Lviv property: what influences prices and demand
Lviv traditionally leads the ranking of cities with the most expensive real estate in Ukraine. This was reported by RBC.
Over the past six months, prices in the secondary housing market in the city have risen again, with a particularly noticeable rise in prices for one-bedroom apartments – by 4%. At the same time, rental prices rose by 11-17%, while prices in new buildings fell by 1%.
Why are prices in Lviv rising and what to expect?
According to LUN, prices for one-bedroom apartments in the secondary market have risen significantly in Lviv. The average cost per square metre is now $2,000. At the same time, the price per square metre in two- and three-bedroom apartments remained almost unchanged at $1,380 and $1,320, respectively.
Realtors note that the demand for housing remains high, although such a significant rise in prices is not always recorded. According to Maksym Letiia, a real estate expert in Lviv, migration from the regions affected by the war plays a significant role in increasing demand. People who move often choose ready-to-occupy housing instead of waiting for a new building to be completed.
It is difficult to predict further price dynamics as the real estate market is affected by the military situation. LUN ‘s survey shows that 40% of respondents expect prices to remain stable, 35% expect further growth, and 25% believe that real estate will become cheaper.
How much does housing on the secondary market cost?
Czech projects and Khrushchevs are currently popular in Lviv because of their affordability and good layout. The cheapest one-room Khrushchevs can be bought for $42,000, and the most expensive apartments in modern buildings cost $84,000.
Average prices for apartments in Lviv:
- One-bedroom – $65 thousand
- Two-room – 90 thousand dollars
- Three-room – 115 thousand dollars
The cheapest housing can be found in Zaliznychnyi district, while the most expensive apartments are located in Halytskyi and Lychakivskyi districts.
New build market: dynamics and prices
Over the past six months, the average cost per square metre in the primary market in Lviv has fallen by 1%. Today, a square metre in new buildings costs $1,320. However, prices depend on the class of the residential complex:
- Economy – $970
- Comfort – $1 140
- Business – $1 390
- Premium – $2 290
The most expensive new buildings are concentrated in Lychakiv and Frankivskyi districts, while the cheapest ones are in Sykhivskyi district.
Are rental prices rising?
Apartment rents in Lviv have also risen in price. Prices for one-bedroom apartments rose the most – by 17%, three-bedroom apartments went up by 14%, and two-bedroom apartments by 11%.
The average cost of rent:
- One-room – 17 thousand hryvnias
- Two-room – 20 thousand hryvnias
- Three-room apartment – UAH 22.9 thousand
Rental demand remains stable, in particular due to the school year and business trips.
Lviv retains its status as one of the most expensive cities in Ukraine in terms of housing prices. The growth in secondary market property prices is driven by high demand due to the military situation, while new buildings are slightly cheaper due to lower demand.
It is difficult to predict further price dynamics, but demand for Lviv property remains stable.