Ukraine Upheaval Spurred by 28% Rates Limiting Buyers - Bloomberg:
"On most days after work, Valentine Diatlenko joins the thousands of anti-government protesters in Independence Square who demand that Ukraine link its future to the European Union. His anger over the December bailout from Russia is stoked by a grim fact of life in the former Soviet Republic.
He has no chance of buying a home.
The political upheaval in Ukraine, suffering its third recession since 2008, is driven to a significant degree by a housing crisis, Oleksandr Abramovich, co-owner of Kiev-based real estate agency UA Property, said. Mortgage rates are so high that first-time buyers shun them and attempt to borrow cash from family and friends to make a deal in a tight housing market.
“The housing deficit is a huge problem and the main issue for many, many people,” Abramovich said. “Mortgages are very expensive, wages are low and the economy is not doing well.”"
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