It is still too early to talk of a guaranteed revival of the property market in spring, said Yurii Pita, president of the Association of Real Estate Specialists of Ukraine, in an interview with “Ukrainian News”. He named security, living conditions and the overall state of the country’s economy as the main factors.
An example of delayed demand in Kyiv this winter
The expert noted that there is deferred demand on the market and cited Kyiv this winter as an example: there were problems with electricity supply, and not everywhere on the upper floors of new buildings was there adequate water supply. Because of this the market was “very sluggish”, but demand later recovered.
“The market was very sluggish then. Later the situation improved, demand recovered, and those who waited for a more favourable moment were able to sell their properties. Something similar may well happen this time. We no longer react as sharply to some circumstances that people have partly adapted to over the years of war,” Pita said.
Security, utilities and local prices
According to Pita, much will depend on what the winter is like: if the weather is favourable and the electricity and water supply situation improves, the market may recover more quickly. If the problems persist, they will restrain demand.
The security factor has now become one of the key considerations when searching for rental housing: 66% of respondents chose this option. Conversely, it can significantly influence decisions to relocate — 45% of respondents said so. At the same time, according to LUN (LUN), the Ukrainian property search platform, shelling of Kyiv’s transport infrastructure has so far not caused a sharp fall in housing prices on the left bank of the capital; rents are indeed falling in some districts, but a similar trend is also being observed on the right bank.
