In the first quarter of 2024, Ukraine saw a significant decline in new apartment construction.
In the first quarter of 2024, only 9,900 new apartments were built in multi-storey buildings in Ukraine, the lowest number in recent years according to data from the State Statistics Service. This is a drastic decrease compared to 2021 and 2023 when 19,400 and 14,300 apartments were constructed, respectively.
Specifically in Kyiv, only 1,500 new apartments have been started to be built since the beginning of 2024. The total supply in the primary market of the capital has decreased by 23%, from 192 to 147 objects. Construction works are currently ongoing in only 60% of residential complexes where apartments are being sold.
Forecasts suggest that the available supply in the primary market may decrease by 40% in the coming years. This data points to a concerning trend in the Ukrainian real estate market, with implications for both supply and demand in the near future.
