In just two years, the price of a square meter in Kyiv could be nearly doubled, construction boss predicts.
Everywhere you go in Kyiv, you see cranes reaching to the sky. Construction is booming in the Ukrainian capital, and according to Serhiy Pylypenko, the general director of Kovalska construction, the price for one square meter might be as high as 2,000 USD by the end of 2023, UBN writes.
Iron and steel prices are rising globally, and that is in itself making it much more expensive to build. A 15-20 percent price rise is expected this year on basis of the rising cost of building materials alone, Pylypenko told the Confederation of Builders conference audience on Wednesday.
Another expense for construction companies is the work force. According to PAP, many workers can now earn as much working in the construction sector in Ukraine, as they can working abroad in neighboring Poland.
Interest from abroad
According to a Kyiv Post article, now is the time for investing in real estate. The price per square meter in downtown Kyiv is still pretty low. On average, one square meter goes for around 1000 USD, while the price is twice as high in neighboring Poland.
In Paris, for comparison, one square meter will cost you 12,000 USD, while a square meter in Copenhagen can easily be that or higher. There is still one drawback to investing in Ukraine, however.
The rule of law in the country is still being criticized heavily, and making sure that the seller can actually sell the apartment legally is worth looking into. A lot of property owners can still have claims on the property.
Kyiv Post have launched a magazine about real estate in Kyiv, that you can read more about here: