Ukraine’s primary housing market remains investment-oriented, although buyer motives have become more complex during the full-scale war. According to GAZDA commercial director Marianna Bihunets, investment purchases now account for about 45-50 percent of new-build apartment sales.
Before 2022, this share could reach 60-65 percent. The decline does not mean investors left the market. Instead, many purchases now combine several goals: preserving savings, preparing for possible relocation, creating a family housing reserve and choosing a safer region.
Security changes the logic
Internal migration has become one of the drivers of demand. Buyers from eastern, southeastern, northern and some central regions increasingly consider housing in western Ukraine and the Kyiv region.
For many families, a new apartment is not only a financial asset. It is also a fallback plan in a more predictable environment. This changes how projects are evaluated: safety, quality, concept and future liquidity matter more than simple price growth.
Financing and investor discipline
Payment conditions also influence demand. Buyers pay attention to installment plans, mortgage instruments, clear payment schedules and the possibility to fix purchase terms. Interest-free installments for 24 months or more are especially attractive.
The market has not lost investment appeal, but it requires a more careful approach than before 2022. Investors now need to assess location, developer reliability, construction progress, liquidity and real demand after completion. The new-build market is still an investment market, but it has become more selective and more tied to practical life needs.
