Business news from Ukraine

Business news from Ukraine

Ukrainian citizens ranked fourth in terms of number of home purchases in Turkey in July 2025

In July 2025, Ukrainian citizens ranked fourth among foreign buyers of real estate in Turkey, according to data from the Turkish Statistical Institute (TÜİK).

Russian citizens were the leaders in terms of the number of properties purchased, with 315 transactions. In second place were Iranian citizens (152 transactions), followed by German citizens (135 transactions).

Ukrainians purchased 134 properties in July, which allowed them to take fourth place in the ranking.

Iraqi citizens closed out the top five with 120 transactions.

The top ten also included Azerbaijan (93 transactions), Kazakhstan (65 transactions), Saudi Arabia (64 transactions), Palestine (52 transactions), and China (51 transactions).

It should be noted that a month earlier, in June 2025, Ukrainian citizens ranked second in terms of the volume of housing purchases in Turkey, second only to Russians.

According to TÜİK, the Turkish real estate market continues to attract foreign buyers, but the distribution of leaders by nationality varies significantly from month to month depending on the tourist season, price fluctuations, and investment interests.

 

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Residential rents in Europe skyrocketing: Istanbul prices have risen by 206%, Athens is cheapest

According to a recently published report by Deutsche Bank, the highest increase in rents for three-room apartments in European city centers between 2020 and 2025 was recorded in Southern and Eastern Europe, reaching 206%. These figures are from a study covering 67 cities worldwide, including 28 in Europe.

According to Eurostat, housing prices in the EU rose by 27.3% quarter-on-quarter (from Q1 2020 to Q1 2025), while rents rose by 12.5% between June 2020 and June 2025. However, growth exceeded the average in central city areas.

The most expensive and cheapest cities in 2025:

  • The most expensive is London: rent for a three-room apartment is around €5,088 per month.
  • Expensive cities: Zurich, Geneva, Amsterdam — over €3,800; Dublin, Luxembourg, Paris, Copenhagen, Munich — over €3,000,
  • Cheapest — Athens: €1,080. Cheaper options are also available in Budapest (€1,225), Istanbul (€1,614), Warsaw (€1,881), and Helsinki (€1,928).

The highest rental growth (2020–2025):

  • Istanbul — +206% (leader),
  • Lisbon — +81%; Prague — +73%; Edinburgh — +71%,
  • Barcelona – +65%; Madrid – +59%; Athens and Warsaw – over +50%.
  • The lowest growth was in Helsinki:

Overall, the findings show that Southern and Eastern Europe have lost their relative affordability in terms of housing rentals, while the major financial and political centers of Western and Northern Europe remain the most expensive, but affordability in Eastern Europe is declining rapidly.

Source: http://relocation.com.ua/housing-rentals-in-europe-are-rapidly-becoming-more-expensive-istanbul-prices-have-risen-by-206-athens-is-the-cheapest/

 

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Property taxes in Poland: what home buyers need to know

An overview of the property tax system in Poland for foreign citizens and expats

Interest in Polish real estate among foreigners, including Ukrainian expats, continues to grow. At the same time, it is important to consider the tax burden associated with both the purchase and ownership and sale of a home. In this article, we will look at the key taxes related to real estate in Poland, as well as the current rates and features for individuals.

– Tax on the purchase of real estate: tax on civil law transactions (PCC)

When purchasing secondary real estate (from a private individual), the buyer is required to pay PCC at a rate of 2% of the property value.

Example: an apartment for €100,000 — the tax will be €2,000.

If the property is purchased on the primary market (from a developer), PCC is not payable, but VAT is charged (usually 8% or 23% depending on the type of housing and area).

Up to 150 m² for an apartment or 300 m² for a house — 8% VAT

Above these limits — 23% VAT on the excess

The purchase is accompanied by notary fees: drawing up the agreement, entry in the land register, registration fees. The average amount of additional costs is about 2–4% of the purchase price.

