Construction in Ukraine 2023: Growth in Almost All Sectors

According to the State Statistics Service's statistics for the year 2023, the volume of construction in Ukraine increased by 22.6% compared to the previous year.

The largest growth was in infrastructure construction (electric networks, transportation infrastructure, etc.), with a volume increase of 32.9%.

Commercial property construction (office and retail spaces, hotels, etc.) increased by 20%.

Residential construction decreased by 4.6%, and the trend is declining: in the last month of last year, the decrease in this subsector on an annual basis was 13.3%.

This figure reflects the overall volume of housing construction in the country, so regional differences may be significant. Security factors affect the location of new supply. Quite logically, in the east, new privately financed projects are initiated practically less as the city is closer to the front lines.

While in 2021, the most apartments were built in Kiev and its surroundings, as well as in the Odessa, Lviv, and Kharkiv regions, according to the 2023 statistics, the five leading areas are Kiev, the Kiev region, Vinnytsia region, Lviv region, and Ivano-Frankivsk region.

Despite the war, Ukraine's real estate market seems to be performing better than the market in Sweden, Estonia and Finland.