MBS Blog

As the global economic crisis continues to unfold, the word is finally filtering down to those most resistant to any sort of change: Ukrainian landlords. We recenty reported that rents for residential and office spaces throughout Ukraine have just started to decline, though many landlords had declined to participate in the decline. Many thought that the crisis would be shortlived as the dollar to the hryvnia seemed to be trending downward.

Well…the holidays are almost over. The Ukrainain government is out of options to prop up the hryvnia, many workers lost their jobs at the end of 2008, often with months of unpaid salaries, and the news “on the street” is that the Ukrainian economy will be in a funk for many months to come.

All of this news has finally propelled landlords to offer deep discounts to compete in the rental market. Almost everyone I know-foreign expatraite or  Ukrainian-or looking for rent reductions or moving to new offices and apartments. Indeed my own landlord has reduced the rent by 45% for fear of losing what is probably the only source of real income.

Stay tuned…….. Technorati Tags: global economic crisis, Ukraine, MBS Ltd., Anton Olff, dollar, hryvnia, apartments, Ukrainian Government, salaries, wages, Ukrainian economy, rents, expatriates, landlords, tenants, offices