War Insured Real Estate in Ukraine

by Olha Povaliaieva
Friday, August 19, 2022
War Insured Real Estate in Ukraine

Parliament protects people who invest in building their own homes during the Russian aggression

Members of the parliament of Ukraine have approved the final version of the bill, which deals with housing construction during the war in the country. The adopted bill provides several insurance points against fraud and unscrupulous developers in the primary real estate market.

"The real estate market needs to be cleaned up the moment the country finally moves to full post-war recovery. In particular, people willing to invest in building their own houses should be guaranteed protection from unscrupulous developers. That is why our team worked out a bill to resolve several long-standing problems in the construction market," said people's deputy Olena Shuliak.

According to the new law, the developer must have all authorized documents and comply with all conditions for the completion of the property to sell the apartments. Sale is impossible if each apartment in a multi-story building is not registered as a separate object of property rights. Registration is possible only at the ministry of justice of Ukraine in the presence of permit documentation.

To resolve the issue of frozen construction after investors have invested their money will also be determined. The developer must disclose how many apartments in the house have already been sold. After that, the person can decide to invest in a house or not.

The bill also introduces clear rules when the investor has the right to terminate an unfavourable contract with the developer.

Although this law will not protect against Russian missiles, it will be possible to defend against the loss of money in wartime at the state level.

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