The real estate market in Ukraine is showing a gradual recovery, with the number of sales transactions increasing by 14% in 11 months of 2024 compared to last year, although it is only 70% of the pre-war level. This is stated in the report on the financial stability of the National Bank, reports UNN.
Details
“The demand for housing purchase is slowly reviving, primarily in the secondary market. In eleven months of 2024, notaries notarized 14% more transactions than in the same period last year. The number of sale and purchase agreements has been growing in each of the quarters since the beginning of the year. However, it has reached only 70% of the level before the full-scale invasion,” the Financial Stability Report says.
In the first three quarters of 2024, about 60% of transactions involved the purchase of apartments, and the rest were private houses. Compact and affordable housing is in the highest demand in the secondary market. The median area of purchased apartments is 48 square meters, which is in line with the national and Kyiv averages. In the case of private houses, this figure is 71 square meters. The majority of transactions concern housing over 35 years old, while only a quarter of purchases are for properties that are less than 15 years old.
“Due to security threats, we do not expect a rapid increase in real estate in the near future, but this market is slowly growing,” said Pervin Dadashova, director of the NBU's Financial Stability Department, during the presentation of the report.
Recall
The real estate market in Ukraine is once again experiencing turbulence - the third wave of challenges since the start of the full-scale invasion. The once high demand collapsed by 7-10 times, but gradually began to return, seemingly with the stabilization of construction work. But why, despite all the efforts, is the market still stagnant and how do Ukrainians now approach buying an apartment?