Videos · Buying property in Ukraine
Buying property in Ukraine: 3 myths that cost money
4:08 · 2020 · Sean Almeida
Three beliefs about buying property in Ukraine that Sean Almeida says are wrong, as of 2020. The three: that paying cash is legal (above the limit he states in the video it is not, and a deal can be declared void with both sides fined); that a new building from a developer carries no risk (apartments sold before commissioning come with an investment certificate, not title, and a major developer had just gone bankrupt); and that every transaction must be in hryvnia (a non-resident buyer can pay a Ukrainian seller in dollars or euros).
Questions this video answers
Is it legal to pay for a property in cash in Ukraine?
Sean says it is a myth that cash is fine. In 2020, paying more than 50,000 hryvnia for anything other than by bank transfer was not legal. A deal paid in cash can be declared null and void, and each party can be fined 10 to 50 percent of the deal value. He says a discount of a couple of percent is not worth that risk.
Sean Almeida, as said in 2020 · watch at 0:13
Is buying in a new building from a developer completely safe?
No. Sean says almost all new buildings have some legal claims, and most apartments are sold before the building is commissioned, so the buyer gets an investment certificate rather than title until commissioning. He also points to a major developer that went bankrupt a few months earlier, with unfinished projects handed to other developers.
Sean Almeida, as said in 2020 · watch at 1:13
Must a buyer pay in hryvnia?
Between two Ukrainian residents, yes, by bank transfer in hryvnia. For a non-resident buyer it is different: they can transfer US dollars or euros directly to the seller, who can keep or withdraw them under the bank's rules. Sean says Vestor.Estate has done this many times.
Sean Almeida, as said in 2020 · watch at 2:49
Laws, prices and rules change. These answers describe what was said in 2020; check current conditions before you act.
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