What is happening to the real estate market in Mykolaiv: statistics and trends

Secondary housing is selling better in Mykolaiv. Photo: archive NikVesti

In Mykolaiv, there is a popular belief that the city is flooded with advertisements for the sale of apartments and commercial property. Social networks and advertisements give the impression that literally everything is for sale in the city: land, warehouses, houses, including luxury ones, restaurants, etc. But is this really true? What are the current housing prices, who is buying apartments and houses, and is it possible to find a good deal?

NikVesti found out what is happening with housing prices, who is buying apartments today, and which market segments remain the most popular in Mykolaiv.

The real estate market in Mykolaiv: From «dead» season to revival

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To understand the real picture of the market, we turned to Petro Moisol, an expert in this field who was the chairman of the Public Council of the Mykolaiv Real Estate Market until 2020. He analysed the trends, compared past and current figures, and told us how demand for different classes of housing is changing. His comments help to separate real processes from the illusion of «massive sales» that currently prevails in the information space.

The real estate market has always been not only an economic indicator, but also an indicator of how the city itself lives. Demand for apartments, price dynamics, investor interest — all of this directly depends on how safe, developed and promising the city feels. In this sense, the words of local realtors sound like an accurate projection of the mood of the townspeople.

At the beginning of the war, the market virtually stopped. All transactions were frozen: people were leaving, afraid of losing money, and no one was willing to invest.

«Look at the property market in Mykolaiv — it is different from other cities in Ukraine. What is the peculiarity? Mykolaiv was a frontline city: its borders practically coincided with the front line. It was during this period that many Mykolaiv residents went abroad. This happened not later, not a year later, but exactly when the enemy was close by. Because of the mass exodus, and because it was technically and logistically easy, people were able to move easily. Many of those who left first, stayed there, adapted and some have already decided not to return,» emphasises Petro Moisol.

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In particular, due to their long stays abroad, a significant number of those who left Mykolaiv decided not to return home, which led to a noticeable increase in supply on the local property market.

«At least 30-40% of those who adapted well eventually decided to stay abroad and sell their property in Mykolaiv. This is why the local property market has seen an increased supply of properties from people who have settled outside Ukraine. This is not the case in Odesa, Dnipro, Kharkiv or Sumy. This is a unique feature of Mykolaiv, which has a significant impact on its property market,» said Petro Moisol.

Chairman of the Mykolaiv Regional Association of Real Estate Professionals. Photo: News-N

Who buys housing in Mykolaiv today

The circle of buyers has also changed. Now it is not only Mykolaiv residents who live here, but also IDPs, for example, from Kherson, Zaporizhzhia, Donetsk and Mariupol.

«Who are the market participants now? Firstly, our fellow townspeople who live here. Secondly, a lot of new people, particularly from Kherson. These are mostly active, able-bodied people under 50. The older generation has mostly gone abroad, and those who run businesses or are active have settled here, rented accommodation and regularly travel to Kherson or the region to support their businesses. The number of homebuyers in Mykolaiv has increased by people who came from villages whose homes were destroyed during the war and who are now able to buy property here thanks to government programmes, families of military personnel, and families who have received compensation for the loss of loved ones at the front. Residents of districts in Mykolaiv region buy housing for their children who have entered Mykolaiv universities,» lists Petro Moisol.

The expert also emphasises the sources of financing for purchases, which include: pent-up demand, military salaries, government programmes, and sponsors who are currently helping our population.

«Transactions in the real estate market are mainly driven by deferred resources. For example, a family once planned to expand, but postponed the purchase because of the war. Now the situation has changed, and they are spending their savings on housing. The market is also stimulated by salaries: military personnel, demining workers, doctors and logisticians receive between $1,000 and $2,000, which allows them to buy property. Government programmes, housing certificates and high payments to the military also support demand. In addition, there is an exchange of housing: families sell larger apartments, buy smaller ones and use the remaining funds for living or other needs,» says Petro Moisol.

So demand today is not so much driven by loans or mortgages, as it was before the war, but rather by «living money». The property market does not exist in a vacuum. It responds to infrastructure, water, electricity, and transport.

«The city today shows signs of improving the quality of life. The water used to be salty from the estuary, but today its quality has been improved by the construction of a new water supply system. The electricity supply has become more stable, and new buses and trolleybuses make travelling more comfortable,» explains expert Petro Moisol.

Such changes influence people's decisions to stay or come to Mykolaiv. The more stable the city is, the more people are willing to invest in housing.

The new building «Rivera» in the Namyv residential district. Photo: Dom.Ria

What does the statistics say? Primary housing: Price dynamics for new buildings

In September 2022, the average price per square metre from the developer was $840. The supply was limited — there was only one new building for sale.

From June to August 2024, prices ranged from $700 to $710 per m². In June and August, the average price remained at $700, while in July it rose to $750. The number of new buildings for sale during this period increased to 15-18.

Price dynamics by housing class (summer 2024 → summer 2025)

• Premium: $970-1010 m² → $1650 m² (+65-70%)
  
  

• Business: $760-810 sq m → $800 sq m (stable)
  
  

• Comfort: $640-660 m² → $650-700 m² (+5-6%)
  
  

• Economy: $580-600 m² → $560-620 m² (down or stable)
  
  

Compared to last summer, prices for premium properties more than doubled, business class remained stable, comfort went up slightly, while the economy segment experienced a decline.

Average prices per square metre for the purchase of housing in new buildings in Mykolaiv as of the end of August 2025. Photo: LUN statistics

Primary housing offers with long-term payments

There are currently 15 new buildings for sale in the Mykolaiv region. Among them:

• installment plans from the developer — 6 objects,

• mortgage «eOselia» — 2,

• a loan from a bank — 1 object.

Construction activity in Mykolaiv. As of 24 August 2025:

• there are queues in 18 residential complexes for sale,

• construction is underway in 9 residential complexes,

• 67 housing queues have been completed.

On the secondary housing market, 2-room apartments are more popular. Photo: archive NikVesti

Secondary housing market

Over the past year, the secondary housing market in Mykolaiv has shown stability in the segment of 2-room apartments, with a slight decline in prices for 1-room and 3-room apartments. The main supply is concentrated in the range of USD 15-50 thousand, which makes housing affordable for the middle class. At the same time, large apartments require significant savings or the use of long-term payment programmes. District and class of apartment have a significant impact on prices, and purchasing power remains a key factor in housing choice.

Average prices in the secondary market in Mykolaiv showed different dynamics over the year:

• 3-room apartments decreased from $43,000 (summer 2024) to $42,000 (summer 2025), a decrease of ~2-3%.

• 2-room apartments remained stable at $31,000.

• 1-bedroom apartments fell from $21,000 to $20,000, a decrease of about 5%.

Average secondary prices for a one-bedroom apartment in Mykolaiv, as of August 2025. Photo: LUN statistics

Average apartment prices by district (2025): Central and Zavodskyi districts remain the most expensive, while Korabelnyi and Inhulskyi offer more affordable housing:

• 1-room: Central — $21,000, Zavodskyi — $20,500, Inhulskyi — $19,000, Korabelnyi — $16,000

• 2-room: Central — $33,300, Zavodskyi — $30,000, Inhulskyi — $27,700, Korabelnyi — $24,500
  
  3-room: Central — $45,000, Zavodskyi — $45,000, Inhulskyi — $37,000, Korabelnyi — $32,000

Everyone is looking for housing to move in and live immediately

According to real estate expert Petro Moisol, the situation looked different before the war, when people were ready to invest in any property: houses under construction, apartments after construction or with bare walls.

«The residential property market consists of different categories of properties and participants. It used to be common to sell apartments at the project stage: you just drew a plan of the house and were already looking for buyers. Today, there are almost no people willing to invest at this stage. There is a little more interest when the construction is already partially completed, but there are few such buyers. Apartments in buildings that have already been built, commissioned and have all the necessary documentation are in greatest demand — this is the factor that gives people a sense of security. A separate segment of the market is secondary housing: apartments and houses already owned by the population. You can still find communal apartments in Mykolaiv. This is the legacy of the so-called «communal yards», which were once partially privatised and turned into «zhylkops» (colloquial name for inexpensive apartment in the secondary real estate market in Mykolaiv, — note),» explains Petro Moisol.

