Insurance is offered to investors to stimulate building

         The builders do not have a clear system of financing the construction stages and the formation of clear contractual relations with people who came to buy real estate. This poses a lot of risks.

         This was announced by Timur Khromaev, Chairman of the National Commission for Securities and Stock Market. He noted that Ukraine is bringing the financial sector in line with European standards, so the changes in the primary real estate market are relevant.
         “They didn't come to invest in a cloudless future. We see that the lack of accounting for construction projects, the impossibility of forming the first asset during the construction phase creates very high risks that people do not receive housing, shifting risks to investors that they cannot cope with. As a regulator, this year we received a mandate to oversee the FSF and other funding mechanisms and we see this as one big issue. We believe that these instruments should be viewed as temporary, while we do not support the tough point of view of the tax authorities. We need to restore a transparent system of relationships between the developer and buyers, including the introduction of risk limitation tools - insurance, escrow accounts, and the like. Therefore, we support Elena Shulyak's draft law on registration of apartments in new buildings and recommendations regarding fund management companies”, said Timur Khromaev.
         We would like to remind that earlier the decrease in the rates on mortgage loans was directly linked to the decrease in the NBU discount rate. In April, the "accounting" was lowered to 8%. However, almost a month later, at such a percentage, mortgages are available only within the framework of the programs of the State Fund for Assistance to Youth Construction. Also earlier, the government said that every citizen of Ukraine will have the opportunity to obtain a mortgage loan at 10%.

Source: https://100realty.ua/news/ctoby-stimulirovat-stroitelstvo-dla-investorov-predlagaut-strahovki
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