In 2023-2024, the Ukrainian construction market is demonstrating positive trends, particularly due to the increase in economic activity in the central and western regions. Important factors also include the restoration of infrastructure destroyed by the war and programs for the protection of energy facilities. However, it is worth noting that the overall volume of the construction market still remains 50% lower than the level recorded in the pre-war year of 2021.
This is reported by Finway
Growth of Non-Residential Construction
Among all market segments, non-residential construction showed the greatest dynamics last year. In 2024, the construction of logistics, commercial, and industrial real estate, as well as hotels, is actively developing. The commissioning of industrial buildings and warehouses increased by 16% compared to 2023, reaching 987,000 square meters. This is only 12% lower than in the pre-war year of 2021.
Drivers of Demand and Relocation of Enterprises
Developers of warehouse and hotel real estate, retail chains, as well as companies in the food industry, machine engineering, and agro-processing are the main drivers of demand for non-residential construction. One of the key reasons for the significant growth of the industrial real estate market is the relocation of Ukrainian and foreign enterprises to the central and western regions of Ukraine.