Lutsk has recorded a significant increase in housing prices: the cost per square meter in both the primary and secondary markets ranges from $1,000 to $1,250. This trend is attributed to the rising costs of construction materials, increased demand for housing, and the relative safety of the city.
This is reported by Finway
Key Factors Behind Price Increases
Experts emphasize that compared to the end of 2024, housing prices have risen by 10-15%. This increase continues a trend that began last year. Before the full-scale war, new apartments in Lutsk cost around $500 per square meter; today, prices start at $1,000 and can reach $1,250 depending on the district, level of development, and stage of building completion.
Construction companies are forced to raise prices due to the rising costs of building materials, increasing wages for workers, and a shortage of skilled labor. This also affects the pace of new project implementations, impacting the overall balance of supply and demand.
“Even before the full-scale war, purchasing a new apartment in Lutsk cost approximately $500 per square meter. Today, prices start at $1,000 and can reach $1,250 per square meter, depending on the district, class of the building, and stage of construction.”
Increased Demand and Migration Impact
The rise in prices in the primary market is leading to increases in the secondary market as well. More buyers prefer ready-made housing to avoid additional costs and time for renovations. Among the most sought-after are one- and two-room apartments ranging from 40 to 60 square meters. The price of such properties is determined by the condition of the apartment, quality of the entrance, yard amenities, and the exterior appearance of the building.
Internal migration has a significant impact on the market. Residents from more dangerous regions are actively moving to Lutsk, investing in local real estate. A separate group of buyers consists of families who received compensation for the loss of relatives during the war and directed those funds towards purchasing housing in the city.
According to realtors, Lutsk is considered one of the safest cities in Ukraine — even safer than Lviv or Ivano-Frankivsk. This attracts both investors and citizens seeking stability. Although the region has experienced some damage during the war, it has not been as extensive as in many other regional centers.
The city is actively developing: new high-rise buildings and private houses are being constructed in the Teremno area, near the Lutsk District Hospital, in Strumivka, Nebizhka, Kulchyn, and Zhydychyn. Some of these locations have favorable transport connections to the center, while others are already suffering from congested traffic. Along with housing, land prices are also rising: the cost of plots for development is increasing in proportion to demand.
The rental segment is also showing dynamics: a one-room apartment can be rented for an average of 14,000 hryvnias per month, a two-room apartment from 15,000, and premium offers with new renovations can reach 20,000 hryvnias.
Further increases in housing prices in Lutsk are closely linked to the security situation in the region and the country as a whole. Given market stability, high demand will continue to exceed supply, supporting the trend of rising real estate prices.