Most affordable real estate in Western Ukraine is in Ternopil
Real estate in Ternopil is more affordable than in neighboring regional centers due to high competition among local developers and a significant number of new residential complexes under construction. This allows Ternopil to surpass its neighbors in terms of price accessibility.
According to Maria Lypka, head of the sales department at PrestigeBud: “In Ternopil, construction is reliable and of high quality, and there is a lot of it. In Rivne, Lutsk, Chernivtsi, for example, there are half as many new buildings! Currently, the demand for housing in Western Ukraine has significantly increased, leading to a significant rise in prices per square meter in many cities. Ternopil, on the other hand, offers affordable prices.”
Since the beginning of 2024, the average price in new Ternopil buildings has increased by only 10%. In comparison, prices in Lviv have jumped by 25%, reaching almost 55,000 UAH per square meter.
The rush in the real estate market has been driven by the state affordable loans program, eOselya. According to some Ternopil developers, up to half of the housing purchase deals are made possible through this program.
Forced migration due to ongoing hostilities continues. Hundreds of thousands of Ukrainians are seeking safer places for their families. Many are renting housing, hoping to return to their hometowns eventually, but as time goes on, people are settling in, finding jobs, and forming new social connections. Dozens of enterprises have already moved equipment and personnel to Ternopil, creating new jobs and driving housing demand.
The average price for new buildings in Ternopil is now 27,200 UAH per square meter or $670. In other regional centers of Western Ukraine, prices are significantly higher. For example, in Ivano-Frankivsk, prices for new buildings have increased by another 3,000 UAH since the beginning of 2024.
Ternopil’s advantages are clear: a picturesque pond in the city center, a developed road network, and rail connections. Local developers are constantly competing, which restrains price growth and stimulates improvements in the quality of new buildings.
“Most young and active buyers from the East and South choose modern projects with a safe environment, beautiful courtyards, high ceilings, underground parking. We still build using the classic ceramic brick technology: more expensive, but more reliable and cozy,” says Sviatoslav Lebontov, director of PrestigeBud.
Ternopil offers advantages such as quality preschool education, clean air, and relative safety. The price difference of 5,000 UAH per square meter compared to neighboring cities like Rivne and Lutsk is a significant argument. For a 1-2 room apartment, this means hundreds of thousands of hryvnias in savings.
Ternopil builders have a lot to offer. There are currently more than 150 new buildings under construction in the region.
At the beginning of the year, experts predicted a 15% increase in square meter prices in Western Ukraine. In Ternopil, this growth could reach 20-25% due to the price difference with neighboring regions. Currently, prices are still attractive for investment.