“After the victory, Ukraine may become a new Turkish Riviera”. Anton Taranenko on the potential of real estate, the role of international organizations and forecasts for 10 years ahead

How demand will change, who will invest in construction, and why Uzhhorod has become a new hub - read in a long interview with the expert. Find out why the real estate market is based exclusively on Ukrainians and what will change in the market after the end of hostilities

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The war has changed everything - from values to building standards. But does this mean death for the real estate market in Ukraine? Not at all. On the contrary, despite the frozen projects, lack of foreign investment, and loss of territories, interest in housing and commercial real estate is not waning. Especially among Ukrainians who have stayed in the country and continue to invest in its future.

We talked to Anton Taranenko, founder of Anta group, former director of the Department of Tourism and Promotions of the Kyiv City State Administration, an expert in the development of tourism strategies and a well-known voice of Ukrainian tourism at the international level, about what the market is based on today, which regions will recover first and what role international organizations will play.

What is happening with the real estate market in Ukraine now?

Ukrainian consumer is the main player in the market

First of all, it is worth recognizing that foreign investment in the real estate sector has almost disappeared.

"Investments have remained only within the country. Ukrainians invest in Ukrainian - this is a key trend, “ says Anton Taranenko.

According to him, the market today is based solely on domestic demand. Most properties are bought by Ukrainians who see the future in their country. This applies to both housing and service-related facilities - apart-hotels, commercial real estate, residential complexes with operators.

"Out of 30 million people, there will always be those who have money. They hold the market. These investments go into real estate: someone buys housing, someone buys business facilities, “ the expert explains.

Has the revival of the real estate market in Ukraine begun? Not yet

Despite the positive signals, it is too early to talk about the market revival.

"There is demand, but it is exclusively domestic. Most buyers are people who have moved from the east of the country to the west or to the center,” says Taranenko.

One of the unexpected phenomena was the emergence of a new urban center, Uzhhorod. The city, which used to be considered provincial, has now become a real hub for life and business.

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Current trends in the real estate market in Ukraine and challenges

What will happen to the real estate market in Ukraine in the future? It all depends on security

The number one issue for builders, investors and buyers is security.

"Construction will start where it is safe. This is obvious, “ Anton emphasizes.

Among the regions that may be the first to receive an impetus for recovery, the expert names the center of the country, the western regions, as well as Kharkiv, Dnipro, Odesa and Zaporizhzhia.

"Kharkiv has a huge potential. People who left there want to return. I believe in this city, “ he adds.

New construction rules in Ukraine: more shelters, fewer skyscrapers

The war has already changed approaches to construction.

"Now no new building is built without bunkers. It is now a mandatory requirement. Tall buildings are being avoided, especially in areas of potential risk,” notes Taranenko.

Also, construction in the affected regions will require additional steps: from demining to careful preparation of the sites.

Demand is there: housing is being sold, and investments are continuing

However, despite everything, the market is not on pause.

"Good projects are being sold. There is demand for both residential and investment real estate. People want to invest money, and they do, “ Anton says.

“This is another proof that the domestic market is alive and even moving forward. As for commercial real estate, it will be in trend, but with less dynamics than residential real estate.

Will international investors return? Yes, but with conditions

The return of large foreign investors depends on the risks. If there is a clear understanding that the war will not happen again, they will return.

"Today, many companies are still financed internationally. As soon as it becomes calmer, others will return, “ the expert explains.

As for international aid, it will definitely be there, but mostly in the form of social housing.

"Do not expect beautiful skyscrapers for donor money. It will be restrained, basic housing. Beautiful objects will be built at private expense,” emphasizes Taranenko.

The main challenge is the return of people

Millions of Ukrainians have left the country. But some will definitely return.

"Two to three million will definitely return. And maybe even more, “ the expert predicts.

Therefore, the issue of housing will remain critical, and it will be the driver of reconstruction.

“We need to create conditions where people can live comfortably and safely,” he summarizes.

What will happen to the Ukrainian real estate market in 5-10 years?

Anton Taranenko predicts that, if the war is over, Ukrainian cities may become completely different in 10 years.

"After the war, we will not only rebuild the infrastructure, but also introduce new approaches to development and urbanization processes. Our people, with their energy and desire for change, have enormous potential, “ says Anton, emphasizing that ”Ukraine is a very talented and very promising country."

We can see similar processes in many other countries that have changed dramatically after the war. In addition, we should not forget that many countries have taken Ukrainian cities under their wing, so their reconstruction will be very active.

The first tangible changes will occur within 5 years after the end of hostilities. At the same time, it is likely that real estate prices will increase significantly.

“For example, in Kyiv, a square meter may rise in price by 20-30%,” says Anton.

“However, the dynamics will depend on many factors: the right investment policy, open borders, and even the attraction of tourists.

So, we can say that the real estate market in Ukraine has not disappeared - it is changing, adapting and looking for new forms. The main driving force today is Ukrainians. They buy, invest and dream about the future in their country. This means that this market has prospects.

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