Partner Oleh Zahnitko took part in the First Affordable Mortgage Forum by the Ministry of Economy and Ukrainian Financial Housing Company (UFHC)

Dr. Oleh Zahnitko, Banking and Finance Partner at INTEGRITES, took part in the panel discussion on effective international financial instruments for supporting Ukraine's mortgage market that took place at the First Affordable Mortgage Forum in Kyiv.

The event focused on the development of the housing finance market, both supply and demand aspects, while the session with Dr. Zahnitko among presenters covered the adaptation of global experience in supporting mortgage markets after wars and other crises. 

Other panellists included Head of the International Finance Corporation (IFC) in Ukraine Olena Voloshyna, Secretary General of the European Mortgage Federation (EMF) Luka Bertalot and Board member at the European Bank for Reconstruction and Development (EBRD) Artem Shevalyov. The discussion was moderated by Yevhen Metzger, Chairman of the Board of UFHC.  

Dr. Zahnitko highlighted the legislative changes needed to prepare the Ukrainian mortgage market for greater efficiency in both the short and long term. Those, in particular, included the long overdue repeal of the outdated Housing Code, which only recognises state-owned housing and regulates tenants' rights; the completion of judicial reform to better protect homeowners' rights; and improvements to property management mechanisms for financial investors and managers of individual units in residential buildings. 

Among the changes needed to attract private investment in the housing reconstruction, Oleh Zahnitko also emphasised the need to give local communities greater powers in housing finance and public-private partnerships in this sector. He also pointed out the importance of improving investment mechanisms such as real estate private equity funds and securitisation (the ability to sell mortgage portfolios). These instruments, he said, would allow developers and local communities to share the profits from the rising prices for real estate with the retail and institutional investors. 

Video recording of the Forum and the discussion with Dr. Oleh Zahnitko as a speaker is available via the link. The event was organised by the Ministry of Economy of Ukraine and UFHC in partnership with key market participants, including INTEGRITES.