Real estate market collapse: how the demand for new housing in Ukraine has decreased

In August, demand in the primary market of Ukrainian real estate decreased by 50%. The reason is rocket attacks and related power outages.

The fact is, one of the construction companies told OBOZ.UA, that power outages for some time negatively affect the mood of citizens. After all, potential buyers are "too sensitive to changes, to discomfort, so they are forced to postpone the purchase of housing for a while."

It is emphasized that, unlike in previous years, seasonal discounts for certain types of apartments are unlikely. Especially when it comes to the most successful and sought-after projects with a high degree of readiness, the construction of which takes place rhythmically, without excessive pauses.

"Buyers can count on other alternative favorable offers, such as the development of interest-free installment programs. The main thing is the maximum focus of developers on the completion of their projects. This is what buyers are waiting for and counting on," the Gazda construction company said.

At the same time, it is emphasized that in mid-September, the level of existing demand recovered significantly and is already 80-85% of the first two summer months. At the same time, it is noted that there is a tendency "to further leveling".

How to buy a home correctly

At the same time, there are cases of fraud in the primary market. Therefore, before buying an apartment in a new building, it should be checked. In particular, it is important to find out about the real status of the chosen object.

According to the Ministry of Infrastructure, an investor can request a certificate from the State Register of Rights (SRRP) on the status of registration of real estate rights from the developer. This register contains all information and data on:

• registration of the future real estate object;
• its characteristics.

"In addition, all the initial data and information about the object are collected on the portal of the Unified State Electronic System in the Field of Construction (USESC). Through the EDESSB portal, an investor can check the data on the object independently. It will also allow comparing the information received from the seller with the data of the registers, which will ensure transparency in the process of purchasing real estate," the statement said.

As reported by OBOZ.UA, real estate prices in Ukraine are expected to rise due to inflation in August 2024 to 7.5%. According to forecasts, by the end of 2024, prices will increase by 7-10%, and the largest rise in price will occur in the fall-winter of 2024-25.

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