The full-scale war that began in February 2022 has radically changed the lives of Ukrainians and affected all economic sectors, including construction. Despite the resumption of work by many developers, the industry still faces significant challenges: a shortage of skilled workers, a shortage of building materials, low purchasing power, unstable electricity supply, problems with logistics and attracting financing, and numerous other difficulties.<\/p>\n
After the decline in 2022, the volume of new housing construction in Kyiv gradually recovered, but has not yet reached the level before the war. In 2024, only 72% of the construction in 2021 was put into operation in the capital. The first six months of 2025 again showed a decline: the area put into operation was 25% lower than in the corresponding period last year.<\/p>\n
Who is currently implementing construction in the capital of Ukraine? Which major developers maintained their positions, and who was forced to cease operations? Who took advantage of the crisis for growth, and who risks not being able to withstand the pressure? We look for answers to these questions further.<\/p>\n
Who left the market: lost titans<\/p>\n
Against the backdrop of the war, one of the most significant losses was the closure of Kyivmiskbud, previously headed by Igor Kushnir. In 2021, the company commissioned about 330,000 square meters of housing, giving it a significant lead over competitors. However, the war radically changed the situation. In 2022, Kyivmiskbud completed only three projects totaling \u200b\u200b\u200b\u200b100 thousand square meters, and new deals were practically not concluded.<\/p>\n
Facing financial difficulties due to declining demand and a lack of customers, Kyivmiskbud turned to the city council for support. However, during inspections conducted with the participation of independent auditors, it was found that the company’s current problems were due to objective circumstances, not to the conduct of its management.<\/p>\n
Among the problems mentioned were the pandemic, war, and a drop in housing demand. Additional pressure was the obligations to complete projects from the state construction corporation “Ukrbud”. After Kushnir was reinstated as president, he eventually left the company, and the Kyiv City Council finally approved financing of UAH 2.56 billion to resume work. However, the processes of registering shares and obtaining new funding are still ongoing, and more than 20 thousand families are waiting for the completion of 24 residential complexes.<\/p>\n
Another developer that found itself in a difficult situation was the municipal enterprise “Zhytloinvestbud-UKB”. In 2019, the company was among the most powerful developers, but after 2021, volumes decreased, and during the war, the company completed only one house. A similar situation is observed in the construction group “Fundament”, which has long suspended most of its work, or even completely curtailed its activities.<\/p>\n
Representatives of the company A Development, which completed its last project in 2023 but has not started any new ones, also lost their positions.<\/p>\n
Who stayed afloat: new leaders<\/p>\n
Against the background of the loss of “Kyivmiskbud”, the main competition in Kyiv was concentrated between two large developers – “Intergal-Bud” and Stolitsa Group. Both players retained their positions, regularly ranking among the top three in construction volumes.<\/p>\n
In 2024, Intergal-Bud delivered about 150,000 square meters of real estate, at the level of 2019, before the pandemic. Stolitsa Group sells about 100,000 square feet per year, which is less than before the war, but it continues its current projects with confidence.<\/p>\n
Development rates during the crisis<\/p>\n
Experts note that some developers who pointed out during the war have significantly improved their results. In particular, IB Alliance in 2023 even briefly became the leader, delivering 130,000 square meters. Futura Hata also entered the top ten most active developers, although the volumes remain lower than before the war.<\/p>\n
And yet, some newcomers, such as Edelburg Development, entered the top 5 by commissioning their first significant project, but their plans for next year are not as ambitious.<\/p>\n
Stability in the face of change<\/p>\n
Today, many market leaders, despite all the problems, continue their activities. This applies to companies such as KAN Development and KSM-GROUP, which continue to implement projects, albeit at a reduced pace.<\/p>\n
Unfortunately, not all developers have achieved success: DBK-Zhytlobud and bUd development, which previously delivered 100-150 thousand square meters per year, have significantly reduced their volumes, and GEOS has not offered a single new building for four years.<\/p>\n
In conclusion, the Kyiv housing market, despite serious challenges, has not stumbled as severely as was expected at the beginning of the war. Most large developers have resumed their activities, albeit with losses, and some have even increased volumes. Despite the difficulties, it is clear that developers can adapt and continue working on new projects, which gives rise to moderate optimism about the future.<\/p>\n","protected":false},"excerpt":{"rendered":"
The full-scale war that began in February 2022 has radically changed the lives of Ukrainians and affected all economic sectors, including construction. Despite the resumption of work by many developers, the industry still faces significant challenges: a shortage of skilled workers, a shortage of building materials, low purchasing power, unstable electricity supply, problems with logistics […]<\/p>\n","protected":false},"author":14,"featured_media":24339,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-24336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n