What Ukraine’s Real Estate Market Looked Like in 2025

Overall State of Ukraine’s Real Estate Market in 2025

In 2025, Ukraine’s real estate market noticeably adapted to martial-law conditions. Whereas earlier it reacted sharply to shelling and blackouts, sensitivity to such events decreased. At the same time, the influence of state housing support programs strengthened—above all eOselia, eVidnovlennia, programs for internally displaced persons (IDPs), and other preferential categories.

Overall, in 2025 almost all market segments showed positive dynamics: prices increased, demand revived, and the number of transactions grew.

An important trend of the year was the recovery of markets in relatively safe—but still frontline-adjacent—regions such as Kharkiv, Sumy, and Odesa. Previously, these markets saw secondary-home prices and rental rates fall to minimum levels, but in 2025 the situation changed. For example:

• In Kharkiv, last year the average rent was around UAH 4,000—effectively the “minimum viability threshold” for renting out housing; in 2025 rents started rising, and secondary-market prices began to increase.

• In Odesa, the rent for a one-bedroom apartment rose from about UAH 7,000 (up to summer 2024) to almost UAH 13,000 in summer 2025; by year-end there was a downward correction, but annual growth still reached about 18%.

Thus, in 2025 the market entered a new stage: relatively safe eastern and southern regions began recovering and building momentum.

At the same time, strong geographic segmentation persists: differences between regions in prices, demand, and activity remain substantial.

Impact of State Programs on the Real Estate Market

The resilience of both the primary and secondary markets—as well as the rental segment—is largely supported by government programs.

The eOselia Program

The preferential mortgage program eOselia continues to have a significant impact on the primary market. Since its launch (late 2022):

• more than 21,000 mortgage loans have been issued

• totaling more than UAH 31 billion.

In 2025, the program was actively focused on new builds:

• 114 developers were accredited under eOselia;

• they offered housing in 278 buildings under construction;

• in 2025 alone, more than 4.3k loans were issued for completed and still-under-construction housing from developers—more than half of nearly 7k loans issued during the year.

Impact on the Secondary Market: eOselia and eVidnovlennia

eOselia also influenced the secondary market noticeably—around 2.6k apartments and houses were purchased through the program.

However, the main driver of the secondary market in 2025 was the compensation program for destroyed housing eVidnovlennia:

• since launch, 28k families received housing certificates totaling UAH 40 billion;

• more than 18.6k families have already used certificates to purchase new housing.

Most certificates were used to buy apartments on the secondary market, but from 2025 it also became possible to direct them toward purchasing property rights in housing under construction.

The Rental Segment and the Role of the State

In rentals, state support remains limited for now. Several programs provide partial rent compensation for IDPs, veterans, and low-income households, but coverage is small. The main barriers are:

• landlords’ reluctance to formalize rental relationships;

• reluctance to declare rental income.

It is expected that in 2026 assistance mechanisms will be refined, and the number of IDPs who can realistically access support programs will increase.

Secondary Residential Market in Ukraine in 2025

In 2025, weighted-average secondary-market prices increased significantly. The strongest growth across all housing segments was observed in western and central regions. Even in northern and eastern cities regularly affected by shelling, year-end data showed price growth. The exception was cities closest to the frontline in the southeast, where average housing values declined slightly over the year.

Prices grew most dynamically for two-bedroom apartments, which aligns well with IDPs integrating into new communities and the demand for family housing.

Overall interest in buying apartments in 2025 stayed around the 2024 level but was more wave-like: periods of slowdown alternated with periods of activity. The net trend was a moderate increase in interest in home purchases.

“The phrase ‘Live here and now’ could be called the slogan of the 2025 secondary market. If the first years after the full-scale invasion were marked by waiting for the war to end, now it is about accepting reality. Buyers postpone decisions less often and more frequently commit to a deal. This mood is reinforced by expectations of price growth. According to LUN, 42% of surveyed Kyiv residents expect apartment prices to rise (vs. 15% expecting a fall). In Lviv the picture is similar: 48% expect an increase, 18% a decrease. With this mindset—no longer postponing housing improvements and expecting housing values to rise—we enter 2026.”
— Denys Sudilkovskyi, Brand and Business Director, LUN.

