I want to buy a home, but I’m afraid to take out a loan. Is it worth it? Which is better: buying an apartment in a new development with my last bit of money, or buying a home in an older building and investing more money in renovations? Will apartment prices rise by the end of the year? These are the questions people ask themselves when they’re planning to buy a home in Ukraine. Given the global situation, it’s difficult to make this decision, and even more so to choose the right option.
Today, buyers are not just choosing the number of rooms or the neighborhood. What matters to them is security and the confidence that nothing will happen to the home until the mortgage is paid off.
UA.NEWS analyzed the market with real estate experts.
What the real estate market looks like heading into 2026
The Ukrainian real estate market in 2026 is in a state of adaptation. It is no longer in a state of shock, as it was at the start of the war. However, it is too early to speak of a full recovery. According to the NBU’s assessment, activity in the housing market has remained virtually unchanged for about a year and a half, while prices vary by region. Government programs are supporting some of the demand, but they do not eliminate the main risks. These include security and potential construction issues. Therefore, buyers are now looking not only at price and location, but also at the readiness of the property, the building’s self-sufficiency, and the developer’s reliability.
Will there be investors in the Ukrainian real estate market in 2026?
Until 2022, the market was driven not only by actual housing demand but also by expectations of profit. Buyers purchased apartments and either rented them out or resold them after renovations.
In 2026, this logic hasn’t disappeared, but it has changed. Marisabel Gulko, owner of ORRO Marketing Agency and real estate marketing strategist, describes this shift as follows:
When it comes to apartments, the shift is toward buying for personal residence. But that doesn’t mean the investment market has disappeared. It has simply shifted
Owner of ORRO Marketing Agency
Marisabel notes that investment demand has shifted to other formats. People have started buying apartments and apartment buildings:
Hotels continue to be a focal point for investors
Owner of ORRO Marketing Agency
Real estate agent Taras Lysenko views the same phenomenon from a different perspective. In his opinion, investment interest remains in the residential segment as well, particularly within the city limits:
There, people take out loans at minimal interest rates, invest in renovations, and rent out the apartments. In effect, the tenant’s rent payments cover the owner’s mortgage
Real Estate Agent
As both experts note, investors are present in the market. However, they are acting more cautiously, precisely, and pragmatically. Today, they are looking for a specific model of income from housing.
"YeOselya" — the backbone of Ukrainian housing
Is the market sustained by government programs? Both experts answer this question in the affirmative. However, they respond with different nuances.
Taras says that today, government programs are the foundation and backbone of the market.
Today, the real estate market is actually 85–90% dependent on government programs. Without them, the market would grind to a halt
Real Estate Agent
Official statistics confirm that without eOselya, the market would be significantly weaker. According to the Ministry of Economy, from the beginning of 2026 through March 6, the program issued 1,450 loans totaling 2.9 billion UAH. The most active regions are Kyiv, Kyiv Oblast, and Lviv Oblast.
Marisabel does not deny the importance of eOselya, but sees its role differently:
Many families use eOselya as an opportunity. But that doesn’t mean this family wouldn’t have bought a home without e-Housing. The main thing is the demand for real estate. The family knows they need a new, bigger, better apartment, and they’re working toward that. eOselya is one way to buy and a great help to our Ukrainian families. However, it doesn’t rule out the possibility that a family might sell their existing home and invest the proceeds in a new-build. People also find financial solutions on their own
Owner of ORRO Marketing Agency
What will happen to prices in 2026
New-builds will become more expensive
In the primary market, cost remains the main driver of price increases. Marisabel comments on this as follows:
The cost of materials is rising. The companies we work with raise their prices every three months, and that’s normal
Owner of ORRO Marketing Agency
Taras also emphasizes that the market is tied to the dollar exchange rate. That is, even if demand for new construction fell, prices would still rise. The factors driving growth would be materials, currency, logistics, and labor shortages.
