An OLX Real Estate study published by RBC-Ukraine highlights a persistent paradox in the Ukrainian housing market: the vast majority of potential borrowers are formally ready to consider mortgage loans, yet actual demand remains depressed due to a combination of factors ranging from war risks to high borrowing costs. According to a survey conducted in the third quarter of 2026, only 37% of respondents considered purchasing housing on credit or in installments, compared to 38% a year earlier. Meanwhile, 21% plan to buy without involving a credit, 17% do not plan to buy yet, 18% are undecided, and 7% found it difficult to answer.
Acceptable rate threshold: 5% as a psychological limit
A key finding of the study concerns borrowers' price expectations. For 90% of potential lenders, an acceptable annual rate does not exceed 5%. At the same time, 45% of respondents are ready to consider a loan with a rate of up to 2% per annum, and another 45% within the 3–5% range. Below this threshold, essentially no room is left: the mass mortgage lending market in Ukraine currently does not offer such conditions on a wide scale, which explains the gap between declarative interest and actual demand.
What actually drives purchases: stability matters more than rates
When respondents were asked what factor would be decisive for taking out a housing loan, the picture turned out to be non-linear. In first place is financial stability: income growth or securing a stable job was named by 29% of respondents. A lower rate was considered a decisive factor by only 17%, a reliable state or social program with guarantees by 15%, economic improvement by 12%, and a more stable security situation by 9%. Personal life changes could become decisive for 7%, and falling real estate prices for 5%. For comparison, in the third quarter of 2025, lower prices as a decisive factor were named by 19% of respondents, meaning this motive lost nearly four times its weight over the year.
Why Ukrainians refuse loans: debt and interest
Among those who do not consider purchasing real estate on credit or in installments, an unwillingness to assume debt obligations dominates — this option was chosen by 48% of respondents. Another 45% do not want to pay loan interest, 33% are held back by an unstable economic situation and war risks, and 28% consider current lending conditions too unfavorable. Thus, the barrier is not so much the objective unavailability of the product, but the subjective perception of debt burden amid uncertainty.
eOselya: awareness grows, satisfaction drops
The state program eOselya continues to expand its reach: in the third quarter of 2026, 80% of respondents knew about it, compared to 69% in the fourth quarter of 2024. However, only 4% of respondents have used the program. At the same time, the share of those who have not yet taken out a loan under eOselya but plan to do so increased from 36% in 2024 to 47% in the third quarter of 2026. The intention to use the program was expressed by 16% of all potential home buyers, another 8% are considering other loan programs, and 13% are considering purchasing real estate in installments. Meanwhile, satisfaction with program conditions among those who have already used it decreased from 70% in the fourth quarter of 2024 to 52% in the third quarter of 2025 and to 50% in the third quarter of 2026.
War and prices are the main obstacles in the housing market
When considering not just lending, but housing purchases in general, Ukrainians most often cite the war and related risks as an obstacle — this factor was chosen by 56% of respondents. High real estate prices are mentioned almost as often (53%). Economic uncertainty is cited by 42%, insufficient income or lack of savings by 35%, and high loan rates by 32%. Labor market instability and the risk of losing a job hold back 29% of respondents, the lack of affordable credit programs or complex mortgage conditions 21%, and the greater flexibility of renting 18%. Another 10% note that they already own housing, so purchasing is not currently relevant. Among the advantages of lending, respondents most often cite the opportunity to get housing faster (54%), access to preferential state programs (44%), fixed monthly payments (43%), and the ability to fix payments in hryvnias, avoiding currency risk (43%).