One-Bedroom Apartments

A comparison with 2024 shows growth in almost all cities and across all segments (1-, 2-, 3-bedroom).

The largest increases for one-bedroom apartments:

• Ternopil: +21% YoY

• Odesa, Rivne: +18%

• Uzhhorod: +15%

• Zhytomyr: +14%

• Kyiv, Chernihiv: +11%

• Kharkiv, Sumy, Dnipro: +10%.

In Lviv, the average one-bedroom price rose by 5%, while in Kyiv it rose by 11%. However, Lviv remained the leader by absolute one-bedroom price:

• Lviv — $68k

• Kyiv — $66.5k

• Uzhhorod — $62.2k

The regional gap is very pronounced:

• from $20k in Mykolaiv to $68k in Lviv;

• from $16k in Zaporizhzhia to $62k in Uzhhorod.

Over the year, this gap widened due to price growth in relatively safer regions and declines in frontline-adjacent ones. A decrease in average one-bedroom prices was recorded only in:

• Mykolaiv: –5%

• Zaporizhzhia: –6%.

Two-Bedroom Apartments

The two-bedroom segment also followed the overall upward trend:

• Ternopil: +23%

• Chernivtsi: +20%

• Odesa, Chernihiv: +18%

• Kharkiv: +13%

• Kropyvnytskyi: +12%

• Kyiv, Ivano-Frankivsk: +11%

• Uzhhorod: +10%.

In most other cities, growth was 3–9%. Exceptions:

• Dnipro: –2%

• Zaporizhzhia: –8%.

Even in frontline-adjacent Mykolaiv, two-bedroom prices rose by 7%, reflecting family relocation from more dangerous areas.

Three-Bedroom Apartments

Three-bedroom dynamics further confirm strong demand from IDPs and families:

• Cherkasy: +23%

• Chernivtsi: +22%

• Vinnytsia: +21%

• Kropyvnytskyi: +20%

• Kharkiv: +19%

• Ternopil: +17%

• Sumy: +15%

• Odesa: +13%

• Ivano-Frankivsk: +11%

• Kyiv, Lviv: +9%.

Declines in three-bedroom prices:

• Poltava: –2%

• Dnipro: –4%

• Zaporizhzhia: –7%
  —reflecting families’ reluctance to move to cities exposed to regular shelling.

Price Leaders for Two- and Three-Bedroom Units

Kyiv:

• 2-bedroom — $105k

• 3-bedroom — $150k

Lviv:

• 2-bedroom — almost $96k

• 3-bedroom — $125k

Uzhhorod:

• 2-bedroom — $91k

• 3-bedroom — $110k

4th–5th by price:
Chernivtsi: 2-bedroom $77k, 3-bedroom $104k.
Vinnytsia and Odesa: 2-bedroom about $70k and $65k, 3-bedroom around $85k.

“The difference between the listing price and the actual deal price in the mass segment is 5–7%, in the mid and premium segment 10–20% and more, but mostly this concerns properties with an inflated starting price. Until autumn 2025, demand in Kyiv was relatively stable and reacted little to military-political and economic events. Noticeable turbulence in buyers’ sentiment appeared only from October, and from November market behavior began to change.”
— Oleksii Hovorun, Founder, FLATPRIME.

Sales Speed and Housing Affordability

Despite price growth, transactions are closing faster:

• Kyiv: exposure period shortened from 65 to 50 days

• Lviv: from 62 to 34 days

• Odesa: from 77 to 70 days.

“The average exposure period for apartments in Kyiv is 45–50 days, indicating an active market and quick conversion of demand into sales. Shelling affects the market only short-term—a pause lasts 1–2 weeks, then activity resumes. In 2025, interest in suburban residential real estate also grew significantly: the number of deals increased by roughly 10–15% compared to 2024.”
— Kostiantyn Pysarenko, Founder & CEO, T.H.E. Capital.

Affordability improved as well: the ratio of average salary to apartment price decreased by 5–20% depending on the city.

Examples:

Kyiv:

• 2024: one-bedroom price = 8.2 average annual salaries

• 2025: 7.5 annual salaries (–10%)

Lviv:

• from 9.6 years to 8.5 (–13%)

Uzhhorod:

• from 8.9 years to 8.3 (–2%)

The most “expensive” one-bedrooms in “salary years” were in Lutsk (equivalent to 8.8 years of local зарплати). The most affordable were Zaporizhzhia, Mykolaiv, and Kharkiv: from 2.6 to 3.4 years of average earnings.

