How has Ukraine’s real estate market overcome three years of war?

According to LUN Development Director Olena Unanyan, in the pre-war year 2021 there was an active post-COVID period when the prices were rising, developers were actively launching projects, and apartments sold quickly. On average, developers used to launch 100 residential complexes per quarter. In the first year of the full-scale war, this indicator dropped by 68%, to 34 housing units per quarter.

However, starting from the second quarter of 2023, a noticeable market recovery has been recorded. Despite challenges, the pace of new residential complex launches has stayed at about 60 residential complexes per quarter (+76% by 2022). From the beginning of the war to November of this year, 503 new residential complexes started selling flats in Ukraine. The largest number of new buildings was constructed in the Lviv region (146), Kyiv and the Kyiv region (71), Zakarpattia, Ivano-Frankivsk, and Ternopil regions 59, 53, and 42, respectively.

The average price per square meter in Kyiv reaches $1,300 (+6% over the last year), in Lviv – $1,350 (+8%), and in Ivano-Frankivsk $820 (+15%).