Trends in the Secondary Real Estate Market in Ukraine
The secondary real estate market in Ukraine demonstrates a trend of rising average housing prices, however, demand for it is sharply declining. The cheapest housing in Ukraine can be found in the Zaporizhia region, where the average price of a one-bedroom apartment is 17 thousand dollars. At the same time, the average price of a one-bedroom apartment in the capital, Kyiv, reached 95 thousand dollars in October.
Average Prices for Apartments in Different Regions
Considering the market for two-bedroom apartments, it can be noted that the average price in the Zaporizhia region is 24 thousand dollars, while in the Kherson region it is 28 thousand dollars. Regarding three-bedroom apartments, the average price in the Sumy region is 30 thousand dollars, whereas in the Zaporizhia region it is 32 thousand dollars. The Pechersk district of Kyiv remains the most expensive place, with an average price of 200 thousand dollars, while in the Desnyan district, the average price is 47.5 thousand dollars.
However, despite the price increase, the demand for secondary housing shows a negative trend. In October, a 39% drop in demand was recorded in the Khmelnytskyi region, a 26% decrease in the Kharkiv region, and an 18% fall in the Ternopil region. Interestingly, in some regions, such as Volyn and Chernivtsi regions, the number of listings for apartments for sale increased by 6% and 2% respectively.
The situation in the secondary real estate market in Ukraine reflects the overall economic instability in the country, which may be the result of various factors including the political situation, changes in population income, and general financial insolvency.
Thus, the secondary real estate market in Ukraine is in a contradictory situation: housing prices continue to rise while the demand significantly decreases, which may indicate substantial changes in the economic situation and consumer sentiment of the population.
The decline in housing demand, despite rising prices, may suggest that buyers are becoming more cautious in their decisions, which in turn could lead to further corrections in the market. Tracking these trends will be important for understanding the future of the real estate market in Ukraine.