Kiev-based SV Development intends to start in 2009 construction work on a cottage village, called European and situated eleven km from Harkov, Ukraine, in direction to Belgorod, Harkov district.
The USD 150 mln project is to be completed by 2014. Vladimir Stepenko, Marketing Director at SV Development, said general plan of the village foresees construction of 500 cottages and town houses ranging from 150 to 280 sq. m on a 126 ha plot.
Each of the houses will have a 500 to 2,000 sq. m garden. Shopping and entertainment, as well as sports complexes, school, kindergarten, medical station, administrative corpus and guest parking lot are also part of the projected infrastructure.
According to analytic data, provided by Pro Consul, presently there are not cottage villages in Harkov and its suburbs, except chaotic individual projects. Villages like Vysokiy, Tsirkuny and Ray-Elenovka are considered as the most prestigious. Construction on cottages is progressing actively in radius of 20-25 km from Harkov. Strongest demand is for houses ranging to 300 sq. m each.
Prices depend on cottage and garden size, as well as on location, construction class, infrastructure components and other factors. A 250-300 sq. m house with a 1,000 sq. m garden in the Harkov suburbs could be estimated at USD 150,000. In elite cottage villages, the price could exceed USD 600,000. Flats in European will have middle class prices, Stepenko confirms.