Mortgage available in Ukraine: what the new state strategy promises

According to hvylya.net: The National Bank of Ukraine reported that the Financial Stability Council approved the Strategy for the Development of Mortgage Lending. This strategy aims to develop market mechanisms to ensure overall economic and demographic growth during the war and post-war recovery and reconstruction.

The Strategy for the Development of Mortgage Lending was developed in accordance with the concept approved by the FSC, agreed upon with the IMF, and includes:

• the introduction of the norms of Directive 2014/17/EU on mortgages into Ukrainian legislation;
• ensuring the availability of mortgage insurance against military risks;
• the implementation of European standards for property valuation and improvement of information exchange, in particular through the creation of an open database of real estate prices;
• improvement of legislation and regulations regarding the enhancement of construction process regulation to reduce the risks of incomplete construction and increase transparency in the sale of unfinished real estate;
• updating the strategy of the state program 'eOselya' of PJSC 'Ukrfinzhytlo' and enhancing the conditions for state mortgage support;
• determining the conditions for the issuance of covered bonds and securitization.

The FSC also approved the update of the Financial Sector Development Strategy. This updated strategy includes a current analysis of the financial sector, a list of indicators and their target values, and additional measures for reforming the mandatory state social insurance system.

The Financial Stability Council adopted the mortgage lending development strategy aimed at supporting the economy and demographic growth in the context of war and recovery of the country. Additionally, the update of the financial sector development strategy was also approved, focusing on reforming the social insurance system.