diff --git a/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/DescriptorDeserializer.java b/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/DescriptorDeserializer.java
index 28a21273377..61df151c942 100644
--- a/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/DescriptorDeserializer.java
+++ b/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/DescriptorDeserializer.java
@@ -194,17 +194,22 @@ public class DescriptorDeserializer {
             }
         }
 
-        property.setCompileTimeInitializer(
-                storageManager.createNullableLazyValue(new Function0<CompileTimeConstant<?>>() {
-                    @Nullable
-                    @Override
-                    public CompileTimeConstant<?> invoke() {
-                        return getPropertyConstant(
-                                containingDeclaration, proto, flags, AnnotatedCallableKind.PROPERTY,
-                                deserializers.getConstantDeserializer(), nameResolver);
-                    }
-                })
-        );
+        if (Flags.HAS_CONSTANT.get(flags)) {
+            property.setCompileTimeInitializer(
+                    storageManager.createNullableLazyValue(new Function0<CompileTimeConstant<?>>() {
+                        @Nullable
+                        @Override
+                        public CompileTimeConstant<?> invoke() {
+                            assert containingDeclaration instanceof ClassOrPackageFragmentDescriptor
+                                    : "Only members in classes or package fragments should be serialized: " + containingDeclaration;
+                            return deserializers.getConstantDeserializer().loadPropertyConstant(
+                                                            (ClassOrPackageFragmentDescriptor) containingDeclaration,
+                                                            proto, nameResolver,
+                                                            AnnotatedCallableKind.PROPERTY);
+                        }
+                    })
+            );
+        }
 
         property.initialize(getter, setter);
 
@@ -280,23 +285,6 @@ public class DescriptorDeserializer {
                : Annotations.EMPTY;
     }
 
-    @Nullable
-    public static CompileTimeConstant<?> getPropertyConstant(
-            @NotNull DeclarationDescriptor containingDeclaration,
-            @NotNull Callable proto,
-            int flags,
-            @NotNull AnnotatedCallableKind kind,
-            @NotNull ConstantDeserializer constantDeserializer,
-            @NotNull NameResolver nameResolver
-    ) {
-        assert containingDeclaration instanceof ClassOrPackageFragmentDescriptor
-                : "Only members in classes or package fragments should be serialized: " + containingDeclaration;
-        return Flags.HAS_CONSTANT.get(flags)
-               ? constantDeserializer
-                       .loadPropertyConstant((ClassOrPackageFragmentDescriptor) containingDeclaration, proto, nameResolver, kind)
-               : null;
-    }
-
     public static CallableMemberDescriptor.Kind memberKind(Callable.MemberKind memberKind) {
         switch (memberKind) {
             case DECLARATION:
diff --git a/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/DescriptorSerializer.java b/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/DescriptorSerializer.java
index 7f39c02a7ed..ea477901277 100644
--- a/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/DescriptorSerializer.java
+++ b/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/DescriptorSerializer.java
@@ -196,7 +196,7 @@ public class DescriptorSerializer {
                 }
             }
 
-            hasConstant = propertyDescriptor.getCompileTimeInitializer() != null;
+            hasConstant = !propertyDescriptor.isVar() && propertyDescriptor.getCompileTimeInitializer() != null;
         }
 
         builder.setFlags(Flags.getCallableFlags(
diff --git a/compiler/frontend/src/org/jetbrains/jet/lang/resolve/DescriptorResolver.java b/compiler/frontend/src/org/jetbrains/jet/lang/resolve/DescriptorResolver.java
index c4dbfbebb24..0eff4c6f007 100644
--- a/compiler/frontend/src/org/jetbrains/jet/lang/resolve/DescriptorResolver.java
+++ b/compiler/frontend/src/org/jetbrains/jet/lang/resolve/DescriptorResolver.java
@@ -959,7 +959,7 @@ public class DescriptorResolver {
                                 @Override
                                 public JetType invoke() {
                                     JetType initializerType = resolveInitializerType(scope, initializer, dataFlowInfo, trace);
-                                    setConstantForVariable(variableDescriptor, initializer, initializerType, trace);
+                                    setConstantForVariableIfNeeded(variableDescriptor, initializer, initializerType, trace);
                                     return transformAnonymousTypeIfNeeded(variableDescriptor, variable, initializerType, trace);
                                 }
                             }
@@ -967,7 +967,7 @@ public class DescriptorResolver {
                 }
                 else {
                     JetType initializerType = resolveInitializerType(scope, initializer, dataFlowInfo, trace);
-                    setConstantForVariable(variableDescriptor, initializer, initializerType, trace);
+                    setConstantForVariableIfNeeded(variableDescriptor, initializer, initializerType, trace);
                     return initializerType;
                 }
             }
@@ -976,18 +976,20 @@ public class DescriptorResolver {
             JetType type = typeResolver.resolveType(scope, propertyTypeRef, trace, true);
             JetExpression initializer = variable.getInitializer();
             if (initializer != null) {
-                setConstantForVariable(variableDescriptor, initializer, type, trace);
+                setConstantForVariableIfNeeded(variableDescriptor, initializer, type, trace);
             }
             return type;
         }
     }
 
-    private void setConstantForVariable(
+    private void setConstantForVariableIfNeeded(
             @NotNull VariableDescriptorImpl variableDescriptor,
             @NotNull final JetExpression initializer,
             @NotNull final JetType initializerType,
             @NotNull final BindingTrace trace
     ) {
+        if (variableDescriptor.isVar()) return;
+
         variableDescriptor.setCompileTimeInitializer(storageManager.createRecursionTolerantNullableLazyValue(new Function0<CompileTimeConstant<?>>() {
             @Nullable
             @Override
diff --git a/core/descriptors/src/org/jetbrains/jet/lang/descriptors/impl/VariableDescriptorImpl.java b/core/descriptors/src/org/jetbrains/jet/lang/descriptors/impl/VariableDescriptorImpl.java
index c079d939c17..725ffd6a873 100644
--- a/core/descriptors/src/org/jetbrains/jet/lang/descriptors/impl/VariableDescriptorImpl.java
+++ b/core/descriptors/src/org/jetbrains/jet/lang/descriptors/impl/VariableDescriptorImpl.java
@@ -73,9 +73,8 @@ public abstract class VariableDescriptorImpl extends DeclarationDescriptorNonRoo
     }
 
     public void setCompileTimeInitializer(@NotNull NullableLazyValue<CompileTimeConstant<?>> compileTimeInitializer) {
-        if (!isVar()) {
-            this.compileTimeInitializer = compileTimeInitializer;
-        }
+        assert !isVar() : "Compile-time value for property initializer should be recorded only for final variables " + getName();
+        this.compileTimeInitializer = compileTimeInitializer;
     }
 
     @Override