In popular Kyiv neighborhoods, such as the “Warsaw Microdistrict,” prices in dollars have even risen by 10% compared to pre-war levels. Of course, there are developers who froze construction projects as early as 2022 (for example, “Dibrova Park”). But major players like "Stolitsa Group" or "DBK-4" continue to build. Weaker companies, such as "Kyivmiskbud," are effectively exiting the market. Their sites are sometimes taken over by other developers, who complete the projects after re-registering the documents
Real Estate Agent
Therefore, the sooner you decide to buy, the cheaper your housing will be.
Older housing remains “in vogue”
Older housing in Ukraine also remains relevant in the real estate market. It is often criticized as morally and technically outdated, yet buyers continue to purchase older apartments. The reason is simple: people buy older housing not for its quality, but because it is a ready-to-move-in apartment.
Marisabel Gulko says that the “buy and move in right away” trend remains relevant:
The priority is buyer demand for ready-to-move-in apartments renovated to European standards. And since developers can only offer this in limited quantities, the secondary market often wins out. There will be demand for these buildings as long as they stand. Internally displaced persons rarely have the means to both rent an apartment and invest while waiting for the construction and renovation of new buildings. That is why there is overwhelming demand for prefabricated apartment buildings. Although the overall trend is shifting toward new construction, it is still too early to speak of a period when older housing will begin to depreciate en masse. Furthermore, Ukraine lacks registries that would track the demolition of certain buildings (such as Khrushchev-era apartment blocks). There is no government program for this. To remove the old housing stock from the map, a strong decision from the city and the state is needed, along with funds that are currently being spent elsewhere
Owner of ORRO Marketing Agency
Taras explains this same logic in terms of budget and practicality:
You can buy a small apartment in Nyvky or Shevchenko Square for $40–45,000 and move in right away. For displaced people, for example from Mariupol, this is the best option. They only have enough money for the apartment itself. They can’t afford to invest another $30–50,000 in renovating a new building
Real Estate Agent
Therefore, older housing stock will not disappear from the market by 2026 and will remain “in demand.”
Regional “price” disparities in real estate
Marisabel emphasizes that pricing standards in the real estate market have changed. She identifies cities where she sees systematic growth:
Kyiv, Lviv, Uzhhorod, and Vinnytsia—systematic price increases. Vinnytsia, in particular, has caught up with Kyiv’s prices per square meter. The Chernihiv and Zhytomyr regions, for example, are not growing
Owner of ORRO Marketing Agency
The expert attributes this to business relocations, the movement of teams, and the ongoing influx of internally displaced persons.
And this aligns with the NBU’s overall assessment. In some western regions, housing prices rose much more noticeably. In other regions, however, they remained stable or even declined.
Is western Ukraine too expensive for buying a home?
Taras Lysenko notes that western regions are overvalued, but the trend is on the decline:
Lviv and Uzhhorod currently have artificially inflated prices due to the hype. However, I see a reversal of this trend. Recently, I helped a young woman move back from my company’s Uzhhorod branch because life in the capital is more vibrant. As soon as supply in the west exceeds demand, prices there will stabilize
Real Estate Agent
In contrast, another expert does not consider the Lviv region to be overvalued:
I wouldn’t describe Lviv Oblast as overheated. There are a lot of jobs, businesses, and European offices there
Owner of ORRO Marketing Agency
At the same time, her opinion regarding Uzhhorod is different:
Uzhhorod is already seeing price declines for the second half of 2025. Developers have built a lot, and now they need to dump the market
Owner of ORRO Marketing Agency
How realistic are the prices in real estate listings?
The Ukrainian real estate market remains opaque. This is one of the reasons why listings do not accurately reflect the actual state of affairs.
