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Real estate prices in Kiev

Real estate prices in Kiev

Ukraine's housing price boom has suddenly stopped. Prices decreased by around 5-8% during the second quarter of 2007 within the used dwelling market. The new apartment market was more vibrant, with a small increase of price around 5% in the second quarter.

Presently, a strong economic growth is taking place partly due to the pegged currency system. The initial under-valuation of the Hryvna, which occurred six years ago, fuelled a strong economic growth and a strong price increase. Because interest rates had been held down to sustain the peg, the price increase fuelled a borrowing boom which had been channeled into the housing markets with severe supply constraints. There are no major restrictions on ownership of real estate (aside from land) by foreign individuals. The Land Code of 2002 allows foreign individuals and legal entities to own non-agricultural land in Ukraine, of which non-residents can lease land for a maximum of 50 years (all land purchases and lease contracts are subject to state registration).

All secondary residential transactions (i.e., re-sales) are in US dollars, while primary sales are in Hryvna.

The hyped up demand for real estate has partly been caused by people's desire to protect their savings from inflation by means of investing with the absence of alternative methods of saving and multiplying money in Ukraine. Another factor has been the development of the home mortgage lending, which has been growing very rapidly.

The rapid price increase of real estate in Kiev has stimulated the construction of homes surrounding the city. Starting back in 2000, there were a couple of "cottage towns" built near Kiev, in the Conch Zaps area, which is close to the Dnepr River.

Over the next two years, an additional 15 cottage towns are planned to be built around the Kiev region with a total area of 200 thousand square meters. The pricing for homes in the cottage towns will range from US $1,000 to US $3,500 per square meter which includes the price of the land plot. The average homes cost from US $1,000,000 to US$ 3,000,000 with elite homes priced from US $4,000,000 to US$ 7,000,000.

The majority of investors are people who exclusively put their money into the construction of apartments for further resale as to produce a profit.

Kiev has several informal historical neighborhoods which are formally divided into ten districts. The most expensive residential areas are Kreshatyk, Podol, and Pechersk. As well, the Lipky, Zvirynets, Koncha-Zaspa neighborhoods are very popular.

Prices as of January 2008:

Kiev Apartments
COST (€)
yield (p.a.)
to buy
monthly rent
to buy
monthly rent
50 sq. m.
80 sq. m.
120 sq. m.
150 sq. m.
180 sq. m.

London, New York and Moscow are the world’s most expensive cities for residential apartment buyers. Kiev ranks rather high in the charts as well.

Price of 120 sq m apartment in the city center in USD   Monthly rent for 120sq m in the city center in USD
City m2   City rent
London 24,250   London 12,989
New York 15,933   Moscow 8,122
Moscow 15,521   New York 7,976
Paris 13,826   Kiev 6,500
Hong Kong 12,599   Tokyo 5,570
Tokyo 11,870   Paris 5,560
Singapore 11,800   Hong Kong 5,297
Mumbai 10,222   Sydney 4,145
Barcelona 9,871   Geneva 3,616
Kiev 8,333   St. Petersburg 3,395
Geneva 7,534   Mumbai 3,380
Zurich 7,376   Singapore 3,300
Sydney 7,085   Toronto 3,192
Madrid 7,021   Tel Aviv 3,083
Tel Aviv 5,021   Zurich 2,788
Toronto 4,737   Shanghai 2,580




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