Ukraine’s real estate market outperformed expert predictions in 2020, remaining one of the most stable asset classes in the country even amid the coronavirus pandemic.
Developers and buyers alike are optimistic — prices are expected to rise, while demand for residential real estate will remain high.
And while the COVID‑19 pandemic did not destroy Ukraine’s real estate market, it contributed to its transformation: buyers and developers alike are trading economy for comfort.
“If you have to spend all day between four walls, you start paying more attention to the quality of your living space,” says Andrey Mima, cofounder of Lun.ua, an online real estate database.
Meanwhile, real estate prices have been increasing in Ukraine. According to the international real estate agency Knight Frank, real estate prices in Ukraine grew 10.3% year on year. Higher real estate prices, usually, mean better quality housing.
Lora Kim, founder of All Star Kiev Realty, confirmed these trends in Kyiv’s real estate market over the past year. She says that luxury offerings have especially risen over the last year.
Children play in KAN Development’s Fayna Taun apartment complex in Kyiv’s Nyvky district, about 10 kilometers outside the city center. Apartment complexes offering several amenities outside the city center have been growing in popularity for locals and foreigners alike. (Volodymyr Petrov)
$500,000
With half a million to spend, Kim recommends purchasing a large apartment in a classic building and doing quality renovations. The apartment should be on a good street, with a clean and safe entrance and in close proximity to parks to make it suitable to rent out, Kim says.
Jones East 8 Real Estate has an offering for a two-floor, 170-square-meter three-bedroom apartment in a recently renovated four-story building on Honcharova Street — a historic street in central Kyiv that Tanya Golota of Jones East 8 says is very popular with embassy officials and foreigners.
Golota says that even with $500,000 her clients can spend up to two years finding a classic apartment in an older building that meets proper standards. So instead, Golota says, people are opting for the new constructions that are being built all over the city.
Within this price range, construction firm KAN Development is offering 100-square-meter, fully renovated two-bedroom apartments on the 20th floor of their Tetris Hall building — a modern, stylish building in the very heart of the Pechersk district. This building has a rooftop pool and is located near some of Kyiv’s most popular restaurants.
Kim says it is also possible to find a 150 to 200-square-meter single family home within this price range in the Svyatoshynsky and Solomyansky districts, a bit away from the center, but still within walking distance to the metro.
Real estate prices in Ukraine grew 10.3% in 2020 year on year. Higher real estate prices, usually, mean better quality housing, experts say.
$100,000
While a budget of $100,000 in Kyiv may limit your search slightly, there are still many options in Kyiv within this budget, including in and around the center.
Kim says to purchase something right in the center, it will be a very small apartment requiring major renovations. Quality apartments at this price in the center also sell very quickly, which makes the competition tough within this price range.
And buyers do get lucky. Real estate agent Lada Hudson says, however, that her firm Jones East 8 recently sold a classic, quality two-bedroom apartment in the center for $100,000 that required only minimal renovations. “The apartment was almost immediately ready to be rented and was listed for $1,500 per month.”
Kim agrees that it’s still possible to find a quality residence in the center for that price, but “the buyer might have to follow the market and wait up to a year for something worthwhile to come around.”
A little further away from the city center sprawling residential complexes are popping up that offer several amenities and conveniences and are well-suited for small and medium sized families, according to KAN Development.
For example, KAN Development is offering fully renovated, 53-square-meter two-bedroom apartments in the $100,000 price range in their brand new residential complex, Fayna Town.
Located outside of the city center, but within two kilometers of the metro, these apartments offer a promenade with a bike path, places for recreation and activities, spaces for children, sports facilities, a BBQ area and two outdoor pools.
Alternatively, a 183-square-meter single-family townhouse, located in the Svyatoshinsky district about 30 kilometers away from Kyiv goes for $100,000. There is a bus stop nearby that will take you directly to the Vydubychi metro station as well as a school, supermarket, mall and an equestrian club and a lake nearby.
Property in Kyiv is nearly two and a half times cheaper than in other European capitals, making local real estate market attractive to foreign investors.
$50,000
While it’s practically impossible to find $50,000 assets in the center of Kyiv anymore, that doesn’t mean there aren’t opportunities to buy property within that budget. New and older apartments are available for that price away from the city center and in suburbs outside of Kyiv.
For example, a 35-square-meter studio apartment in the Svatoshyn district goes for $50,000. The apartment is a renovated “Krushovka” located about 10 kilometers from the city center and within walking distance to the metro. The same amount also buys a 40-square-meter one-bedroom apartment in the Obolon district in northern Kyiv close to the Obolon metro and the banks of the Dnipro River.
It’s not all about the city center these days. Many people are opting for suburbs as they offer quieter, cozier living while still easily accessible to Kyiv.
Hudson from Jones East 8 says a lot of people are moving outside the city these days to places like Irpin, a city located on the Irpin River in Kyiv Oblast, 25 kilometers from the center. It has fully renovated two-bedroom apartments for $50,000 with nearby parks and forests and access to good schools.
Hudson says she’s even noticed many foreigners starting to buy investment properties in suburbs like Irpin and Brovary over the last couple of years.