«Now the priorities have shifted. There is demand only for those apartments that you can move in and live in immediately. Apartments in the state of «undergoing overhaul» are difficult to sell, and new buildings «with bare walls» are often ignored.

This is confirmed by realtor Viktor Hrytsevskyi in his Instagram video, who says that the demand for private houses has now shifted: buyers prefer plots of up to 10 acres with a green yard, swimming pool or terrace, and the houses themselves are smaller. Large houses of 300-400 square metres are almost never sold, even with good renovation.

«The ideal option for a buyer now is a one-storey house of 160-180 square metres, with a kitchen-living room, panoramic windows, access to the courtyard and a terrace. Unfortunately, there are few such houses, as almost nothing new has been built in the last four years. People are buying small two-storey houses of 150-180 square metres, but again, only if they are well renovated. But too large houses are more of a minus than a plus today. Therefore, the owners of such properties should take this into account when setting the price: the real demand has significantly shifted towards compact, comfortable and modern solutions,» comments Viktor Hrytsevskyi.

Why it is difficult to sell apartments without renovation

Property market expert Viktor Hrytsevskyi notes that the sale of apartments in need of major repairs or after dismantling has become much more difficult. Many buyers do not want to invest in housing where it is impossible to live even with minimal conditions, and the sale of such properties is possible only because of the low price and good location.

«The situation is as follows: people bought an apartment before the war, dismantled it and upholstered everything to the bricks, and planned major repairs for themselves. But circumstances have changed: they no longer have the funds to complete the repairs, part of the money has been spent, and the owners decided to sell the apartment in this state. The problem is that it is very difficult to sell such an object. Buyers today are reluctant to buy apartments that need a complete overhaul, as they are impossible to live in even with minimal conditions. The only option is to sell at a premium. I explain to the owners: they focus on the amount for which they bought the property, and often do not take into account the dismantling or current market realities. But the market dictates otherwise. Therefore, in cases where an apartment is completely «to zero», there is a chance to sell it only due to its low price and good location. If it is on the top floor, it is even more difficult: few people will want to invest heavily in overhauling the top or ground floor. If the apartment is on a good floor and in a good neighbourhood, then there is a sale option. But again, the key factor here is the price. And the owners of such apartments should definitely take this into account when setting the price,» he says.

According to him, apartments with good repairs or residential options where you can move in immediately are sold, while bare walls or «corpse apartments» are still on the market. The main obstacles to the sale of such properties, he says, are the high cost of renovation, the difficulty of finding builders and the time involved.

«The situation is as follows: as of the end of June, it is becoming more and more difficult to sell an apartment after the builders or in a state where major repairs are required. Broadly speaking, such corpse apartments are worthless. Buyers are willing to pay more only for renovated apartments, preferably with furniture, or at least residential options where they can move in immediately. Proof that you will renovate to your taste and colour does not work. Finding builders is a problem, repairs are more expensive, and it takes time,» he explains.

Are there really more properties for sale now?

The realtor explains that the current feeling of massive apartment sales in Mykolaiv is more psychological than real. According to him, people used to look for accommodation through specialised websites like OLX or Dom.ria, where they could immediately filter offers by number of rooms, area or budget. Back then, a potential buyer saw only those apartments that matched his or her request, and the market as a whole was monitored mainly by realtors.

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A post from REAL ESTATE Mykolaiv/Odesa (@rieltor_viktor_nikolaev)

Today the situation has changed. Most of the ads for the sale of apartments have moved to social media. Users accidentally see offers in their feeds, like or comment on them, and social media algorithms start showing similar ads even more actively. This creates the illusion that the entire market is flooded with offers, although in reality the number of ads has not changed much.

«If you open OLX now, there are about 3.2-3.3 thousand ads for apartments for a city of half a million people. This is a relatively small number, and the figure is almost the same as before the war». He adds that it is the changes in the perception of the market through social media that give rise to a sense of «massive sales», although there is no real reason for panic or haste,» Victor notes.

