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Within Ukraine, City One Development has been systematically evaluating the Kyiv residential real estate market for over a decade.
Leveraging its proprietary analytical database, the company regularly tracks new building prices in the capital, analyzes demand and supply dynamics, market structure, and buyer behavior.
The outcomes of 2025 allow us to discuss not just figures, but also the deeper transformations occurring in Kyiv’s primary residential property market during the fourth year of full-scale conflict.
Overall Situation
The year 2025 marked a period of quiet recovery without significant fluctuations for Kyiv’s primary residential real estate market. The market did not experience a surge in demand, nor did it stagnate. Following several years of high uncertainty, buyers began to return – cautiously, selectively, with a clear focus on quality, developer reliability, and realistic project timelines.
The average price in the primary market as of the end of 2025 was $2011 per sq.m, or 84.6 thousand UAH/sq.m. This represents an annual increase of +3.3%. Notably, the dollar exchange rate increased by only 1% over the year, reaching 42.07 UAH/$.
Prices rose slowly but steadily. This is a crucial signal for the market: the growth is driven not by speculative expectations, but by genuine demand and a limited supply of quality products.
Prices
The trend of the average price in Kyiv’s primary real estate market in 2025 was as follows:
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a decrease of -1.2% in the first half of 2025;
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an increase of +4.5% in the second half of 2025;
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an increase of +3.3% from the beginning to the end of 2025.
Essentially, the market experienced two distinct phases. At the start of the year, demand remained subdued: buyers adopted a wait-and-see approach, leading to a slight price adjustment. In contrast, the latter half of the year saw a shift in sentiment – transaction volumes grew, and prices resumed a gradual upward trend.
Ultimately, 2025 concluded with a moderate gain. This growth is not aggressive but represents a healthy dynamic for a market in the recovery phase. Significantly, the price increase was not solely due to currency fluctuations; prices also rose in dollar terms, albeit modestly.
Statistics and Reality
A key characteristic of 2025 was the considerable discrepancy between formal statistics and the actual market situation. Average price indicators remain “burdened” by projects that have been on sale for years but are effectively not being built or are in a state of dormancy.
Excluding such developments from calculations, the actual average price for “active” new buildings in Kyiv stands at approximately $2140/sq.m, which is about 6–7% higher than official statistics indicate.
These projects create an illusion of affordable housing while systematically understating the market’s average price. An analysis of only active and liquid residential complexes reveals a different picture – the real market price is noticeably higher.
For buyers, this means a simple reality: an excessively low price today often signals risk rather than a beneficial investment.
Structural Market Transformation
Kyiv’s primary residential real estate market has undergone significant structural changes in recent years, and 2025 further solidified this trend.
The economy class has practically vanished as a mass-market segment. Whereas in 2014 it accounted for nearly 50% of the market, in 2025 it represented only 3% of the supply. Projects previously marketed as economy class are either fully sold out, frozen, or reclassified as comfort class. Buyers are no longer willing to accept minimal standards; even in challenging economic conditions, they expect a basic level of quality, service, and living environment.
The comfort class has become the new market standard and is now the dominant segment, making up over 50% of the supply. This is where the main demand is concentrated.
The business class maintains a stable share of around 35%, demonstrating strong resilience even during crisis years.
The premium segment remains niche but price-stable, constituting 8–10% of the market despite a reduction in the number of projects. This segment is purchased not in large volumes, but with clear intent.
Price Dynamics by Class
All segments saw price increases, but without sharp imbalances. The more affordable categories showed the greatest growth, which is logical given limited purchasing power. Business and premium classes grew more slowly, but they remain the most stable in terms of liquidity.
By the end of the year:
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economy class – $1103/sq.m (+5%);
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comfort class – $1365/sq.m (+4%);
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business class – $2450/sq.m (+2%);
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premium class – $4596/sq.m (+4%).
Prices in foreign currency fluctuated within a very narrow range between 2022 and 2025, with an upward trend across all segments beginning in the second half of 2025. The market clearly demonstrated that the quality and class of a project are more important than an aggressive price.
New Projects
While 2025 was not a year of mass launches, the number of new projects was a record for the capital given the wartime conditions. According to City One Development’s monitoring, 10 new residential complexes entered the Kyiv market since the beginning of the year.
The first half of the year was primarily characterized by large comfort-class complexes aimed at the mass buyer, with an average starting price of $1428/sq.m.
The second half of the year saw the introduction of business and premium class projects with higher starting prices and more complex concepts, averaging $2727/sq.m.
This indicates a gradual return by developers to more sophisticated formats and a revival of investment interest in the market.
Key Trends of 2025
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The year 2025 cemented several fundamental trends:
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comfort class has definitively become the baseline standard in the capital’s market, with economy class disappearing as a segment;
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the total number of residential complexes on the market has decreased by approximately 25% over the four years of war, creating a deficit in quality supply;
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developers are launching new projects cautiously, focusing on solvent demand and investors;
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new projects are priced higher than average market indicators;
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the number of new residential complexes is significant for the fourth year of war but insufficient for a city of millions – supply will remain limited, and affordable housing will become scarcer;
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quality projects continue to sell even in difficult conditions;
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competition among developers is increasingly centered on the product rather than the price.
Forecast for 2026
Assuming the current macroeconomic and security factors persist, 2026 is poised to begin with moderate price appreciation and a continued deficit of quality supply. The market has already passed its lowest point and is gradually entering a growth phase, where developer reliability, a well-thought-out concept, and the long-term value of a project will play crucial roles.
Date: 26.12.2025