In the first quarter, real estate developers started construction on a record low number of new buildings.

In Ukraine during the first quarter of 2024, real estate developers started constructing only 9,900 new apartments, reported the State Statistics Service. The rate of new construction is lower than even in the first quarter of 2020 when the coronavirus pandemic began.

For comparison, in the last year before the full-scale invasion, during the first quarter, construction started on 19,400 new apartments; in 2023, this indicator decreased to 14,300 apartments.

A total of 1,500 new apartments have been built in Kyiv since the beginning of the year. The total supply volume on Kyiv’s primary market decreased from 192 before the war to 147 objects, a decrease of 23%. Only 60% of residential complexes where apartments are being sold are under construction.

In the future, the volume of apartments in new developments will decrease, new projects will be almost non-existent in the market, and those that were started before the war will be completed and resold. The potential for a reduction in the primary market’s available volume in the next year or two is 40%.