Why have old apartments become popular in Kyiv
What is happening in the apartment market? Why are prices rising, but there are no decent options? These questions the EP journalist heard from several people.
At a time when the primary real estate market is in deep crisis and is only partially supported by the state mortgage program "eHousing", almost all business activity has shifted to the old housing stock.
Demand for real estate in the capital is driven by internally displaced persons from eastern and southern regions, local residents who have saved money for housing, and investors for whom investing in "bricks" is an alternative way to allocate free funds. Why do all of them prefer old housing?
Apartments are sold twice as fast
In 2021, Ukraine registered 325,000 notarized transactions for the purchase and sale of apartments and single-family houses, while in 2024, it is more than twice less. In some regions, there is a moderate increase in activity in the secondary real estate market. In 2024, in Kyiv, there were 6% more contracts signed compared to 2023, and in the region – 14%, according to an analysis of data from the Ministry of Justice by the auditing firm EY.
Since the beginning of 2025, this trend has intensified, say the experts interviewed by EP. For example, in the first five months of 2025, the median exposure of an apartment on the secondary market, i.e., how quickly it sells, decreased from 80 to 45 days, almost halving, explains Lyudmila Kiryukhina, head of "LUN Statistics".
"This may indicate an increase in demand. One of the reasons could be seasonality, which has a strong influence on the real estate market. In 2024, from January to May, the median exposure decreased by 30%: from 63 to 48 days," she says.
"OLX Real Estate" calculates demand for apartments on the secondary market as the number of responses to listings. This indicator increased from January to April, and in May, it decreased by 5% compared to April. Overall, since the beginning of the year, buyers' interest has increased by 14%.
In the LUN company, they note that the average price for listings on sale is rising. This may indicate that sellers are listing more expensive apartments, and there is a lack of optimal options in terms of "price-quality".
Why is "secondary" popular
The popularity of the secondary market is growing due to the crisis in the primary market. In 2024, sales of apartments in new buildings accounted for 17% of the 2021 figures, according to LUN. According to various estimates, 20% to 60% of the demand for new housing was created by investors – for resale or rental. Currently, in Kyiv, only 13% of apartments are bought as investments, while in Lviv and Ivano-Frankivsk, it is 23% and 27%, respectively.
A significant portion of investors has shifted to the secondary market. Since the beginning of 2025, demand for apartments has increased more than supply, says Oksana Ostapchuk, head of sales development at "OLX Real Estate". The reasons are migration of Ukrainians and return to cities where there are no active hostilities. Kyiv falls under these parameters.
"Buying on the secondary market gives buyers more confidence. These are mostly move-in ready apartments in well-established neighborhoods – an option for those who are not oriented towards the real estate market and do not want to risk buying a new building, understanding the military risks and delays in commissioning," says Ostapchuk.
The era of youth and pensioners
Mobilization of reservists has led to a colossal shortage of labor in the construction industry, say the Confederation of Builders. The spontaneous apartment renovation market is experiencing a similar crisis.
Prices for apartment renovations have increased at least twofold in dollar equivalent compared to 2021, says an owner of one of the companies managing teams of plasterers, tile setters, and plumbers, who prefers to remain anonymous.
"All builders have been drafted into the army. Now is the golden age for youth, as well as for pensioners who can still do something. We can name any rates. Some people who absolutely need repairs will still agree to them. Our calendar is booked months ahead," says the entrepreneur.
According to him, the cost of turnkey renovation in a new building with materials and labor starts from $800 per sq. m., which is comparable to the price of housing. Two years ago, rates started at $600 per sq. m. Major repairs of an old apartment to a "white walls" state without furniture will cost $300-400 per sq. m.
In response to challenges, more and more developers are offering housing with renovations. However, buyers of such apartments often complain about poor quality of work.
Due to reluctance to invest up to 100% of the apartment's cost into repairs, home seekers prefer the secondary market with ready-made renovations. According to Ostapchuk, high-quality renovated apartments in convenient districts of Kyiv sell quickly.
"Demand is growing, and options with renovations near the metro do not stay long on the market. Listings with inflated prices, poor condition, inconvenient layouts, and locations usually sell longer," the expert says.
She adds that among buyers, inflated expectations are common: "People want to buy an apartment in the near center with a ready renovation, no investments needed, and near the metro for $100,000. That’s a difficult task."
Prices on the "secondary" market
Over the last six months, prices for one- to three-room apartments in Kyiv have increased by 8.5-9% in dollars, according to LUN. "Since January 2025, the price of a one-room apartment has increased from $60,000 to $65,000, a two-room from $96,000 to $100,000, and a three-room from $139,000 to $150,000," says Kiryukhina.
According to "OLX Real Estate," the median price for secondary market apartments over five months in 2025 has increased by nearly 10% and stands at $117,000. The average price has increased by 9% to $186,700.
"The situation in the housing market will depend on the end date of the war, economic and demographic conditions, the development of preferential mortgage programs, the number of personnel, and Ukraine’s investment attractiveness," conclude EY.
