The state operator of the eOselya program may expand far beyond subsidized mortgages and transform into a centralized platform for attracting international capital into residential projects, financing developers, and launching new housing formats ranging from build-to-rent to programs for relocated enterprises and workers in critical industries.
Yevhen Metzger, Chairman of the Management Board of Ukrfinzhytlo, said that Ukraine has demand for a specialized financial institution that would comprehensively administer housing programs. According to him, such a structure could operate as a housing agency and become a single, transparent partner for major international financial institutions, which find it more convenient to enter the country through a centralized platform rather than through individual municipalities. This would include the ability to administer mortgages, leasing, rent-to-own, social housing, and blended financing models.
For the investment market, this signals the emergence of a potentially new channel for investment in residential real estate and related infrastructure. Ukrfinzhytlo is directly discussing the launch of project finance designed to connect developers with banks through transparent cash flows and oversight of project execution. At present, market lending rates for developers are estimated at 18–20%, but within blended loan structures, where bank funding could be combined with resources from Ukrfinzhytlo and European partners, the cost of financing could theoretically be reduced to around 10%, provided that projects meet standards related to energy resilience, shelters, white-box format, and the share of social housing.
A separate investment track is workforce housing, meaning housing for company employees. Ukrfinzhytlo is in talks with Belgian fund Revive, which invests in commercial and social construction, regarding a joint program for middle-income households and employees in critically important sectors. Six potential Ukrainian participants are already being considered for the parameters of the future model, including relocated enterprises and agricultural holdings. The model envisages that the client would provide at least around one-third of the capital, while Ukrfinzhytlo and Revive would contribute an additional share. The first draft of the program may appear closer to the third quarter of 2026.
The company also cites an example of how demand analytics is already functioning as an investment tool. According to Metzger, one foreign company that froze a project near Kyiv after the start of the full-scale war and planned to sell the site, after reviewing market data, brought an additional $3 million into Ukraine, resumed construction and sales, and changed its product concept in favor of smaller apartments. According to him, banks are already in discussions with this developer regarding accreditation of the project under the eOselya program.
Another important signal for developers is the rapidly growing role of the primary market within eOselya itself. While in 2024 the share of new-build housing in the program’s portfolio stood at 33%, in 2025 it increased to 63%, and in 2026 it reached 65%. Over the first three quarters of 2025, 57 projects joined the program; in the fourth quarter alone, another 50 were added; and in the first quarter of 2026, 25 new projects were expected, of which 22 were already in progress at the time of the interview. This indicates that subsidized mortgages are increasingly becoming a sales channel for developers, while the program itself is turning into a mechanism for capitalizing the primary housing market.
According to Ukrfinzhytlo, the financial base for scaling also remains substantial. The company reports capital of UAH 100 billion and a loan portfolio of attracted financial resources of around UAH 26.6 billion. In 2026, it plans to finance up to UAH 20 billion in mortgages, which could correspond to at least 10,000 loans. At the same time, Ukrfinzhytlo is promoting a model of purchasing loans from partner banks as the basis for further portfolio securitization: the company already has 1,330 purchased loans on its balance sheet, and the target for this year exceeds 10,000.
Overall, eOselya is gradually transforming from an instrument of subsidized lending for households into a broader institutional platform capable of connecting state resources, bank liquidity, developer interest, and capital from international funds. If the government supports the expansion of Ukrfinzhytlo’s mandate, Ukraine’s residential market could gain a new model of investment financing focused not only on demand, but also on construction, modernization, and long-term institutional capital.
