How have real estate prices in Ukrainian cities changed over the year?
In 2023, real estate prices in Ukraine were marked by significant fluctuations and a variety of dynamics in different regional markets. Find out more about how real estate prices changed during the year
Interest in buying apartments in Ukraine is recovering, reaching 70-80% of the pre-war level, but some potential buyers are postponing their decisions due to the uncertainty of the situation at the front.
In particular, the secondary market in certain areas remote from the conflict zone is recording price increases even in foreign currency. This is reported by LUN analysts.
Earlier we wrote that one of the most important needs of foreigners planning their stay in Ukraine is housing. Find out where to find the right accommodation for daily or long-term rent and how to avoid getting scammed when renting a house.
Where are the highest real estate prices in Ukraine?
It is noted that Kyiv lost 3% of the cost of one-bedroom apartments in 2022, while Lviv rose by 12% and Ivano-Frankivsk by 18% in the spring of 2023.
In the primary market, developers are opening sales departments, but are building less actively compared to previous years. In the first three quarters of 2023, 15% less housing was commissioned in Kyiv, 35% less in the Kyiv region, and 38% less in Lviv.
The overall market condition emphasizes the stable interest in buying apartments in 2023, which is 70-80% compared to the previous period.
Average prices for one-bedroom apartments on the secondary market increased in different cities, in particular in Lviv by 12%, Uzhhorod by 7%, Cherkasy by 10% and Ivano-Frankivsk by 18%.
All cities demonstrate their own trends in price changes, but Lviv is the record holder, where prices increased by 12%, which in absolute terms amounts to $58,500. As for Kyiv and Lviv, which are traditionally the most expensive cities, you now need to save more than 9 years of average salary to buy an apartment. In cities such as Mykolaiv, Zaporizhzhia, and Kharkiv, it is possible to buy a home for 4-5 years of annual salaries, due to the fall in housing prices due to the war.
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Primary market
The cost of construction in the primary market has risen significantly due to the rising cost of construction materials and difficulties in finding labor due to the absence of a significant number of construction professionals, who have either left the region or are defending Ukraine with arms. The impact of these factors led to an increase in the cost per square meter in new buildings in almost all regions.
The recorded increases are 22% in Khmelnytsky region, 18% in Ivano-Frankivsk region and 17% in Volyn region. At the same time, Lviv and Kyiv recorded a symbolic 2% decline in hryvnia terms.
The rate of commissioning of new housing is declining, reflecting the real state of the market. In the first three quarters of 2023, 15% fewer apartments were commissioned in Kyiv, 35% fewer in Kyiv region, and 38% fewer in Lviv. On the other hand, there is a record increase in Dnipro (34%), Ternopil (76%), Poltava (36%) and Cherkasy (more than 4 times more objects than in 2022).
Please note! We strongly recommend that you choose a reliable health insurance policy that covers military risks. You can purchase an insurance policy covering war-related risks on the Visit Ukraine website. We cooperate only with reliable insurance agents, and it takes just a few minutes to apply for an insurance policy on our website. Read more about the benefits of this type of insurance here.
Rental housing in Ukraine: what has changed in 2023
Rental housing is set to new records in safe regions due to internal migration. Rental demand continues to grow, indicating intense migration processes in Ukraine.
In particular, August 2023 set a new record for interest in apartment rentals in the entire history of observations.
In Kyiv, the average cost of renting a one-bedroom apartment is UAH 13,000 per month (Lviv - 16,000, Uzhhorod - 15,100). As for renting two-room apartments, prices in the capital are on par with Lviv - UAH 18,000. This is likely due to the limited supply of small apartments in Lviv that have already been rented in 2022, leaving only more expensive options on the market.
To determine the economic feasibility of purchasing a home, the ratio of the annual rent to the value of the apartment is analyzed. For example, in Kyiv, the average cost of an apartment is equivalent to 15 years of rent. In Lviv, this figure is 11 years, in Odesa - 17 years, and Kharkiv shows 20 years of rent, which is primarily due to lower prices for long-term leases in the frontline region.
We remind you! The government has authorized the insurance of investments of both Ukrainian and foreign companies against military risks. According to the adopted draft law, the Export Credit Agency (ECA) is authorized to insure against risks associated with armed aggression, hostilities and terrorism. Read more about how this works in our previous article.
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