The war has radically changed the Ukrainian housing market: while the construction boom continues in Western Ukraine, real estate is getting cheaper in the eastern and southern regions, and in some places the market has simply frozen. This was said by Olena Haydamakha, president of the Association of Real Estate Specialists of Ukraine, in an interview with Glavkom.
Housing prices: what's happening in different regions
Western regions (Ivano-Frankivsk, Lviv, Bukovina, Transcarpathia)
Due to the large number of internal refugees in these regions, construction is active. Prices for new buildings start from $950 per sq. m (at the excavation stage) and reach $1.3 thousand per “square” in finished buildings.
However, Haydamakha suggests that after the war ends, demand for housing may fall, as there are fewer jobs in the western regions and a significant portion of displaced people may return to large cities.
Eastern and southern regions (Sumy, Kharkiv, Zaporizhia, Kherson regions)
Here, the demand for housing is very low due to constant shelling and proximity to the front.
- Kharkiv: prices have fallen by 75% compared to the pre-war period. There are cases when a one-room apartment can be bought for less than $10,000.
- Kherson: the real estate market is practically non-functional due to daily attacks.
- Zaporizhia: the situation is slightly better, but the cost of housing remains low.
Kyiv
The capital's market has also undergone changes. Prices have still not reached pre-war levels, remaining 3-5% lower than in 2021.
Mykolaiv region – unexpected price spike
Despite the fact that the region remains on the frontline and suffers from rocket attacks, real estate prices have increased. The reason is state payments for destroyed housing: many residents, having received compensation, do not leave, but buy new housing in their region.
Despite the challenges of war, the real estate market in Ukraine is adapting to new realities. It is obvious that the western regions will continue to build, while in the eastern and southern regions the real estate market will revive only after the situation stabilizes.