Primary Residential Market in Ukraine in 2025

The average price per square meter in new developments increased in 2025 in almost all cities. Developers gradually stepped up activity and launched new projects, although commissioning volumes slowed somewhat.

The sector operated under difficult conditions:

• higher material costs;

• labor shortages;

• rising construction wages;

• additional costs for energy resilience and safety (shelters, generators, backup power systems, etc.).

All of this pushed costs and prices upward. Another factor was geopolitical developments—the Trump election and expectations of a possible “end of the war,” which added optimism for investors and buyers. From January to May, most regions saw steady demand growth.

“Over the past year, construction costs continued to rise primarily due to wage growth—its share in the cost structure now stands at 10–20% per square meter. Material prices, gas, electricity, logistics, and fuel also matter, but their role has become more secondary. A major new factor is spending on energy resilience and security—these increase the final cost of a project but significantly boost its attractiveness to buyers.”
— Oleksandr Baryliuk, Commercial Director, Avalon.

Price Dynamics in New Builds

Record growth in average price per square meter:

• Odesa: +19% YoY

• Khmelnytskyi: +14%

• Lutsk, Zhytomyr, Ternopil: +12%

• Ivano-Frankivsk, Chernihiv: +10%.

Lviv remained the most expensive new-build market:

• Lviv — UAH 58.6k/m² (+6% YoY)

• Kyiv — UAH 55.3k/m²

• Odesa — UAH 47.1k/m², which for the first time surpassed Uzhhorod (UAH 46.8k/m², flat YoY).

Construction Volumes and Commissioning

According to the State Statistics Service, over the first 9 months of 2025:

• 6.52 million m² of housing was commissioned in Ukraine (slightly less than in the same period of 2024);

• Kyiv region — 1.37 million m² (leader by volume);

• Kyiv city — 0.76 million m².

The capital region accounted for almost 32.7% of all commissioned housing.

In 2025, Lviv region commissioned 0.76 million m², and Odesa region — 0.61 million m² (more than the full-year 2024 total of 0.58 million m²).

If looking at apartment counts (Q4 2024 + Q1–Q3 2025):

• Ukraine added more than 41k new apartments;

• Kyiv — 12,850 apartments (+almost 20% vs the comparable period);

• Odesa — 6,740 apartments (+127% YoY).

“The highest demand is for one-bedroom apartments—they account for about 50% of sales. Two-bedrooms represent around 33%, three-bedrooms 16%, duplex units about 1%.”
— Olena Ryzhova, Commercial Director, Intergal-Bud.

Developer Activity

By the end of 2025, buyers could choose from nearly 2,150 projects, of which:

• about two-thirds were multi-apartment residential complexes;

• one-third were cottage/townhouse communities.

The highest concentration was in Kyiv and the Kyiv region:

• 406 residential complexes;

• 355 cottage communities;

• representing 27% of all active residential complexes and 57% of all cottage communities in Ukraine.

Lviv region ranked second:

• 265 residential complexes (18% of the total);

• 94 cottage communities (14%).

“In Kyiv and the region in 2025, we observed a real surge in developer activity: the number of new projects increased by 70% compared to 2024.”
— Olena Unanian, Head of Developer Relations, LUN.

In 2025:

• sales opened in 214 new residential complexes nationwide;

• Lviv region — 63 new complexes;

• Kyiv region (excluding the city) — 28;

• Ivano-Frankivsk region — 22;

• Zakarpattia — 19;

• Kyiv city — 17 new complexes (vs 6 in 2024).

Starts in the capital and region increased by roughly 85%.

“Sales dynamics in Kyiv and Lviv are generally similar, but in the capital we saw a noticeable increase in investment purchases. If in 2022–2023 ‘package’ investments (several apartments at once) almost disappeared, in 2025 such demand returned. It is not mass-market yet, but it is enough to talk about renewed interest in investment purchases.”
— Rostyslav Melnyk, CEO, RIEL.

