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14:58
UBA STARTS PROGRAM TO RETURN FROZEN DEPOSITS THROUGH BUYING HOUSING AT REDUCED PRICES

Kyiv, July 27 (Interfax-Ukraine) – The Ukrainian Building Association (Ukrainska Budivelna Asotsiatsiya, UBA) is initiating the creation and implementation of a program entitled "Returning Frozen Deposits through Buying Housing at Reduced Prices," according to a UBA press release.

This mainly concerns the purchase of housing still under construction.

"It is expected that depositors will be offered on a voluntary base to exchange their frozen deposit for a state housing certificate. The certificated provides the depositor with the right to acquire finished or uncompleted housing at a reduced price, receive an income yield, sell the certificate and regain the deposited funds. The state of Ukraine guarantees the rights the certificate provides the depositor," the press release reads.

According to the press release, the program is under development. The UBA is in talks on the issue with a number of specialists from the Regional Development and Building Ministry, the Verkhovna Rada's committee on construction, the National Bank of Ukraine and the State Commission on Securities and the Stock Market.

The UBA was created in 2005 and unites over 250 companies operating on Ukraine's real estate market.

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