The volume of construction work completed in Ukraine increased by 23% last year, indicating that a restoration to pre-war levels could take four to five years.

According to the State Statistics Service, the volume of construction work completed in Ukraine in 2024 increased by 23.5% compared to 2023, reaching ₴204.7B ($4.8B). Last year’s figure also surpassed 2020’s result of ₴202B, yet remains below the pre-war figure of ₴258B recorded in 2021.

The residential construction sector saw a 16.3% increase last year, totaling ₴26.6B; non-residential construction grew by 35.5%, to ₴57.7B; and engineering construction rose by 20%, amounting to ₴120.4B. New construction accounted for 41.1%, repairs for 32.6%, and reconstruction and technical re-equipment for 26.3%.

Experts observe that demand in Ukraine’s construction market remains persistently low. Despite the positive growth trends, the Ukrainian construction market is expected to require four to five years to reach 2021’s level.

In the commercial construction sector, the hotel real estate segment experienced the most significant growth last year, soaring by 182%. Meanwhile, demand in the primary residential real estate market rose by 12%.