After a period of relative calm, housing prices in Ukraine have started to rise again, according to the June report on financial stability of the National Bank of Ukraine.
According to the NBU, housing prices have increased over the past six months. In the primary market, prices in advertisements increased approximately in proportion to the devaluation of the hryvnia, since real estate prices in Ukraine are traditionally indicated in US dollars. In the secondary market, growth was faster — 5-10 pp higher than devaluation.
An additional factor was a sharp increase in the cost of construction due to a jump fuel prices. This increased pressure on prices in new construction and limited the ability of developers to maintain the cost at the previous level.
At the same time, the NBU notes that housing prices remain historically low compared to household incomes. In the first quarter of 2026, the ratio of housing prices to income was 8.7x for the primary market and 8.6x for the secondary market.
A different situation is observed in the rental market. Due to the winter attacks on energy infrastructure and the associated risks, rental growth has slowed. In Kyiv, in the south and in the center of the country, the cost of rent has practically not changed since last fall. The increase in prices continued mainly in the western regions.
The ratio of secondary housing prices and rents increased slightly in the first quarter to 10.4x, but still did not exceed the long-term average.
For buyers, this means that housing remains relatively affordable by historical standards, but uncertainty, security and the state of the energy infrastructure continue to limit demand. For investors, the situation is less clear-cut: the increase in purchase prices with almost stable rent reduces the short-term attractiveness of buying housing for rent, especially in Kyiv and the central regions.
In the medium term, market dynamics will depend on the hryvnia exchange rate, the value of construction, security, state of energy and recovery of mortgage lending.
