Mortgages in Ukraine are like water in the desert: they are available somewhere, but not everyone can find them. In Europe, however, mortgages are like a full-flowing river that feeds the entire housing market.

The numbers demonstrate this metaphor perfectly: the ratio of mortgage loans to GDP in European countries reaches 100% in some places, while in Ukraine it is only 0.3%. Europeans take out so many housing loans that the amount is almost equal to the total annual GDP of the country where they live.

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Ukrainian banks issued 694 mortgage loans for UAH 1.3 billion in June: leading regions

The eOselya program has added some momentum to the mortgage market in Ukraine, but only 19,000 Ukrainians have used the program in the three years since it was launched. This is very little, and the state's ability to subsidize mortgages is limited.

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