Thus, the current housing market has not become more saturated, but only the way in which potential buyers receive information about offers has changed.

Renting or buying: which is more popular

According to real estate expert Petro Moisol, property prices in Mykolaiv depend on the condition of the apartment, renovation, furniture, appliances and location. One-room «Khrushchevs» cost between $350 and $1,000 per square metre: cheaper if they are not renovated, more expensive if they are furnished and conveniently located.

Today, buyers are looking for housing «for themselves», ready to move in. Expensive apartments with modern layouts — over $40,000 — are more difficult to sell. Demand for rental is now much higher than for purchase. Many IDPs are staying in the city temporarily and are looking for apartments for up to $5,000 per month.

«Renting is now higher than buying because many people lack the resources to buy. Apartments with 2-3 rooms are in high demand. People are looking for housing «for themselves», ready to live in without renovation,» explains the realtor.

The average rental prices in Mykolaiv for a two-bedroom apartment are relevant as of August 2025. Photo: LUN statistics

This is confirmed by the rental housing market in Mykolaiv, which shows a gradual increase in prices for one- and two-bedroom apartments, while three-bedroom apartments remain stable. The average rent in the summer of 2025 is: 6 thousand hryvnias for a 1-room apartment, 7-8 thousand hryvnias for a 2-room apartment and 10 thousand hryvnias for a 3-room apartment.

Compared to the summer of 2024, rents for one-bedroom apartments increased by about 20%, two-bedroom apartments by 7-14%, and three-bedroom apartments remained virtually unchanged. This indicates a stable demand for large apartments and a more active price increase in the mid-market segment.

Dynamics of rental prices over the summer and comparison with the previous year

• 2024: 1-room apartments — ₴5,000, 2-room apartments — ₴7,000-7,300, 3-room apartments — ₴8,000-10,000.

• 2025: 1-room apartments — ₴6,000, 2-room apartments — ₴7,000-8,000, 3-room apartments — ₴10,000.

Prices by city district

The most expensive district for rent is Central: 1-room — ₴6 thousand, 2-room — ₴9 thousand. Inhulskyi district remains more affordable — a 1-room apartment costs ₴5.8 thousand, a 2-room apartment — ₴6.5 thousand. The data for Zavodskyi and Korabelnyi districts is incomplete, but trends show that prices there are lower than in the centre.

Rental costs as a percentage of salary

The average percentage of salary spent on rent was 29-30% in July-August 2025, slightly higher than last summer (28-29%). The most affordable apartments are for drivers, account managers and couriers, who spend 20-28% of their salary. Cleaners, baristas and management assistants are experiencing the greatest burden: up to 57% of their salary can be spent on renting a 1-room apartment, up to 67% on renting a 2-room apartment, and more than 90% on renting a 3-room apartment.

Viktor Hrytsevskyi, an expert on the property market in Mykolaiv, notes that the rental market in Mykolaiv is currently quite active. According to him, rental housing remains in demand, but prices have increased compared to the pre-war period.

«Earlier, the average rent for a good apartment was about ₴8,000, but now you can rent a similar apartment for ₴11,000,» he said.

Today, buying or renting a home in Mykolaiv requires a balanced approach. Premium apartments and ready-made houses remain in demand, the economy segment offers more favourable prices, while large apartments and properties without renovation are more difficult to sell. For tenants, the most active market is for 1-2-bedroom apartments in central and popular locations. The market is expected to remain stable in the coming months, with long-term payment programmes helping to make housing more affordable for buyers.

This means that investing in housing now has prospects, especially for those looking for a long-term stay or rental.

The property market in Mykolaiv is lively and dynamic today. It reflects economic activity, demographic changes, infrastructural progress and the mood of the city's residents. The city is gradually recovering from the war, and investors and new residents are creating a new balance of supply and demand.

«The real estate market shows everything: whether banks and insurance companies are operating, how many government programmes are in place. Financing appears, the budget receives resources — and this causes a small impulse in the market,» concludes Petro Moisol.

Alina Kvitko, NikVesti