According to Expandia, investment in Ukraine’s commercial real estate reached approximately $250 million in 2025, compared to $300 million in 2024.
Yaroslav Horbushko, Director of Capital Markets at Expandia, noted that the market experienced a reallocation this year: transaction volumes in office and retail real estate increased, while the warehouse and industrial segment contracted.
Whereas in 2024 a significant share of transactions involved warehouse and industrial properties, in 2025 their volume fell by half to $31 million. According to Horbushko, reduced demand was driven by partial damage to such assets, increasing risks for potential buyers and leading to the postponement of several planned deals.
At the same time, investment in office and retail real estate grew. Transactions involving office properties increased 2.5 times to $87 million, while investment in shopping centers rose by 35% to $81 million. Investment in specialized property types nearly tripled to $46 million.
Among the largest transactions of the year were the acquisition of the first phase of the Leonardo business center and the Ukraina shopping and entertainment center by City Capital Group; the purchase of a golf club by the Kyiv School of Economics for $18 million; the acquisition of the 70,000 sq. m International Exhibition Centre by businessman Maksym Krippa; and the purchase of the Sky Park shopping mall by Inzhur fund for $36 million. The exhibition center deal was one of the largest by area in the country, while the Sky Park acquisition was among the largest regional transactions of the year.
In 2025, the trend of business relocation to western Ukraine continued. Virtually all transactions were recorded in Kyiv, the Kyiv region, and regional centers in western Ukraine — including Vinnytsia, Zhytomyr, the Lviv region, and Zakarpattia.
Another trend observed since 2022 is heightened demand for industrial land plots. Key demand drivers include companies relocating to safer regions and international investors interested in future reconstruction projects. These include manufacturers of construction materials and companies operating in infrastructure, road construction, and bridge development.
