Ukraine

Housing

During the Soviet era, housing shortages were common in urban areas, and construction was often of poor quality. Ukraine’s urban real estate market grew dramatically in the years following independence, only to suffer a dramatic collapse as the global economy contracted in 2008. With credit frozen, many prospective homeowners found themselves unable to obtain a mortgage. An array of nongovernmental organizations and regional groups responded by sponsoring microcredit schemes that encouraged home ownership in both urban and rural areas.