---
title: "Two fronts of real estate: where prices in southern Ukraine have soared and where they have collapsed"
description: "The real estate market in southern Ukraine has split: prices in Odesa rose by 138%, while in Kherson they fell by 48% in dollars. An OLX study showed that Kherson is the only city where renting and selling housing became cheaper over 5 years. 🏠📉📈"
date: 2026-08-05T07:22:00.000Z
lang: en
url: https://xab.info/en/posts/two-fronts-real-estate-southern-ukraine-odesa-kherson-prices
tags: [ukraine, odessa, kherson, real-estate, olx]
publisher: "XAB.info"
---

# Two fronts of real estate: where prices in southern Ukraine have soared and where they have collapsed

![Handing over house keys: illustration for an article about fluctuations in real estate prices in southern Ukraine](https://xab.info/media/2026/08/05/rynok-nedvizhimosti-yug-ukrainy-odessa-kherson-tsena/rynok-nedvizhimosti-yug-ukrainy-odessa-kherson-tsena-1.webp)

The real estate market in southern Ukraine is showing a deep divide. While Odesa and Chornomorsk are showing steady growth in housing purchase and rental prices, Kherson remains the only city where the cost per square meter and rent have not only failed to return to pre-war levels but have significantly decreased.

OLX Real Estate experts conducted a large-scale study comparing the situation in key cities of the region in June 2021 and June 2026. The data shows that economic processes in each city are following completely different trajectories, dictated by security and migration flows.

### Odesa: the leader in price growth

Odesa has become the absolute leader in real estate price increases over the last five years. The median price for a one-bedroom apartment in the port metropolis rose from 941 thousand UAH ($43k) in 2021 to 2.2 million UAH ($50k) in 2026.

In hryvnia terms, this is a 138% increase, while in dollar equivalent terms, it is 47%. A similar situation is observed in the rental market: the cost of long-term rental of a one-bedroom apartment jumped from 6.5 thousand UAH to 12 thousand UAH, an increase of 85%.

### Chornomorsk and Mykolaiv: different dynamics

In Chornomorsk, Odesa region, the median housing price also showed significant growth — from 756 thousand UAH to 1.6 million UAH (+111% in hryvnia). At the same time, in dollar equivalent terms, the growth was 33%. The rental market here is also active: the cost rose from 4 thousand to 7 thousand UAH (+75%).

In Mykolaiv, the situation is more complex. In national currency, purchase prices rose by 44% (from 626 thousand to 900 thousand UAH), however, in dollars, the cost of housing actually fell by 12% — from $23k to $20.2k. Rent in Mykolaiv increased by 75%, just like in Chornomorsk, reaching the mark of 7 thousand UAH.

### Kherson: the only city with falling prices

Kherson remains an anomaly against the general trend. It is the only city in the south where housing has become cheaper. The median cost of a one-bedroom apartment decreased from 677 thousand UAH ($25k) to 584 thousand UAH ($13k). In dollar equivalent terms, the drop was a substantial 48%.

The rental market in Kherson has also not recovered: the cost decreased from 4.5 thousand UAH to 4 thousand UAH (-11%).

### Crisis of supply and demand

The situation with the number of listings for sale and rent confirms the market divide. In Kherson, the number of apartment sale offers decreased by 92%, and rental listings by 90%. This is the deepest fall among all analyzed cities.

In Chornomorsk, the sales market showed a 5% increase in the number of listings, however, the rental market there practically disappeared — the number of offers dropped by 66%. In Mykolaiv, on the contrary, there is an increase in demand for rent: the number of listings increased by 15% compared to the pre-war period.

Experts note that in most cities in the south, rental prices have already exceeded the pre-war level, indicating high demand for housing in safe regions, while in areas where the situation remains tense, the market continues to stagnate.