LUN together with NV Business prepared a study of the residential real estate market and a ranking of developers that commissioned the largest number of apartments in Kyiv, Lviv, and Odesa in 2025. The analysis is based on official building completion certificates and covers all residential complexes commissioned during the year.
According to the study, around 61,000 apartments were commissioned in Ukraine in 2025, which is 8–9% less than in 2024. At the same time, developers continued launching new projects: 231 new residential complexes entered the market during the year, 16% more than in the previous year. This dynamic indicates continued investment activity in the residential real estate segment despite unstable demand.
Investment activity shifts to suburbs
The highest development activity remains concentrated in the Kyiv region, which accounted for about 40% of all apartments commissioned in the country. At the same time, the market structure is changing:
- in Kyiv, the number of commissioned apartments decreased by about 2%;
- in the Kyiv region, it increased by 24%.
The capital’s suburbs generated the main growth in residential construction. Developers also actively launched new projects: 20 new residential complexes started in Kyiv and 29 in the suburbs, significantly exceeding the figures recorded in 2024.
Lviv and Odesa: cautious investment dynamics
The Lviv region remains the second-largest market by the number of completed apartments, although in 2025 the number of commissioned units decreased by approximately 16%. The region’s share of the national market stands at about 12%.
The Odesa region ranked third with a share of about 9% of total housing commissioned. Overall, the number of completed apartments decreased by about 14%, although the city of Odesa itself recorded 13% growth, while the regional figures declined sharply.
New growth points in regional markets
Several cities demonstrated significantly stronger dynamics. In particular, Uzhhorod nearly doubled its housing commissioning volumes, although the city’s share of the national market remains relatively small at around 4%. Significant growth was also recorded in Vinnytsia, where housing commissioning increased by approximately 45%.
Concentration of the development market
The study shows a high level of market concentration among large developers.
In the Kyiv region, Stolitsa Group ranked first, commissioning 11.4% of all apartments in Kyiv and the surrounding region.
- the top 5 developers accounted for one-third of all commissioned apartments;
- the top 10 controlled half of the market;
- the top 20 accounted for 68% of the total volume.
In the Lviv region, the leading developer was RIEL, which commissioned around 12% of all housing.
- the top 5 developers accounted for 38% of the market;
- the top 10 — 53%;
- the top 20 — 71%.
In Odesa, the market is even more concentrated: KADORR Group commissioned about one-third of all apartments in the region. The three largest developers accounted for 58% of completed housing, while the top 7 companies controlled 94% of the market.
Developers ranking 2025: Kyiv (based on building commissioning certificates, LUN data)
- Stolitsa Group — 2,854 apartments
- Integral-Bud — 1,702
- Martynov Real Estate — 1,404
- IB Alliance — 1,360
- Royal House — 1,020
- Atlant — 883
- RIEL — 866
- Vidrazhennya — 802
- MOLODIST — 799
- Perfect Group — 643
- Synergia — 587
- Centralnyi — 586
- City One Development — 574
- KAN Development — 570
- Galzhytlobud — 564
- Sfera Zhytlobud — 376
- Really Building — 356
- Strakhovskyi Group — 333
- NovaBudova — 326
- DBK-Zhytlobud — 322
Developers ranking 2025: Lviv
- RIEL — 902 apartments
- LEV Development — 661
- AUROOM — 490
- M7 Estate — 449
- Galzhytlobud — 378
- Misto Komfortu — 317
- Nova Oselya — 235
- Parus Premium — 225
- Greenville — 204
- Avalon — 181
- Karpatbud Development — 170
- KVORUM — 151
- Novyi Lviv — 139
- Danbud — 135
- EkskomBud — 132
- TVD — 130
- Trident Development — 128
- - 19. VIKING Development — 125
- - 18. Well Bud — 125
- Lvivtsentrbud — 119
Developers ranking 2025: Odesa
- KADORR Group — 1,917 apartments
- ZhK Atmosfera — 738
- Gefest — 711
- STIKON — 531
- Prostranstvo Group of Companies — 521
- Akvarel — 515
- ZhM Syome Nebo (Seventh Sky) — 486
- ZARS — 72
- - 10. Heritage — 66
- - 9. OdesaBud — 66
Demand continues to support housing investment
According to LUN analysts, housing demand in 2025 remained unstable and largely depended on geopolitical factors and household economic expectations. At the same time, developers continued investing in new projects and completing residential complexes already under construction.
The study also indicates a shift in buyer sentiment: almost half of potential buyers expect further growth in housing prices, while only 14% anticipate a decline. This supports the investment attractiveness of the residential segment, which remains one of the key markets for capital investment in Ukraine.
