The Ukrainian real estate market in 2025 resembles the classic game of “Freeze!”: those who managed to buy are now wondering why, and those who didn’t are in no hurry. Military risks, which have become the backdrop for the entire country, have discouraged even the most steadfast optimists—and those who haven’t yet fled to Europe with a suitcase of cash—from investing in property.
To Buy or Not to Buy? That Is the Question
Official data may speak of “signs of stabilization and gradual recovery” in the market. Prices for new builds are rising, with a square meter in Kyiv holding at $1,350, and in Kharkiv you can get an apartment for the price of a good bicycle—$560 per meter. But what’s the point of these numbers if every second potential buyer’s first question isn’t about the view from the window, but about the presence of a bomb shelter in the basement?
To Build or Not to Build, That’s the Dilemma
New buildings are being completed, but mostly those that started before the war. There are almost no new projects, especially in the capital and the east. Labor shortages, rising construction material prices, and constant mobilization have made builders a rare species, and developers true survival heroes. Even the state’s preferential mortgage program “єOselya” isn’t saving the day: loans are mostly taken by military personnel, while everyone else prefers to wait until “things settle down.”
The Secondary Market: Discounts Nobody Asked For
On the secondary market, prices have dropped by more than 30%. But even here, demand is sluggish: deals are mostly happening outside regional centers, where people are selling property to move further from the front line. Activity is a bit higher in large cities, but still far from pre-crisis levels.
Result: The Market Is Alive, But in a Coma
Ukrainian real estate today is an investment not so much in comfort as in stress resistance. Every new shelling means one less buyer; every news of negotiations means one more seller. In the end, the market is breathing, but deeply and with a wheeze. So if you still dream of an apartment in downtown Kyiv, you’ll need not just money, but nerves of steel. In 2025, square meters in Ukraine are, above all, square risks.
