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Country Profile: Ukraine
Ukraine is undoubtedly one of the most exciting new property hotspots. Now that Bulgaria and Romania are joining the EU in January 2007, the eyes of investors are turning towards the next undeveloped "low cost" market. There is only one major European country left that fits the bill. Ukraine.
This impressive county is Europe's largest. It is the crossroads of East and West, benefiting from both. After uneven progress since communism, it is developing a fast growing economy. There's a huge range of property, from amazing rural bargains to super luxury properties in cities and in tourist areas.
Despite having an image as a "poor" country, a trip to Kiev, for example, soon brings the realisation that this country has wealth. Also, rental levels tend to be quite a lot higher than in other East European markets. Our own company research has indicated a significant shortfall in accommodation in key areas. This gives well located Ukrainian property an obvious investor strong investment appeal.
Property Laws
Bureaucracy and corruption are obvious hurdles in dealing with Ukraine, as in some other developing markets. However, it would be wrong to assume that such problems prohibit entry to this market. Property Laws are sound; it's just a matter of having diligent local partners who can properly register property and assist with development issues. Hanroc Developments are fortunate in having such a service from Uaproperty.com. They will assist in making sure any conveyance is rock solid.
One plus point are the very low property buying costs. Just 1% tax and 1% Pension Fund contribution. There's an optional insurance charge of another 1%. Selling agents typically charge 3 to 5%, but we have negotiated a lower 2% charge from Uaproperty.com for our developments.
These costs are remarkably low compared to the huge costs associated with buying property in such countries as France, Italy and Spain.
The future is likely to be good for Ukraine. It's closeness to the world's foremost raw materials source - Russia and links to Western countries, give it the best of both world's. It's our view that the country is close to much wider recognition and that now is the time to invest.
Please click on the links below for extra information on tourist areas of Ukraine:
Facts about Ukraine:
Flag:
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A yellow band along the bottom with a blue band along the top. The yellow is supposed to signify corn growing while the blue symbolises the sky.
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Location: Eastern Europe. Set in a strategic position between Europe and Asia.
Neighbours: Belarus 891 km, Hungary 103 km, Moldova 939 km, Poland 526 km, Romania (south) 169 km, Romania (west) 362 km, Russia 1,576 km, Slovakia 97 km
Size: 603, 700 km2 (slightly larger than France)
Capital: Kiev (or Kyviv)
Major Cities (populations):
- Kyiv - 2,635,300 (a very much outdated and too low figure)
- Kharkiv - 1,575,900
- Dnipropetrovsk - 1,161,200
- Donetsk - 1,101,800
- Odesa - 1,059,500
- Zaporizhya - 887,400
- Lviv - 805,900
- Kryvyy Rih - 703,000
- Mykolayiv - 519,000
- Mariupol - 490,000
- Luhansk - 493,300
Languages: Ukrainian (the official language) 67%. Although the official language is Ukrainian, Russian (24%) is also quite widely spoken and the vast amount of the population are bilingual.
Literacy:
Government Type: Democratic Republic
Currency: Hryvnia
Abbreviation = UAH (sometimes "hr"). Exchange rate hovers between 5.2 and 5.5 UAH to 1 USD. Has been pegged to Dollar for a number of years.
Climate: temperate continental; Mediterranean on the southern Crimean coast; precipitation disproportionately distributed, highest in west and north, lesser in east and southeast; winters vary from cool along the Black Sea to cold farther inland; summers are warm across the greater part of the country, hot in the south.
Terrain: most of Ukraine consists of fertile plains (steppes) and plateaus, mountains being found only in the west (the Carpathians), and in the Crimean Peninsula in the extreme south.
Religions:
- Ukrainian Orthodox - Kiev Patriarchate 19%
- Orthodox (no particular jurisdiction) 16%
- Ukrainian Orthodox - Moscow Patriarchate 9%
- Ukrainian Greek Catholic 6%
- Ukrainian Autocephalous Orthodox 1.7%
- Protestant, Jewish, none 38%
National holidays:
- January 1 - New Year's Day
- January 7 - Christmas (Orthodox calendar)
- March 8 - International Women's Day
- May 1 and 2 - International Workers' Solidarity Day
- May 9 - Victory Day
- June 28 - Constitution Day
- August 24 - Independence Day
Demographic structure:
Gradually aging population. The birth rate plummeted in the 1990s but is slowly recovering as the economic situation improves. One of the highest women-to-men ratios in the world.
Life expectancy:
- Women - 73 years
- Men - 62 years
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