Minimum Apartment Prices and Down Payments Under eOselia

By the end of 2025:

• the lowest minimum apartment price in a new build was in Sumy: $23.2k (about UAH 1 million);

• the highest was in Lviv: $61.7k (about UAH 2.6 million)—2.5× higher than in Sumy.

These levels shape an important parameter: the average down payment under eOselia.

For completed housing:

• Lviv: down payment UAH 636k for an apartment priced at UAH 3.2m

• Kyiv: UAH 532k for an apartment priced at UAH 2.7m

For housing under construction:

• Lviv: UAH 525k for UAH 2.6m

• Dnipro: UAH 475k for UAH 2.4m

• Kyiv: UAH 463k for UAH 2.3m

Rental Market in Ukraine in 2025

Apartment rents continued to rise in 2025. The highest rental levels remained in Uzhhorod, Lviv, and Kyiv, while Ivano-Frankivsk is quickly catching up.

At the same time, the ratio of average local salary to rent declined almost everywhere, meaning rents became relatively more affordable.

Interest in rentals increased compared to 2024, as reflected by:

• realtor data;

• search query dynamics (Google Trends).

In 2025, the geography of searches shifted:

• in 2024, rental searches were more frequent in eastern regions and the capital area;

• in 2025, queries shifted more toward western Ukraine.

This indicates continued migration of IDPs and business to relatively safer regions—not only Lviv and Uzhhorod, but other western oblasts as well.

“One-bedroom apartments remain the baseline segment of Kyiv’s rental market—they best match the needs of young professionals and renters with limited budgets. At the same time, interest in two- and three-bedroom apartments is growing: they are increasingly chosen by families, displaced people, couples, and those planning longer stays who prefer more space. In the second half of autumn, we saw a slight drop in demand after the peak summer–September season, which led to a small downward price correction.”
— Maksym Klymenko, Owner, LevelGroup real estate agency.

One-Bedroom Rents

Most expensive cities for one-bedroom rentals in 2025:

• Uzhhorod — UAH 21.3k/month

• Lviv — UAH 17k/month

• Kyiv — UAH 16k/month

• Ivano-Frankivsk — nearly UAH 16k/month (+15% YoY)

Largest rent growth:

• Kropyvnytskyi: +33%

• Cherkasy: +28%

• Mykolaiv, Zhytomyr: +20%

• Odesa: +18%

• Kharkiv: +13%

• Khmelnytskyi, Zaporizhzhia: +10%

Even after growth, eastern cities remain far cheaper than western ones:

• Odesa — UAH 10k/month

• Dnipro — UAH 10.5k/month

• Zaporizhzhia — UAH 5.5k/month

• Kharkiv — UAH 4.5k/month

Two-Bedroom Rents

The pattern is similar—prices rose in most cities, often by double digits:

• Uzhhorod: +36% to UAH 29.8k/month (price leader)

• Kyiv: –4% to UAH 23k/month, but still among the top three

• Lviv: UAH 21k/month (+5% YoY)

Largest increases for two-bedroom rentals:

• Chernivtsi: +26%

• Kropyvnytskyi: +22%

• Poltava: +16%

• Ivano-Frankivsk: +15%

• Odesa, Vinnytsia: +13%

Three-Bedroom Rents

Three-bedroom rents were relatively stable in most cities, but where growth occurred it was significant:

• Lviv: +14%

• Odesa: +15%

• Ivano-Frankivsk: +20%

• Poltava: +25%

“Large increases in cities such as Odesa, Kharkiv, and Mykolaiv are tied to the fact that prices stayed ‘at the bottom’ for a long time. When recovery begins, even a small absolute change yields a large percentage increase. In the most expensive cities—for example, Kyiv—growth is more restrained, and a seasonal decline was recorded at year-end. With the exception of Uzhhorod, we can talk about a slow reduction of the imbalance between more expensive and cheaper cities. This indicates that the rent-cost factor is gradually gaining weight compared to the safety factor.”
— Liudmyla Kiriukhina, Head of LUN Statistics.

Demand, Time on Market, and Rental Affordability

Rental demand remains high:

• Kyiv, Lviv, Odesa: average time on market 8–9 days.

In Kyiv it increased from 6 to 8 days; in Odesa and Lviv it decreased (from 11 to 9 days and from 14 to 9 days respectively).

