RBC-Ukraine references statistics from LUN to discuss where the cheapest housing in Ukraine can be found. This information is reported by Kontrakty.UA.
Where is the Cheapest Real Estate in Ukraine
The top five cities with the most affordable real estate are: Kherson, Zaporizhzhia, Kharkiv, Sumy, and Mykolaiv. The cost per square meter in the secondary market ranges from $470 to $610, while in the primary market it is between $620 and $670.
Over the past six months, prices have dropped the most in Zaporizhzhia by 13%, largely due to the proximity of the front line. Conversely, during the same period, property prices in Mykolaiv have increased, yet it still remains among the cities with the cheapest housing.
Additionally, the most expensive apartments are currently in Lviv, Kyiv, and Uzhhorod, where the price per square meter in the secondary market ranges from $1250 to $1490.
How Much Does Housing Cost in Kherson
The lowest property prices are found in Kherson. Currently, the cost per square meter in the secondary market is $470. A one-bedroom apartment can be purchased for $16,000, while a two-bedroom apartment costs $24,000; there is no data on three-bedroom apartments.
Since February 24, 2022, construction of new buildings in the city has halted due to the onset of the Russian invasion, and as the city continues to frequently suffer from enemy attacks, the recovery of this market is not on the horizon.
The rental market is also facing challenging times, as demand for apartment rentals has significantly decreased due to safety concerns in the city. Currently, one-bedroom apartments are rented for 3,000 hryvnias per month, with no data available for two- and three-bedroom apartments.
How Much is Housing Sold for in Zaporizhzhia
Prices in Zaporizhzhia have decreased across all types of apartments. One-bedroom apartments have seen the largest drop, down 13% in dollar terms. The current price per square meter in the secondary market is $500. One-bedroom apartments are sold for $17,000, two-bedroom apartments for $24,000, and three-bedroom apartments for $35,000.
"The real estate market in Zaporizhzhia has 'dropped' by 50% and continues to 'decline' compared to the pre-war period. Earlier this summer, we were somewhat active, but as artillery strikes became more frequent in the city, a stagnation began. There are many offers for sale and rent, but not enough clients," – stated Zaporizhzhia real estate expert Serhiy Mykhailov in a previous comment to RBC-Ukraine.
According to his forecasts, property prices in the city will continue to fall.
It is also worth noting that in Zaporizhzhia, the cost in the primary market has decreased over the past six months. The price per square meter in new buildings is now $640, which is 12% lower than before. Demand and rental prices have also fallen; one-bedroom apartments are rented for 5,000 hryvnias, two-bedroom apartments for 7,000 hryvnias, and three-bedroom apartments for 8,500 hryvnias.
What are Apartment Prices in Kharkiv
In Kharkiv, secondary market prices have dropped by 7% over the past six months to $610 per square meter. A one-bedroom apartment can now be purchased for $20,000, a two-bedroom for $32,000, and a three-bedroom for $42,000.
"Since the start of the war, the real estate market in Kharkiv has, on average, 'dropped' by 50%, with some segments even down by 60%. However, we continue to operate and close deals. The number of sales offers has significantly decreased, as those who wanted to sell their homes have already done so. There are also fewer motivated potential buyers," explained real estate expert Olena Manzhos in a comment to RBC-Ukraine.
According to her, people are in no rush to sell properties in new buildings, as it is easier to hold onto them than to "give them away for pennies." It is noted that over the past six months, the price of primary market housing has fallen by 3%, with the average price per square meter being $670.
Additionally, the rental prices for two- and three-bedroom apartments have decreased by 8-11%, with current rental rates at 6,000 and 8,000 hryvnias, respectively. One-bedroom apartments have remained unchanged in price, renting for 4,000 hryvnias per month.
What is the Cost of Housing in Sumy
In Sumy, property prices in the secondary market have decreased by 8%, with the current price per square meter at $580. One-bedroom apartments cost $20,000, two-bedroom apartments are priced at $30,000, and three-bedroom apartments at $36,000.
"With the start of the Kursk operation, the situation in the real estate market in Sumy changed sharply. Before this, prices had nearly returned to pre-war levels, and demand was quite high. However, current demand is down by 80%, and prices have also fallen by 20-40%, depending on the properties," – shared real estate expert Maksym Martyniuk in a comment to RBC-Ukraine.
The cost of new buildings has also dropped by 2%. On average, one square meter costs $620, while the pace of housing construction this year is nearly equal to that of 2022. Rental prices have remained stable, with one-bedroom apartments renting for 7,000 hryvnias, and no data available for two- and three-bedroom apartments.
How Much Does Real Estate Cost in Mykolaiv
In Mykolaiv, prices in the secondary market have risen by 3% to $610 per square meter. One-bedroom apartments are priced at $21,000, two-bedroom apartments at $30,000, and three-bedroom apartments at $41,000.
During the same period, the price of new buildings has decreased by 6%, with the current price per square meter at $660. The pace of housing construction this year is consistent with last year's rates. Currently, there are 21 phases available in residential complexes.
Rental prices in the city have not changed, with one-bedroom apartments renting for 5,000 hryvnias, two-bedroom apartments for 7,000 hryvnias, and three-bedroom apartments for 9,000 hryvnias.
According to Manzhos, some Ukrainians are willing to invest in real estate even in cities that frequently experience Russian attacks, as they understand that the war will eventually end, and the opportunity to buy apartments at current prices may not arise again.
Earlier, we reported that housing prices in Lviv have surged again. Over the past six months, the cost of one-bedroom apartments has increased by 4%, with an average selling price of $65,000. Additionally, during the same period, rental prices have risen by 11-17%, while prices for new buildings have fallen by 1%.
Also, read about how in Ukraine, it typically takes saving an entire salary for 2.8 to 10 years to purchase a one-bedroom apartment. This duration varies depending on the location of the housing. It takes the longest to save for real estate in Lviv, and the shortest in Kherson.