The State of Ukraine's New-Build Property Market
As of March 2026, Ukraine's primary real estate market shows a sharp price divide. The highest prices are found in Lviv, Kyiv, and Odesa, while cities near the front lines exhibit lower or falling costs. Data from mid-March 2026 indicates the average price per square meter in Lviv is UAH 61,500, a 10% increase from the previous year. In Kyiv, the average has reached UAH 58,700, and in Odesa, it exceeds UAH 50,000 per square meter.
Regional Leaders and Market Trends
Kyiv leads in the number of new-build developments available, with 185 residential complexes registered. Lviv holds second place with 147 new projects. Following them in the number of listings are:
- Ivano-Frankivsk
- Khmelnytskyi
- Ternopil
Meanwhile, in Ternopil, property prices have risen by 20%, reaching UAH 36,000 per square meter. Khmelnytskyi also recorded a 20% increase to UAH 33,500, and Zhytomyr saw a 19% rise to UAH 37,500 per square meter.
In contrast, cities closer to active conflict zones are experiencing price declines. For instance, in Zaporizhzhia, the price is only UAH 24,100 per square meter, representing a significant drop in value. In Sumy, the price is UAH 26,000, and in Kharkiv, it is UAH 29,500. The price in Kharkiv is nearly half that of Lviv.
Experts warn of the risks associated with unfinished construction projects. 'There are several key risks: the absence of permits, legal disputes over land, violations of construction norms, and the developer's financial insolvency,' noted Marina Kuts.
She also advises: 'If a person finds it difficult to understand the documentation or does not know which papers confirm the legality of the construction, it is better to consult a specialist.'
The number of problematic unfinished developments has grown substantially in recent years, adding uncertainty to the market. Ukraine has also launched programs to provide housing for internally displaced persons who lost their homes due to the war. In this context, the registration of rental contracts may become mandatory this year, marking another significant step in the market's evolution.
The Ukrainian real estate landscape demonstrates considerable disparity, reflecting the influence of economic and social factors. Price growth in major cities like Kyiv and Lviv may signal a recovery in investment appeal, while falling prices in frontline regions indicate the ongoing economic strain in these areas. Support programs for displaced persons also point to state efforts to address housing issues, which could help lift parts of the market in the near future. This market polarization is a direct consequence of the ongoing war's regional impact on security and economic activity.