By “rental affordability” (share of salary spent on rent):

Most affordable rentals — Kharkiv:

• 1-bedroom: ~20% of average local salary

• 2-bedroom: 28%

• 3-bedroom: 41%

Most burdensome — Uzhhorod:

• 1-bedroom: ~80% of average salary

• 2-bedroom: exceeds the average monthly salary by 12%

Payback via Rent

A common investment metric is annual rent relative to apartment value. In 2025, this shifted in favor of rent—buy-to-let became less attractive than before:

• Kyiv: one-bedroom price = 16.2 years of rent (+18% vs 2024)

• Lviv: 16.2 years (+4% YoY)

• Odesa: 17.7 years (+7% vs 2024)

Longest payback periods:

• Rivne: 18.6 years

• Kharkiv: 19.6 years

• Chernihiv: 23.6 years

Income-Producing Real Estate in Ukraine in 2025

In 2025, a distinct segment continued to take shape: income-producing real estate, including:

• apartments;

• cottages;

• apartment hotels;

• rental buildings designed from the outset for short- or long-term leasing.

A defining feature is the presence of a professional management company which, after commissioning, manages rentals and provides unit owners with passive income.

The segment is developing in two main formats:

• rental buildings for long-term leases;

• apartment hotels for short-term rentals.

“Portfolio investors are gradually returning, and their activity increased throughout the year. Some are shifting into income-producing real estate—apartments, commercial space, and rental formats with predictable cash flow and delegated management to a professional team. However, there has not been a full shift yet: most investors in 2025 combine instruments to diversify risks and improve portfolio efficiency.”
— Oleksandr Ostrovskyi, Co-founder, LEV Development.

The format of rental buildings is not new—before the full-scale invasion there were isolated Kyiv projects positioned as “income houses,” but the segment did not become mass-market. Today, similar formats are actively promoted by developers in Kyiv, Lviv, Uzhhorod, Odesa, and other cities.

The second direction—apartment hotels—is effectively new for Ukraine. It emerged at the intersection of hotel operators’ and developers’ interests:

• from hotels: centralized management of the room inventory;

• from residential projects: the ability to attract private capital via the sale of individual units.

“Modern investors are, essentially, professional businesspeople with a deep understanding of the market. They carefully compare investment offers. To be genuinely attractive, a project must meet a whole range of fundamental requirements regarding location, concept, management, transparency, and predictability of income.”
— Viktoriia Bairak, Head of Marketing & Sales Department, VD GROUP, Head of Invest Bukovel.

By the end of 2025, Ukraine had:

• 105 income-producing real estate projects (apartment hotels, cottage communities, rental buildings);

• sales already opened in 75 of them.

Regional structure:

• Ivano-Frankivsk region — 57% of such projects (resort locations);

• Lviv region — 20%;

• Zakarpattia — 9%.

In other words, three regions concentrate 86% of the total supply of income-producing real estate.

Launch dynamics:

• 2023 — 12 new projects

• 2024 — 30

• 2025 — 20 already brought to market and another 18 planned by year-end

The segment shows steady growth and potential to become an alternative to traditional investment formats in construction.

Key Takeaways and Outlook for 2026

In 2025, the real estate market and construction industry continued to develop despite the war:

• developers launched new projects and completed older ones;

• the secondary market saw more transactions;

• the rental segment remained active.

Primary market:

• near-universal growth in average price per square meter;

• key drivers: inflation, higher material costs, labor shortages, additional safety expenses;

• eOselia (focused on new builds) materially supported demand;

• investment activity recovered, including the return of “package” investors.

Secondary market:

• price growth even in many cities exposed to regular shelling;

• the strongest increases were in two- and three-bedroom segments, linked to IDP integration;

• housing affordability improved in most cities in “price-to-salary” terms.

Rental market:

• rate leaders: Uzhhorod, Lviv, Kyiv;

• demand geography expanded across all relatively safe regions;

• rents in many cities became relatively more affordable, while rent-to-price payback periods shifted in favor of renting rather than buying.

Income-producing real estate:

• the segment is actively forming and professionalizing;

• most projects are concentrated in tourism-attractive western regions;

• the format has potential to become a visible alternative to classic housing investments.

By the end of 2025, the market enters 2026 with cautious optimism.

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