– Property tax (Podatek od nieruchomości)

This is an annual local tax paid by every property owner. It is determined at the commune (municipality) level and depends on the size of the property.

Maximum rates in 2025 (set annually by the Polish Ministry of Finance):

Apartments and houses: up to PLN 1.15 per m² (≈ €0.27)

Land plots for residential purposes: up to PLN 0.70 per m² (≈ €0.16)

Example: a 60 m² apartment in Warsaw → tax ~ €16 per year.

Important: the rate is lower in small towns and closer to the maximum in the capital.

– Tax on rental income

If the property is rented out, the income is taxable. Individuals can choose one of the following schemes:

Market rate (general PIT scale): 12% up to PLN 120,000 of income per year and 32% on the excess (2025)

Flat rate (ryczałt): 8.5% on income up to PLN 100,000 and 12% on the excess

The ryczałt regime is popular among small landlords, especially for short-term rentals.

– Capital gains tax (on sale)

When selling real estate earlier than 5 years after its acquisition, there is an obligation to pay 19% capital gains tax on the profit.

Exceptions:

The tax is not payable if the seller has owned the property for 5 years or more.

Exemption is also available if the entire amount is used to purchase a new home or for construction within 3 years.

– Other costs and fees

Property maintenance: utility bills, repair and management fees (especially in residential complexes)

Garbage collection fee: set by the municipality, depends on the number of residents

Management company fees: from PLN 2 to PLN 4/m² per month (€0.5–1/m²)

The Polish real estate taxation system is moderate and relatively transparent. Particular attention should be paid to the PCC tax when purchasing and the obligation to pay capital gains tax when selling. For foreign investors and relocators, it is important to take into account the total tax burden in advance when planning a purchase or lease.

relocation.com.ua recommends consulting a Polish tax advisor or lawyer before entering into a transaction to avoid unexpected costs and optimize the tax consequences.

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Indirect cost of housing construction in Ukraine has grown again – statistics by regions

The indirect cost of housing construction in Ukraine in the second quarter of 2025 increased by 2.8% compared to the previous quarter and by 14.3% to the same quarter of 2024, it follows from the indices of indirect cost of housing construction in the regions of Ukraine approved by the Ministry of Development of Communities and Territories (Ministry of Development).

The relevant document establishes indirect indicators of the cost of housing construction, calculated as of July 1, 2025. According to it, the average indicator in Ukraine is 25.3 thousand UAH/square meter, while on July 1, 2024 it was 22.2 thousand UAH/square meter.

According to the Ministry, the indirect cost of construction of 1 square meter of housing in Kiev in the second quarter rose to 29.6 thousand UAH, in Kiev region – to 25.3 thousand UAH, in Lviv region – to 25.2 thousand UAH, in Zakarpattya region – 22 thousand UAH, Ivano-Frankivsk region – 22.8 thousand UAH, Odessa region – 24.3 thousand UAH, Dnipropetrovsk region – 24.6 thousand UAH. Also high indicators are set in Kharkiv and Donetsk regions – 26.6 thousand UAH/sq. m.

 

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Volume of investments in primary housing in Ukraine in next 2-3 years will grow up to 15% annually

Volumes of investments in primary housing in the next 2-3 years will grow up to 15% annually, such a forecast was voiced by CMO Alliance Novobud Irina Mikhaleva in comments to the agency “Interfax-Ukraine”.

“The market has adapted to the realities of wartime, and key investors – in particular Ukrainians, and for business class – often foreigners, are increasingly choosing new buildings as a tool for preservation and multiplication of capital. In the next 2-3 years we expect that the volume of investment in primary housing will grow by 10-15% annually, the demand for income property and business class real estate will increase, and the main role will be played by trust in the brand of the developer and security of location”, – said Mikhaleva.

She noted the competition from the secondary market, but does not consider it determinant. After all, the primary market competes not only with more comfortable layouts and well thought-out infrastructure, but also with systematically better quality solutions, first of all, safe and inclusive.

