UN officials and FIABCI help Ukrainian real estate market to achieve stability

18.06.2010 19:57
June 18, 2010 the world's leading organizations involved in the economy and real estate in Europe, with the support of the International Real Estate Federation FIABCI held in Kiev a roundtable on the topic: "The Path to Sustainable Real Estate Market in Ukraine".
The organizers of this event were the International Real Estate Federation (FIABCI), Economic Commission for Europe (UNECE), the Consultative Group on real estate market (REM), UNECE, State Committee of Ukraine and the Ukrainian Chamber of Realtors (REE).
The event took place at a high level with the participation of the Government of Ukraine and representatives of different branches of government. Also in the roundtable was attended by international experts of real estate markets, representatives of various professional associations, real estate, owners of leading Ukrainian construction companies, companies, investors and managers of large real estate, investment and legal firms.
The roundtable participants were shown a list of basic principles and recommendations for the development of the real estate market in the country. This document was developed by the Consultative Group on Real Estate Market Economic Commission for Europe (UNECE), with the support of the International Real Estate Federation FIABCI, and was named "The policy framework for sustainable real estate markets. Principles and Recommendations for the development of the real estate sector of the country. This document is an accepted practice, the total number of international forums on the highest level (New York, Rome, Geneva) and is designed to minimize the effects of the global economic crisis on the real estate markets in both developed and developing countries in Europe.

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According to European analysts, analysis of the current world economic crisis clearly showed that, among its main causes was precisely the imperfection of regulatory frameworks in the financial sector and real estate sector. Thus, in particular, before the onset of the crisis, real estate prices were artificially inflated, mortgage lending was not controlled, the financial markets were allowed to develop sophisticated financial instruments, which are understood only a few credit risks were not adequately modeled, and the rating agencies failed to meet its fundamental function. In addition, investors also failed to correctly understand what kind of financial instruments they bought, and consumers are not able to assess the risks surrounding the acquisition of property at inflated prices. "Thus, the crisis has highlighted the wide range of problems and demonstrated the Economic Commission for Europe (UNECE), the urgent need to respond to them by recommending and facilitating the development of sustainable real estate markets in Europe", - said Executive Secretary of the Economic Commission for Europe (UNECE), Jan Kubis.
During the roundtable the audience with a welcome address by: Deputy Chief of State Committee of Ukraine Svetlana Svishchev, Deputy Head of State Committee of Ukraine Galina Yatsishin, president of the International Federation FIABCI Kompanoli Enrico, president of FIABCI-Philippines Telman Abbasov, Chairman of the Chamber realtor Oleksandr Bondarenko, Sergey Yampolsky, Secretary Committee on Housing and Land Use UN / ECE, as well as the head of the Consultative Group on real estate market (REM), the UNECE Wolfgang Amman, who presented the concept and a complete list of materials "Principles and Recommendations for the development of the real estate sector of the country."
International experts gave examples of successful use of these principles in today's practice of European countries and the lessons that are already there and that should be taken into account. For speeches and presentations, the floor will be given to representatives of the construction sector and professional associations. After that, between the representatives of international organizations, representatives of state power in Ukraine and business owners, companies, investors, major real estate, investment companies discussed this situation in the real estate sector of the country and the characteristics of Ukraine's presentation of practice.
The outcome of the round table "The path to sustainable real estate market has become a special joint document, which will offer effective solutions for sustainable real estate market in Ukraine. Also, a working group that will work in conjunction with the Ukrainian government and would compile the suggestions and recommendations made during the discussion at the round table.
Viktor Kovalenko

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