying offplan in odessa Ukraine ? Ive had an interesting proposal put forward to me and do not know much about the place

regards

 

[propertastic]

I don't know anything about Odessa, but I was in Kiev last year and could not believe the amount of development that was going on in the place. It reminded me a lot of Dubai.

And as is the case with Dubai, the same questions arise. When the developments are finished and the speculators want to cash in their chips, who is going to buy them on the secondary market?

Sure, there are quite a few Ukrainians with money, but nowhere near enough to fill all this (already) vacant property.

To us Western Europeans, Ukraine seems like a new and exciting market. To Russians, however, the Black Sea coast is their Costa Del Sol and they have been buying up the prime spots for over a decade already.

Proceed with extreme caution would be my advice on investing in the Ukraine.

 

[Dashy]

Hi,
Odessa is a second biggest property spot in Ukraine after Kiev and thus prices will reflect this. I have a mate who invested in off-plan in Kiev back to 2002 and the developer was 2 years late with completion, not only that but developer increased the price whilst building paying no attention to PPC, bare in mind that this mate of mine is a Ukrainean and he could speak language etc... I would strongly recommend not to go for off-plan, if you do want to buy - buy complete properties. Personally I think there much better investments around that splashing out 1K per sqm (off-plan) and 1.5-2K per sqm complete.
Make sure you know someone who you can trust locally there. And bare in mind that courts do ignore facts in the hearings! if you ever come to that point.

Hope that helps.
if you want I can put in in touch with my Ukrainean friend and you can email him with some questions

 

[propertastic]

Here's an interesting article about the housing bubble in Kiev at the moment:

Kiev's Property Bubble

I can't believe that the situation is much different in Odessa.

With the bubble in the Baltics already starting to deflate, I can't believe it will be too long before the same thing starts to happen in Ukraine as well.