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Real estate market in Crimea: legal paralysis and life into two registers

After Crimea peninsula’s annexion local real estate market were in ambiguous situation. Sells have shortened twice in comparison with 2013. Legal mess, non recognition by Ukraine and the majority of the world of the Crime’s annexion created a legal paralysis there.

The beginning of work of The Federal Service for State Registration, Cadastre and Cartography (Rosreestr) was announced in June. As in real life it had started to work only in September. According to press-service of Rosreestr 944 objects in Crimea were registered in cadastre for one month.

From now on Crimean real estate is registered in two registers Ukrainian and Russian one. The problem is that it would be possible to see the owner changes only on Russian one. That is why Ministry of Justice recommends to register deals also by Ukrainian law, otherwise sales contacts, gift contracts won’t have judicial power in Ukraine. The Cabinet of Ministers of Ukraine had already moved registration services of Crimea estate to Kherson Oblast and Zaporizhia Oblast (two nearby provinces), but there are doubts that people will make double registration.

According to the president of The Association of estate specialists (realtors) of Ukraine (ASNU) Sergei Zliden the specificity of annexed Crimea is that the offer is formed by de-facto citizens of Ukraine. They own real estate there and are divided into two parts: the owners who live in Crimea, the one who live in mainland Ukraine and own real estate on peninsular. Other citizens, including Russians also own some real estate which was bought before the annexion.

“There is an inner demand formed by Crimeans. In this case we are talking about rent. There is also an external demand, Russian capital from Russian citizens. The last one is in the phase of studying a new market.” Zliden says. So there was no huge amount of contracts, there were mostly preliminary contracts.

“Many Crimean colleagues were telling that after so-called “joining of Crimea” a huge number of clients have appeared, prices have raised etc. We have to understand that the price could have raised ten times but if there are no deals it is for nothing. Prices are just an embodiment of seller’s wish.” remarks Edward Brazas the head of statistics and analytics comity of ASNU.

The estate owners hoped for demand of wealthy Russians so they started to raise prices from February. But the rush hasn’t started yet. According to the information of local realtors a lot of buyers appeared but they could buy nothing because of lack of juridical mechanism. 

“They gave huge downpayments with no fear. The reason is that Russia has a different procedure of title transfer. So the situation of giving money today and obtaining a property in a month is normal for them. Crimean colleagues have massively used that. so they “made deals” while real sells has just started in September. First deals were registered only from the begging of work of Rosreestr” Brazas adds.

By the way Russian real estate legislation has some differences from Ukrainian one. Each object of real estate and land parcel must have cadastral number, the owners should have – cadastral passport (extract from the register of Rosreestr about an object). Without that document it won’t be possible to have any deal with real estate.

Real estate market in Crimea: legal paralysis and life into two registers
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