Real Estate Under Pressure from Shortages: What 2025 Revealed and What Ukraine Is Entering 2026 With

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The year 2025 became a period of fragile balance for Ukraine’s real estate market between demand that did not disappear even amid war, and supply that continues to shrink rapidly. Despite security risks, economic uncertainty, and losses of housing stock, the residential segment remained active, while commercial real estate increasingly showed declining interest from businesses.

Time for Action analyzed the annual OLX report on the state of Ukraine’s real estate market in 2025. The platform’s data make it possible to see not isolated fluctuations, but systemic shifts shaping prices, demand, and the behavior of buyers and tenants as the country approaches 2026. One of the key trends of the year was rising apartment purchase prices amid a shortage of supply. In 2025, demand for apartment purchases nationwide increased by 4%, while the number of listings fell by 15%. This gap directly affected prices: the median price of apartments rose by 19%.

The highest prices were traditionally recorded in large and relatively safe cities Kyiv, Lviv, Ivano-Frankivsk, and Uzhhorod. Uzhhorod became the clear outlier of the year: apartment prices there jumped by 60%, reflecting a combination of limited supply, migration pressure, and demand from internally displaced persons. Kyiv, despite shelling and ongoing risks, retained its status as the most expensive city in absolute terms: the median price of a one-room apartment in the capital increased by 16% over the year. At the same time, price declines were recorded only in frontline cities Zaporizhzhia and Mykolaiv underscoring the decisive role of the security factor. The segment of private houses developed even more dynamically in 2025. Demand for purchasing houses on the secondary market increased by 21%, while supply declined by 2%. As a result, average house prices surged by 27%, while townhouses and duplexes rose by 5%. The strongest price growth for houses was recorded in Sumy (+25%) and Uzhhorod (+23%), while the most expensive houses to buy remained in Kyiv, Uzhhorod, Lviv, and Odesa.

At the same time, southern and southeastern regions showed the opposite trend. In Kherson, house prices fell by 22%; in Dnipro and Mykolaiv by 8%; and in Vinnytsia by 5%. These figures indicate a redistribution of demand toward regions where the risks of destruction and infrastructure disruptions are lower. The long-term apartment rental market in 2025 demonstrated another characteristic paradox. Both demand and supply declined by 3%, yet the median rent nationwide increased by 8%. Three-room apartments saw the sharpest increase up 21%, pointing to a shift in living formats and rising demand for housing suitable for families or shared living.

In the segment of one-room apartments, the most significant price growth was recorded in Odesa and Kharkiv 25% each. In Dnipro, Zaporizhzhia, Rivne, and Khmelnytskyi, prices remained at 2024 levels, while declines were recorded only in Lutsk down 4%. Uzhhorod remains the most expensive city for renting a one-room apartment, where rental rates rose by 12% year-on-year.

The rental of private houses deserves separate attention, having become one of the most dynamic segments of 2025. Demand increased by 19%, the average number of responses per listing reached 12, and the number of active listings decreased by 11%. This led to a 13% increase in the median rental price of houses nationwide. Uzhhorod overtook even Kyiv in rental costs, while the largest annual price increases were recorded in the capital (+68%), Chernivtsi (+57%), and Sumy (+43%).

Against this backdrop, the commercial real estate market in 2025 appears significantly weaker. In the rental segment, the number of listings declined by 12%, and the number of responses by 9%, indicating reduced interest from businesses. At the same time, the median rental price increased by 25%, primarily due to rising office rents (+31%). By contrast, rents for premises used by cafes, restaurants, and coffee shops fell by 15%, reflecting the difficult situation in the service sector.

In the commercial property purchase segment, both demand and supply declined by 6%, yet the median price increased by 11%. The largest price growth was recorded for properties intended for food service establishments up 17%, partly due to a shortage of quality locations in relatively safe cities.

The outlook for 2026, as reflected in the OLX annual report, remains cautiously tense. Limited housing supply, destruction of stock, deferred sales decisions, and the high cost of construction materials will continue to put pressure on prices in both the secondary and primary markets. Key factors supporting demand will remain state programs, including “eOselya,” as well as housing vouchers for military personnel and internally displaced persons.

In the rental segment, the most sought-after properties will continue to be apartments with autonomous heating and backup power, as well as private houses. The trend of moving from large cities to suburbs is expected to persist. In commercial real estate, warehouses and logistics hubs remain the most promising, while the office segment will continue to face pressure.

Overall, 2025 showed that Ukraine’s real estate market is responding less to short-term fluctuations and more to fundamental survival conditions: security, autonomy, and infrastructure stability. These factors will determine the behavior of buyers and tenants in 2026, regardless of broader economic rhetoric.