Mortgage available in Ukraine: what the new state strategy promises.

The National Bank of Ukraine reported that the Financial Stability Council approved the Mortgage Lending Development Strategy. This strategy aims to promote economic and demographic growth in the context of war and reconstruction.

The Mortgage Lending Development Strategy has been developed taking into account European standards and includes, in particular, the implementation of new norms of Ukrainian legislation, ensuring mortgage insurance against war risks, and creating a real estate valuation database.

• implementation of the norms of Directive 2014/17/EU on mortgages into Ukrainian legislation;
• ensuring the availability of mortgage insurance against war risks;
• introduction of European standards for property valuation and improvement of information exchange, including through the creation of an open database of real estate prices;
• improvement of legislation and by-laws regarding the enhancement of regulation of construction processes to reduce the risks of non-completion and increase the transparency of selling unfinished real estate;
• updating the strategy of the state program 'eOselya' of the JSC 'Ukrfinzhytlo' and improving the conditions for state support of mortgages;
• defining the conditions for the issuance of covered bonds and securitization.

Update of the financial sector development strategy

In addition, the Financial Stability Council approved the update of the financial sector development strategy, which involves the reform of the social insurance system and the actualization of the analysis of the country's financial sector.

The adoption of the mortgage lending strategy and the update of the financial sector development strategy are aimed at supporting the economy and demographic growth of Ukraine in the context of war and reconstruction.