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Follow on Google News | "Ukraine Real Estate Report Q4 2010" is now available at Fast Market ResearchFast Market Research recommends "Ukraine Real Estate Report Q4 2010" from Business Monitor International, now available
When we interviewed them in early 2010, our in-country sources were confident that conditions would get better, even though the economy appears unlikely to regain the 6-7% growth rates that were the norm prior to 2008. BMI expects that domestic demand will rise only slowly, given the over-leverage of the private sector, the under-capitalisation of Ukraine's fragmented banking industry and the fiscal constraints that have been imposed on the government. In essence, much depends on an export-led boom (which, in turn, is driven by the sharp fall in the hryvnia over the past two years) feeding through to the real estate sector. There is one other positive dynamic. Although not alluded to overtly by our in-country sources, there must be pent-up demand for new and high-quality office and retail space (in Kiev, especially). Our sources are confident that the overall levels of rents will rise as a result of the completion of a number of new projects - including several that were frozen during 2009 as a result of the crisis. We agree that this is good news, but caution that the implication is that there must be a lot of older real estate in the office and retail sub-sectors that will prove very difficult to let. The slump in rents in Ukraine - as in much of Central and Eastern Europe - caused yields to fall through 2010. However, we suspect that the drop in rents relative to prices and capital values is, in part, due to the lack of transactions in what must have been a traumatised marketplace. By mid-2010, it was apparent that rents and yields were stabilising. We are confident that much of the necessary adjustment to prices and yields is now in the past. We anticipate that yields will adjust gradually so that they return to the levels prevailing prior to 2008. The biggest changes will be in the office and retail sub-sectors of Kharkov, where yields soared during 2009. Key Features Of This Report This is the latest edition of a new series of industry reports published by BMI that seeks to identify the key dynamics of the real estate sectors of 44 countries around the world, some of which are developed and some of which are, in every sense, emerging markets. The questions that we seek to answer for each country remain as follows: what are the main issues that will matter to actors in and around real estate development in the country concerned, both over the long and the short term? What are the main constraints that they face? What are the key insights that one garners when one compares the real estate sector of the country concerned with its peers in other countries? In Q3 we introduced a very substantial new improvement to the reports. We incorporated data and qualitative observations provided to us by commercial real estate agents operating in the countries we survey. As a result we gained a much clearer picture of the balance between demand and supply in each of three main sub-sectors - office, retail and industrial. We also introduced a new approach to the forecasting of rental yields, which is discussed in the methodology sector of this report. In Q4, we have incorporated a lot of new data in relation to rents and yields in 2010. We gained this data by way of a new round of interviews with our in-country sources in mid-2010. In some cases, the latest information from our sources has caused us to make significant revisions to our forecasts for 2011-2014. We asked our sources to indicate what growth in rents is likely for 2011. We explain their answers in the Industry Forecast Scenario. For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: Executive Summary SWOT Analysis - Ukraine Real Estate/Construction SWOT - Ukraine Economic SWOT - Ukraine Business Environment SWOT Regional Real Estate Overview - Table: Central And Eastern European Office Markets At A Glance - Rents, 2009-2011 (EUR per m2 per month) - Table: Central And Eastern European Retail Markets At A Glance - Rents, 2009-2011 (EUR per m2 per month) - Table: Central And Eastern European Industrial Markets At A Glance - Rents, 2009-2011 (EUR per m2 per month) Real Estate Market Overview - Key Issues - Comments And Data From In-Country Sources - Table: Ukraine Real Estate Markets - Rentals In msq/month (US$) - Table: Ukraine Real Estate Markets - Net Yield (%) - Table: Ukraine Real Estate Markets - Terms Of Contract/Lease - Table: Ukraine Real Estate Markets - Available Space (msq) & Vacant Space (%) Industry Forecast Scenario - Real Estate Outlook - Table: Ukraine Real Estate Markets - Rentals in msq/month (USD) - Table: Ukraine Real Estate Markets - Forecast Net Yield (%) - Construction Industry Outlook - Table: Construction And Infrastructure Industry Data - Macroeconomic Outlook - Table: Ukraine - Economic Activity, 2007-2014 Business Environment - Real Estate/Construction Business Environment Ratings - Table: Europe Real Estate/Construction Business Environment Rating - Ukraine's RECBER - Central And Eastern Europe Project Finance Ratings - Table: Design And Construction Rating - Table: Commissioning And Operating Rating - Table: Central And Eastern Europe Overall Project Finance Rating - Ukraine's Business Environment - Table: BMI Business And Operational Risk Ratings - Table: BMI Legal Framework Ratings - Table: Annual FDI Inflows Into Central And Eastern Europe And Central Asia - Full Table of Contents is available at: -- http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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