How real estate prices changed in 2024, what to expect in 2025, and where to buy the cheapest apartment near Kyiv
7 November 2024 16:46
ANALYSIS FROM 
As of November 2024, the real estate market in Ukraine shows price growth in the western regions, particularly in Lviv, Uzhhorod and Lutsk, where one-bedroom apartments have risen significantly in price. At the same time, in the frontline regions, such as Dnipro and Zaporizhzhia, prices on the secondary market have fallen by up to 10%.
Primary market: price rating
Since the beginning of 2024, the cost of one-bedroom apartments has increased in most regional centers. The highest price increases were recorded in the western regions. In particular, prices in Uzhhorod increased by 23% in both the primary and secondary markets. Lutsk: 19% growth in the primary market and 32% growth in the secondary market. Rivne: 19% increase in the primary and 24% in the secondary markets.
- Lviv is the leader in the real estate price ranking. You will have to pay an average of UAH 56,000 per m². The cheapest option can be found in the Shevchenkivskyi district, where the price starts at 40 thousand UAH/m². Thus, a one-bedroom apartment in Lviv can be purchased from UAH 1.32 million ($31,710)
- Kyiv – in the capital, prices for new buildings remain among the highest in Ukraine, inferior to Lviv. The average cost is about UAH 53,000 per square meter. Among the cheapest options are offers to buy a new building in the Holosiivskyi district from UAH 32,000/m². A studio or smart apartment can cost UAH 1.02 million ($24,480)
However, today the suburbs of Kyiv are in demand, where apartments in new buildings are much cheaper. The most favorable apartment prices are in Bucha, Hostomel, Sviatopetrivske, Irpin, Hatne, and Kriukivshchyna.
In particular, in Sviatopetrivske, Bucha and Hostomel, you can pay from UAH 25-27 thousand per m². A one-room or smart apartment in the Kyiv region can cost UAH 577 thousand ($14,440).
Prices in Irpin and Kryukiv district as of November 2024 start at UAH 33250/m². A one-room or smart apartment in Irpin and Kryukiv district can cost UAH 542-867 thousand ($13,020-25,000).
- Ivano-Frankivsk – the cheapest option per m² in the city in western Ukraine starts at UAH 29,100. Consequently, a one-bedroom apartment in the city will cost from UAH 961 thousand ($23,100)
- Khmelnytskyi – the city in western Ukraine has seen a significant increase in demand over the years of the full-scale invasion. Today, the cheapest options start at UAH 28 thousand per square meter. A one-room apartment will cost about UAH 924 thousand ($22,210), if we consider options in such districts as Dubovo, Leznevo and Southwestern.
The central and southern regions are also experiencing an increase in real estate prices.
- Odesa attracts buyers due to its resort appeal. The cheapest options start at UAH 23 thousand/m². A one-bedroom apartment will cost about UAH 920 thousand ($22,110). However, real estate prices in Odesa in the primary market have decreased by 1% over the past six months, and in the secondary market – by 9%. This is due to regular Russian attacks on the city.
It is also worth noting the rise in prices for new buildings in Poltava. There was a 12% increase in the primary market and a 9% increase in the secondary market. In Mykolaiv, the primary market grew by 17% and the secondary market by 6%.
At the same time, some cities saw a decline in prices. In Dnipro and Zaporizhzhia, prices in the secondary market decreased by almost 10%, while prices in new buildings increased by 1% and 6%, respectively. In Kherson, prices in the secondary market fell by 3%, while prices in the primary market decreased by 28%.
Prices for luxury housing fell by up to 40%: How apartment prices have changed in Ukraine
Real estate expert Ivan Kudoyar in an exclusive commentary for
“In some places, economy-class apartments have increased in price. The demand for affordable housing is fueled by IDPs, who, thanks to government programs such as eOselya, choose to buy rather than rent,” Ivan Kudoyar
At the same time, the cost of more expensive apartments has undergone more significant changes, the real estate expert notes.
“Housing that cost about 200 thousand can now be purchased for 135-150 thousand. The higher the price, the more significant the drop. The elite class, which cost $700,000 before the war, is now selling for $370,000 to $400,000, which is a drop of almost 40%,” says Ivan Kudoyar
Demand for houses and townhouses near Kyiv is growing
Demand trends in the housing market, particularly in the suburbs of Kyiv, are also changing. Houses, land, and townhouses are gaining popularity among buyers, especially in the segment of up to 100-150 thousand dollars.
“We are now seeing a rise in demand again. Real estate in the segment from 100 to 200 thousand dollars finds its buyers, in particular because of the growing popularity of country life,” Kudoyar said.
The expert also emphasizes that demand in the real estate market is characterized by a certain seasonality.
“It’s like a wave-like movement – one month there is an upswing, the next month there is a lull. The beginning of 2024 was marked by active sales, especially in the period from January to March, and in May, demand declined slightly. Summer brought another upturn, while September was marked by a decline in activity. However, as of October, we are seeing positive signals in terms of demand,” said Ivan Kudoyar.
How does the war affect the choice of housing?
In the context of military operations and constant challenges related to security and infrastructure, Ukrainians are forced to rethink their priorities when choosing housing. Real estate expert Ivan Kudoyar says that during the large-scale power outages, especially in August, residents began to avoid high floors due to difficulties with climbing.
“When the power was cut off, tenants and buyers were not happy to go up to the 22nd floor. So there were moments like this, especially in August, when there were large-scale blackouts. “Please, let’s go to the 10th floor,” were the conditions set by clients,” explained Ivan Kudoyar.
This situation forced the real estate market to adapt to new requirements. Low floors have become more popular not only because of ease of access, but also because of safety during evacuation in case of danger. In addition, there is a growing demand for apartments with ready-made repairs.
“Many people don’t want to get involved in renovations because of their high cost and time-consuming nature. Therefore, clients often asked for a low floor and a renovated apartment,” Kudoyar added.
Will real estate prices rise in 2025?
Military instability continues to affect the housing market in Ukraine, shaping the cautious approach of buyers. The real estate expert explains that while the market was relatively active in 2023, 2024 is showing more restrained dynamics.
“The situation at the front, either retreat or advance, negatively affects buyers’ optimism, and they postpone investments,” Kudoyar notes.
The expert explains that the market needs at least minimal guarantees of stability to revitalize.
“As soon as there is some certainty, even if it is insignificant, people will start investing in real estate again,” predicts Ivan Kudoyar.
The expert also notes that the issue of mobilization remains one of the key topics that scares potential buyers, distracting them from financial decisions.
Author – Anastasia Fedor
