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28 May. 2024

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Apartment prices in Kharkiv: how the war affected the city's real estate market

Cost of living
War
Finance
Ukraine
Apartment prices in Kharkiv: how the war affected the city's real estate market

Continuous shelling by the occupiers since February 24, 2022, and power outages have led to a halt in new construction and a significant drop in apartment sales in Kharkiv. Find out more about how the war has affected the real estate market and what the cost of housing in the city is now

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Kharkiv's real estate market has undergone significant changes since the beginning of the full-scale russian invasion, real estate market observer Victoria Bereshchak analyzes in a commentary for RBC-Ukraine


Due to the constant shelling and power outages, new construction in the city has practically stopped, and apartment sales have dropped significantly. 


Housing prices have dropped by 40-60% from pre-war levels. For example, a one-bedroom apartment on the secondary market can be bought for half the average pre-war price.


“This is especially true for properties located in the areas most affected by massive russian shelling. For your understanding, a 1-room apartment in the city's secondary market can now be purchased for $10-12 thousand, which is actually two times lower than the usual market median prices,” Bereshchak explains.


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Reasons for the decline in real estate prices in Kharkiv


The main reasons for the sale of housing with significant discounts are:


Evacuation and lack of plans to return: People who have left the city and have no plans to return are trying to sell their homes quickly.

Intensified shelling: The situation with shelling is forcing some residents to decide to sell their homes and evacuate.

Low demand in the affected areas: In areas that are subjected to massive shelling, such as North Saltovka or Pyatikhatki, there are virtually no sales transactions, although there are many offers.


“Before this stage of market freezing due to the russian offensive (now there are minimal transactions), most of the sales were made by power of attorney. Most of the buyers were residents of Kharkiv region who had lost their apartments. Also, displaced persons from Donetsk and Luhansk regions who did not want to move far from home bought apartments in Kharkiv,” she adds.




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Who is buying real estate in Kharkiv now?


Local residents: Residents of Kharkiv region who lost their homes, as well as IDPs from Donetsk and Luhansk regions who want to stay closer to home.

Military personnel and their families: For them, buying a home in Kharkiv allows them to stay closer to their families.


Thus, the Kharkiv real estate market is going through a difficult period caused by security challenges and economic instability. While the markets in other regions of Ukraine are adapting to the new realities, Kharkiv remains in a high-risk zone, which significantly affects all aspects of life, including real estate.


The situation in western Ukraine


In parallel with the fall in housing prices in Kharkiv, real estate in the western regions of Ukraine has been in high demand since the beginning of the war.

Despite the fact that migration to these regions has now decreased, housing prices there are not decreasing. The western regions continue to hold leading positions in terms of the cost per square meter in new buildings.


We remind you! As we wrote earlier, buying real estate has its advantages, such as the possibility of owning your own residence without restrictions, using real estate for investment purposes, and the possibility of securing a stable place of residence for the future. However, renting can be more financially beneficial. Find out what the dynamics of housing prices and real estate purchases are now.


Want to know more? Read the latest news and useful materials about Ukraine and the world in the 
News section.






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