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Developers forecast gradual increase in real estate prices: it will depend on several factors

11 July, 2024 Thursday
09:00

The cost of housing construction in Ukraine has increased by an average of 45% in hryvnia equivalent during the full-scale war. This occurred due to several significant reasons – the rising costs of building materials, energy, logistics, as well as increased labor costs, contractor services, and the devaluation of the national currency

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This opinion was expressed by Ramil Mekhtiev, CEO of the development company ENSO, in his expert column, published by the Ukrainian Liga web portal.

“Developers objectively won't be able to keep prices at pre-war levels for long. This would jeopardize the ability to complete ongoing projects and maintain declared quality standards,” notes the CEO of ENSO.

At the same time, the expert does not predict an immediate and sharp price jump, as the purchasing power of the population has also suffered during this period. Therefore, construction companies will have to balance between their expenses and buyers' expectations.

“The rise in new housing prices is not a whim, but an objective consequence of increased costs and changes in the market environment. However, the dynamics and scale of these price adjustments will depend on many factors – both economic and psychological,” Mekhtiev emphasizes.

Among other trends that will impact prices, the expert notes:

● Sustained demand for investment-attractive housing in the early stages of construction;

● Shifting consumer priorities towards larger spaces and security infrastructure;

● Developers seeking new construction solutions and attempts to optimize costs.

Background:

ENSO is a Ukrainian development company founded in 2017, focused on the development, construction, and management of residential and commercial real estate projects.

From day one, the company has been implementing the boldest architectural solutions, using advanced technologies and the best domestic and foreign building materials. The company is constructing residential complexes with a total area of about 400,000 square meters: Diadans, First Poetica Collection, Second Poetica Collection, and Fjord.

ENSO was the first company in Ukraine to certify a residential complex according to international environmental standards. In 2020, Diadans passed the BREEAM International New Construction certification, which includes an assessment of energy efficiency, the building's environmental impact, safety for residents and visitors, use of environmentally friendly construction materials, convenience of transport infrastructure, and more.

The company's mission is to change market templates, form new quality standards and approaches in architecture that are designed not only to provide comfort, coziness, and security to owners and investors but also to significantly improve the appearance of the city.





 
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