“Modern layouts with wider doorways, spacious bathrooms, principles of inclusiveness, new and reliable engineering communication systems, safe and reliable monolithic-frame construction technology, energy efficiency, alternative ways of energy supply,” Mikhailova lists the advantages of primary housing.

According to experts of Alliance Novobud, soon there will be a shortage of ready housing in the segment of the capital’s business and comfort classes. The reasons are different: in the business class part of the projects have not yet been restored or are realized with significant delays, in comfort – the potential demand is higher than the volume of launch of new projects.

“To ensure maximum investor protection, we are implementing several key approaches in Alliance Novobud, in particular, transparency of the legal model, financial stability of the company, construction phasing and internal control. At the same time, we continue to adapt to the needs of the market, offering investors installments more affordable than bank mortgages,” she says.

According to the data of the portal of new buildings LUN, Alliance Novobud was founded in 2006, since 2010 the company has commissioned 37 houses and parking lots. During the full-scale invasion commissioned 12 houses for more than 1.3 thousand apartments in Brovary and in Kiev. In the process of realization 9 houses of Krona Park II residential complex in Brovary and a premium class project in the capital Montreal House.

 

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Property taxes in Montenegro: what home buyers need to know

Montenegro is one of the most affordable countries in Europe in terms of real estate prices and one of the easiest in terms of legal formalities for foreigners. In recent years, it has become particularly popular among citizens of the CIS and EU countries due to its mild climate, sea, prospects for price growth, and loyal tax policy. However, when buying an apartment or house, it is important to understand what taxes and fees you will have to pay.

Main taxes when buying real estate in Montenegro

  1. Property transfer tax (Porez na promet nepokretnosti)
  2. This is the main tax paid by buyers of real estate on the secondary market.

Rate: 3% of the market value of the property as determined by the tax authorities (not always the same as the price in the contract).

The tax is paid once, within 15 days after the conclusion of the agreement and submission of documents to the tax office.

  1. VAT (PDV, porez na dodatu vrijednost) — when buying from a developer
  2. If you buy a new building from a developer, VAT applies:

Rate: 21%, already included in the contract price.

In this case, the property transfer tax (3%) is not levied.

Property ownership tax

  1. Annual property tax (Porez na nepokretnosti)
  2. This tax is paid by the owner of the property, regardless of citizenship and place of residence.

The rate is set by municipalities and usually ranges from 0.1% to 1% of the cadastral value (depending on the location, type, and condition of the property).

For example:

Apartment in Budva or Kotor — approximately 0.25–0.5%

Properties on the coast and in tourist areas are taxed at a higher rate

The tax is paid once a year, usually by the end of March.

Important: a penalty is charged for late payment.

Additional costs

  1. Notary
  2. The cost of notary services is approximately 0.5–1% of the transaction amount, but may be negotiated separately.
  3. Cadastral and registration services
  4. State fees for registration in the cadastre and transfer of rights — from €20 to €100, depending on the municipality.
  5. Legal support
  6. Lawyer services (not mandatory, but recommended) — from €500 to €1,500 depending on the complexity of the transaction.

Renting real estate: taxes for the owner

If the property is rented out, the owner is obliged to:

Obtain a short-term rental permit from the municipality.

Keep a register of guests and pay tax:

Fixed tax on rental income — 9%.

Plus tourist tax per guest — approximately €1 per night.

From 2024, compliance with these requirements will be actively monitored (introduction of electronic accounting systems).

Example

Apartment in Budva for €150,000, purchased from a private individual:

Property transfer tax: 3% = €4,500

Annual property tax (0.4%): €600

Notary + registration fees: ~€1,000

In case of rental: income tax — 9% of profit

Montenegro offers a relatively simple and predictable tax system for real estate. One-time tax on purchase — 3% or 21% (for new construction), annual tax — low. Rental income is taxed at a moderate rate but requires compliance with formalities.

Source: http://relocation.com.ua/property-taxes-in-montenegro-what-buyers-need-to-know/

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