The Ukrainian real estate market has undergone a radical transformation. While Kyiv was previously the undisputed leader in housing costs, Lviv now firmly holds the top spot. The cost per square meter in new buildings in the western capital has reached $1,490 USD, leaving the Kyiv region behind.
The paradox of safety and price
Economic logic works differently in wartime. While frontline regions record a drop in the cost per square meter, relatively safe zones see steady growth. The year's most unexpected discovery was Khmelnytskyi, where prices surged by 16% — the highest growth rate among all regions.
Kyiv, despite zero annual price growth, retains its status as the main player in terms of supply volume. Currently, apartments are actively sold in 188 residential complexes in the capital, which is 11% more than a year ago. Lviv follows closely with 154 complexes (+15%), demonstrating that demand there has not dried up.
Where construction is booming and where cranes go silent
Construction dynamics across the country are extremely uneven. Zhytomyr stands out as a bright example of activity: the number of new buildings there grew by 35%, reaching 23 objects. This indicates that developers see prospects in central regions.
However, there are also worrying signals. In Ternopil, supply decreased by 29% (48 residential complexes remain), and in Sumy — by a quarter, where only 6 complexes remain for sale. This is a direct indication of a slowdown in new construction rates in these locations.
Secondary market and currency
The situation on the secondary market is even more dramatic. In western and central regions, prices for "secondary" housing are rising faster than for new buildings. In Ternopil, housing costs jumped by a third over the year. In Lviv, in dollar equivalent, one-bedroom apartments increased by 9%, while spacious three-bedroom apartments rose by 14%. Experts link this boom to high demand for safe housing and migration flows.