It is a buyer’s market for residential property in Ukraine.
The prices, traditionally fixed in dollars, took a big hit since the late 2014 due to the dramatic, more than two-thirds devaluation of the hryvnia since then. So those who get paid in hard currency or have been stocking up money can get a good deal.
The Kyiv Post is looking at what exactly one can buy — and how it compares to real estate prices elsewhere. We use examples listed on the real estate aggregator Lun.ua.
Compared to other European cities, Kyiv has much less retail space per capita. However, given Ukraine’s sluggish economy and consumers’
growing preference for online buying, it’s likely to stay that way for some time.
$50,000
Three years ago, $50,000 could buy a 30 square meter studio in a residential area near a metro station and several stops from the city center. Today, the same money can buy a better location or a bigger place — depending on one’s priorities.
For instance, a two-bedroom, 67 square meter apartment in Darnytsya, a residential neighborhood on the left bank of Kyiv, is listed for $50,000 but can be bought for cheaper: The ad encourages bargaining. The place is in a nine-story brick building, and the closest metro stop, Vyrlytsya, is a 10-minute ride away.
Those preferring location to size can get a studio near the city center or, with some luck, in the center itself. A modest-looking 30 square meter studio at the intersection of Volodymyrska and Saksahanskoho Streets is listed for $50,000.
A compromise between space and location can be a small one-bedroom apartment of just 45 square meters on Zlatoustivska Street, near the Kyiv Circus. It’s on the first floor of a 1966 Khrushchiovka, one of the cheap brick five-story houses built everywhere around the Soviet Union in the 1960s to ease the housing shortages.
What it buys abroad: Two townhouses in the Spanish countryside nearby Malaga, a two-bedroom apartment in Umbria, Italy, or a threebedroom
house in Erie, Pennsylvania.
$100,000
With that sum, it is time to look at one-bedroom apartments in prestigious locations like the Golden Gate, Lva Tolstoho Square or the best parts of Podil. A 54 square meter apartment on the top fifth floor of a 1936 building on Lysenka Street next to the Opera Theater is on sale for $95,000, with the possibility of a discount due to the shabby condition.
Small two- and three-bedroom apartments for just under $100,000 are found on Tarasa Shevchenka Boulevard and Sichevykh Striltsiv Street (former Artema Street). Move a bit farther from the center, and there are larger two-bedroom apartments in the new buildings for the same price. Look at Shulyavka metro station area or Druzhby Narodiv Boulevard, for instance.
A spacious 104 square meter apartment in a new building next to Holosiyivsky Park boasts two bedrooms, a park view and a $98,000 price tag. The city center is a 20-minute drive away under good traffic.
What it buys abroad: A 33-square-meter condo in Bangkok, or a 522-square-meter land lot in Miami, Florida, or a one-bedroom apartment
close to the center of Budapest.
$500,000
Welcome to the luxury segment of Kyiv real estate. No need to compromise on space or location anymore: This money can get it all.
For those charmed by Kyiv’s main Khreshchatyk Street, there is a two-bedroom, 100 square meter apartment on Liuteranska Street, next to Khreshchatyk but a quieter one.
Fancy a spacious three-bedroom place with a prime location? Look in the Golden Gate area, especially the quiet and prestigious Reitarska Street that boasts several embassies.
Or better yet, check out Vozdvizhenka — a built-from-scratch neighborhood of luxurious houses that copy the historic buildings of Kyiv. The Western press called it “the millionaires’ ghost town” because it was built shortly before the 2008 economic crisis and stood empty for years. Today, it livens up with more restaurants, art galleries and shops opening all the time. Here, $500,000 can buy a two-story, three-bedroom place of 234 square meters.
Prestigious Pechersk neighborhood is also wide open. Check out the so-called “government block,” or the area near the Verkhovna Rada, Presidential Administration and Cabinet of Ministers. Here, $500,000 can buy a 100 square meters two-bedroom apartment with a fancy design.
Also, the same money can buy a house of 250–400 square meters in Kyiv, or a bigger one a short drive away from the capital.
What it buys abroad: A one-bedroom apartment in the central part of Paris, a studio or a one-bedroom co-op in Manhattan, or a three-bedroom
house on the eastern coast of Cyprus.
