The Cabinet of Ministers decided to reorganize the Ministry of Construction, Architecture, Housing and Utilities Economy into two ones: the Ministry of Regional Development and Construction, and the Ministry of Housing and Utility Services. This reported First Deputy Prime Minister, Minister of Finance Mykola Azarov

Azarov noted that the state budget for 2007 allocates about UAH 650 million for financing reform of housing and utility services, and said that the new ministry would have to rationally distribute this amount.

In keeping with Cabinet resolution No. 323 of March 1, the two new ministries are legal successors of the reorganized construction ministry in appropriate areas of work. The Cabinet established that the regional development and construction ministry is the main authority in the system of central bodies of executive power for implementation of the government's regional policy, as well as policy in the fields of construction, architecture and town planning. The housing and utility economy ministry is the main organ in the system of central bodies of executive power in charge of implementation of government policy in the field of the housing and utilities complex, as well as the housing policy.

The financing of the new ministries' activity in 2007 will proceed within the limits envisaged by the national budget for the maintenance of the construction ministry.

The source: Ukraine Real Estate Market