Ukraine is tightening control over residential sales and lease transactions. Realtors are receiving massive notifications from the Ministry of Finance requiring them to register with the financial monitoring system. From now on, they must submit information about clients and transactions worth more than UAH 400,000.
Tightening control over the real estate market
The real estate market in Ukraine is undergoing significant changes due to increased government control. The Ministry of Finance has already sent out notices to realtors requiring them to register with the financial monitoring system. This applies to both the purchase and sale of residential property and rental.
New requirements for realtors
According to the new rules, realtors must submit data on clients and all transactions if their value exceeds UAH 400,000. This is less than $10 thousand at the current exchange rate. These measures are aimed at combating money laundering and increasing the transparency of the property market.
Market reaction
Market participants are already noting an increase in the administrative burden, but emphasise that this could have a positive impact on market confidence and protect customers from fraud.
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