KYIV, Dec 2 – The mortgage program at 5% per annum announced by President Volodymyr Zelensky does not take into account the realities of the Ukrainian real estate market – a small volume of supply, and the poor work of the permitting system, Volodymyr Danylenko, Commercial Director of Saga Development, founder of M4U, has said.

"In Ukraine, the refinancing rate is now 8.5%. What kind of mortgage at 5% are we talking about? Not to mention that mortgage loans remain risky for banks. Obviously, the program will be subsidized," he said following the results of a study by M4U and Gradus.