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In an impressive rebound during 2023, Ukrainians secured the purchase of 404,000 properties, marking a significant 70% rise from the previous year’s figures. Despite this upturn, figures have yet to reach pre-conflict levels, where a total of 631,000 transactions were recorded. Prior to 2021 and the inauguration of the land market by authorities, real estate transactions predominantly involved housing over land. However, trends have since shifted with transactions this year displaying an equalization of housing and land purchases. Since the conflict’s commencement, land investment has escalated, with Ukrainians now prioritizing land acquisitions over housing. Last year, land transactions overshadowed those of houses and apartments by 30%. Additionally, the data shows that the real estate market is slowly making a comeback with over 172,000 new home purchases being a marked increase, albeit not close to the pre-war count of 325,000. Putting this into perspective, during the first year of the conflict, around 100,000 homes and apartments were purchased. Mortgage-backed transactions are on the rise as well, with 10,775 apartments and houses, alongside 1,127 land purchases, being bought through mortgages; indicating that for every nine housing deals made, one is for the acquisition of land.
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FAQ Section
How much has the real estate market in Ukraine grown in 2023?
The Ukrainian real estate market has grown by 70% in 2023 compared to previous year.
How many properties did Ukrainians purchase in 2023?
Ukrainians purchased 404,000 properties in 2023.
Have the real estate transaction figures reached pre-war levels?
Not yet. Prior to the war, the transaction figures stood at 631,000 which is significantly higher than the current numbers.
What has been the trend in the types of transactions in the Ukrainian real estate market recently?
The trend has shifted towards a more balanced number of deals in housing and land purchases, with a current tendency of land being bought more often than houses or apartments.
How has the land market changed since the government opened it?
Since the government opened the land market, there has been more investment in lands compared to housing, with land purchases being made 30% more than that of apartments and houses.
What are the mortgage statistics in the last year?
Last year, there were 10,775 housing transactions and 1,127 land purchases made through mortgages, which translates to one land transaction for every nine housing deals.
Conclusion
The Ukrainian real estate market in 2023 has shown remarkable resilience and recovery by achieving a 70% increase in transactions despite the ongoing conflict. While the market is still working to reach the pre-war transaction levels, the current trend suggests a strong comeback is underway. The shift in buyer focus towards land is representative of an evolving market, adapting to new economic realities and opportunities. With the gradual return of confidence in the housing market and an uptick in mortgages, the sector’s future looks cautiously optimistic.