Marisabel states outright that Ukraine lacks the tools to show the real state of affairs. For example, Spain has relevant registries detailing real estate purchases:
There, you can view them (the registries—ed.) without revealing personal data. That is, it won’t be visible that a specific person made the purchase, but the details of the transaction and the purchase price will be visible. In Ukraine, unfortunately, such registries are not public, and we cannot view the transactions. It would be much easier to compare figures, but I know that the figures stated in advertising campaigns on developers’ or aparthotel websites are often inflated. Developers also don’t offer significant discounts. We’re not talking about 10%, since the discounts are much smaller. More often, the developer offers more convenient payment methods, installment plans, or deferred payments (when the buyer is given the option to pay for the apartment in 3–5 installments rather than all at once). Or the discount might be, for example, $40 per square meter if the buyer pays in full immediately
Owner of ORRO Marketing Agency
Taras also describes a certain price markup on the seller’s part if the buyer arrives with a state certificate. According to him, sellers often set the price for housing 5–10% higher. This is compensation for the fact that the owner receives hryvnia into their account, which must then be converted and withdrawn. Or, according to Taras, the price tag is “adjusted” to match the certificate amount if the actual purchase amount is lower. The remainder is returned to the buyer in cash.
As we can see, in 2026, the price listed in the ad will often be at the seller’s discretion.
What buyers fear in 2026 when purchasing real estate in Ukraine
Of course, buyers have fears regarding the purchase of any home. Marisabel explains that buyers today consider the suspension of construction work at sites to be the main risk:
They fear that construction will be frozen because prices for building materials are rising very rapidly. Today, savvy buyers look at how many construction sites the developer has going at the same time. This is a case where the best time is for small companies—they are trusted
Owner of ORRO Marketing Agency
The expert also adds that a developer currently managing multiple projects simultaneously is taking a risk. They may simply be unable to handle all construction projects at once due to a lack of personnel and funds. Therefore, companies focused on just a few projects have a better chance of success.
Marisabel notes that today, even stable financing does not guarantee results if there is no one to work on the site. The risk of mobilizing specialists forces investors to be cautious:
We don’t know the military plans. Maybe tomorrow every other person will go to the front, and there simply won’t be anyone left to build. There will be money, but no workers. Consequently, all projects will be put on hold. It’s always easier to find a team for one project than for four
Owner of ORRO Marketing Agency
In some cities, according to the expert, there are already waiting lists for professional construction crews. This directly affects the pace of housing completion:
Currently, in Lviv and Vinnytsia, there are some teams of specialists who go from site to site and are in high demand. This is a "warning sign" worth paying attention to
Owner of ORRO Marketing Agency
Taras adds a safety consideration to this list. For buyers today, it’s not just the developer and “guarantees” in the form of documents that matter, but also what it’s like to live in this building during shelling and unstable conditions.
To make an informed decision, Marisabel Gulko recommends personally inspecting properties and comparing offers based on the same criteria:
I recommend creating a checklist. Include permits, documents, the number of properties, construction schedules, and infrastructure details. It’s important to gather analysis and ask the same questions to everyone, since clients usually visit 5–6 different construction sites.”
Owner of ORRO Marketing Agency
What Really Affects a Property’s Liquidity
Today, in the real estate market, buyers hear many new terms: autonomy, energy independence, generator, backup power. Developers are actively adding and selling such “bonuses” with the property. Marisabel says that today, almost every developer offers either energy-independent apartments or houses, or alternative power sources.
But Taras has a different take on self-sufficiency:
A generator in the building is a huge plus for renting, but it has little impact on the sale price. Right now, the key factor is the floor. I have two apartments for sale on the 24th floor in the “Navigator” residential complex. They’ve been sitting on the market for two years. People are afraid of shelling and power outages. Even with a generator, buyers are primarily looking for safety and lower floors
Real Estate Agent
What will the real estate market in Ukraine look like by the end of 2026?
We can draw a conclusion. By the end of 2026, the Ukrainian real estate market is unlikely to take any radical turn. Therefore, we advise buyers who have decided to purchase a home to monitor prices and choose a property carefully, weighing all the pros and cons. And sellers should objectively assess the value of their property and be prepared to make financial concessions.
