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Against some positive changes in legislation, there are still unsolved questions of reforming justice system and fighting against corruption. Such an evaluation of the situation in legal framework was announced in the course of the Ukrainian Annual Real Estate Summit 2014, one of the important events of the Ukrainian real estate market this year. Besides, the main obstacle for the foreign capital is still a geopolitical risks and inability to make long-term plans for business here.
The Ukrainian Annual Real Estate Summit 2014 took place on November 27th at the Fairmont Grand Hotel Kyiv. Summit embraced 3 sessions, as well as new format of discussion – dialogue with authorities.
Protection of property rights as a key to investment attractiveness of Ukraine, as well as analysis of the legislative environment were discussed in the course of the third session. Besides, experts touched the topic of resources of internal and extraneous capital, as well as lack of bank lending and any alternative to it.
The main problems of the market, the participants emphasized on, were uncertainty of development and instability of the situation, unclear fiscal policy and inability of detailed planning. All these factors were turning into barriers for the foreign investors to come to Ukraine.
According to Natalia Kochergina, partner and head of real estate practice at DLA Piper Ukraine, «the most revolutionary changes in the legislative framework, lately made, were free access to State registry of property rights. According to the law that came into effect on November 25th any person can get information about registered rights». Expert mentioned, adoption of such a law was one of those solutions, the real estate players discussed and expect the most.
The most important area of activity, according to the expert, is still the necessity of reforming Ukrainian justice system and fighting against corruption.
In the course of the discussion, experts noted that, analyzing the existing situation and planning any reforms, we can’t forget about geopolitical risks, which are pretty high for Ukraine.
«The most important thing is stability and lack of hectic actions of the government. Only in this case Ukraine will be able to see institutional reforms and, I hope, international financial partners will also work in favor of this and control the way Ukraine implements such reforms», - Natalia Kochergina underlined.
The moderators of the session on legislation and investments were Aleksandr Griban, Amstar Europe and Vladimir Mysak, DTZ Ukraine. Among the speakers of the session were Marina Ismaila, EBRD, Gawein Minks, Multi Development Ukraine, Evgenia Loktionova, UTG and Natalia Kochergina, DLA Piper Ukraine.
DLA Piper Ukraine was the official legal partner of the Ukrainian Annual Real Estate Summit 2014.
Related links:
Results of the Ukrainian Annual Real Estate Summit 2014: experts have a cautious optimism in their forecasts | 04.12.2014
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