In May 2025, the housing market in Southern Ukraine underwent significant changes: a sharp increase in demand for real estate in key cities of the region led to a substantial rise in prices, particularly for one-bedroom apartments. The highest increase in purchasing activity was recorded in Chornomorsk — at 113%, while in Odesa this figure stands at 71%, whereas the number of listings in these cities dropped to 29% of the previous level.
This is reported by Finway
Odesa and Chornomorsk: Rapid Price Increase and Housing Shortage
Analysts note that Odesa remains the most active and expensive market in the region, confirming its status as a housing leader. As of May 2025, the median price of a one-bedroom apartment in Odesa reached 1.8 million UAH, which is 25% higher than last year’s figures. This price increase is directly related to demand exceeding supply — the number of housing sale listings decreased by 15%, while buyer interest rose by 71%.
In Chornomorsk, the price of a one-bedroom apartment rose to 1.1 million UAH, which is 13% more than in May 2024. The increase in demand is particularly notable — up by 113% over the year, while the number of listings increased significantly less, exacerbating the market shortage.
“Overall, the housing market in the South of the country, in the context of post-war recovery, is gradually emerging from a ‘frozen’ state and showing signs of overheating – especially due to the imbalance between demand and supply. People are actively searching for housing for both purchase and rent, but developers and owners do not always keep up with market needs.”
Mykolaiv and Kherson: Moderate Growth and Price Stability
In Mykolaiv, the real estate market shows less pronounced changes: demand for apartments increased by 41%, but prices remained virtually unchanged — with an increase of only 0.5%. In Kherson, despite the growing interest in rentals, prices for purchasing apartments even slightly decreased due to instability and lower investor activity.
The rental market also experienced price increases. The cost of renting a one-bedroom apartment in Odesa reached 9,500 UAH per month — 27% more than a year ago. In Mykolaiv and Chornomorsk, rent costs 6,000 UAH, with growth rates even higher — up to 33%. Even in Kherson, which remains the cheapest city for renters, the average price rose to 3,500 UAH.
The supply of rental housing has significantly decreased, further impacting prices. In Chornomorsk, the number of listings dropped by 72%, in Odesa – by 45%, and in Kherson – by 52%. Only in Mykolaiv did the number of rental listings increase by 19%, which partially mitigated the price increase in the city.
Overall, the situation in the real estate market of Southern Ukraine remains dynamic. The increase in demand for both purchasing and renting housing, against a backdrop of limited supply and post-war recovery, creates conditions for further price growth and potential market overheating.