Real estate prices in Odessa: how the war has affected the housing market.

Real estate prices in Odessa on the secondary market have decreased by 9% over the past six months, and on the primary market - by 1%. This is due to regular Russian attacks on the city. This was reported by RBC-Ukraine.

Prices on the secondary market

Over the past six months, real estate prices on the secondary market in Odessa have dropped. On average, one-bedroom apartments cost $36,000, two-bedroom - $54,000, three-bedroom - $73,000.

The Primorsky district is the most expensive, where the price of one-bedroom apartments is $47,000. The cheapest housing is in the Peresyp district, where you will have to pay $26,000 for one-bedroom apartments.

A study conducted in September showed that 41% of residents believe that real estate prices will remain at the same level, 36% predict an increase, and 26% believe prices will fall.

Compared to other cities, real estate prices in Odessa are average. The most expensive housing is currently in Lviv, Kiev, and Uzhgorod, where one-bedroom apartments cost $65,000, $60,000, and $55,000, respectively. The cheapest housing is in Zaporizhia, Kharkiv, and Mykolaiv, where prices are $18,000, $20,000, and $21,000, respectively.

Prices for new construction housing

The cost of new construction housing in Odessa has decreased by 1% to $950 per square meter. The most expensive apartments are located in the Primorsky district, where the price is $1,320 per square meter. The cheapest housing can be found in the Peresyp district at $820 per square meter.

Currently, there are 147 queues for residential complexes, 61 queues and 3 foundations at the construction stage. Of the 78 new buildings in Odessa, 52 have installment plans from the developer, and in 11, you can take out a mortgage through the 'There is a Home' program.

According to a survey conducted in September, 41% of respondents predict an increase in prices on the primary market, 35% believe prices will remain unchanged, and 24% predict a decrease in prices.

Rental prices

Rental prices for housing in Odessa have increased by 12% over the past six months. The average cost of a one-bedroom apartment is $9,000 per month, two-bedroom - $11,000. The rent price depends on the district where the housing is located.

Most offers for rent are in the price range of $12-13,000 for a one-bedroom apartment, and the least - for apartments that cost over $20,000. On average, housing is rented out for 9 days.

How the war has affected the real estate market in Odessa

According to research, the war has almost not affected prices in new construction housing in Odessa. In February 2022, the cost of 1 square meter of real estate was $960, and now it is $950. The biggest price decrease was observed in August 2022, when 1 square meter on the primary market cost $850.

Inna Chernetska, general manager of Odessa real estate agency 'CRYSTAL ESTATE,' explains that at the beginning of the war, real estate prices fell, but during the summer they rose by about 15%. Currently, prices remain at pre-war levels.

Experts also note that only those property owners who urgently need to sell can sell below market price to invest the money in apartments abroad.

The existing demand for real estate is supported by state programs, including the 'There is a Home' financing program. In October, demand slightly decreased compared to August and September, but people are still interested in buying housing in Odessa.

In the premium, business, and comfort classes, market prices have remained almost the same as before the war. But prices for economy class housing have increased from $660 to $770 per square meter.

The pace of housing construction this year has decreased compared to 2023 and pre-war times.

Rental prices for housing in Odessa have increased by 12% over the past six months. The average cost of a one-bedroom apartment is $9,000 per month, two-bedroom - $11,000. The rent price depends on the district where the housing is located.

Most offers for rent are in the price range of $12-13,000 for a one-bedroom apartment, and the least - for apartments that cost over $20,000. On average, housing is rented out for 9 days.

How the war has affected the real estate market in Odessa

According to research, the war has almost not affected prices in new construction housing in Odessa. In February 2022, the cost of 1 square meter of real estate was $960, and now it is $950. The biggest price decrease was observed in August 2022, when 1 square meter on the primary market cost $850.

Inna Chernetska, general manager of Odessa real estate agency 'CRYSTAL ESTATE,' explains that at the beginning of the war, real estate prices fell, but during the summer they rose by about 15%. Currently, prices remain at pre-war levels.

Experts also note that only those property owners who urgently need to sell can sell housing below market price to invest money in apartments abroad.

Current demand for real estate is thanks to state programs. In particular, the financing program 'There is a Home' is working well. In October, demand is slightly lower than it was in August