Column by real estate market analyst Viktoriia Smyk

I regularly monitor not only how apartment prices are changing, but also whether the financial instruments available to buyers are keeping pace with the market. In 2026, one trend has become particularly noticeable: housing prices are rising faster than many buyers' budgets.

This is especially visible in Kyiv's primary residential market.

How much does an apartment in Kyiv cost in 2026?

According to LUN data, the average starting price per square meter in Kyiv new-builds reached approximately UAH 63,300 in August 2026, around 15.3% higher than a year earlier.

At the end of 2025, the median price was around UAH 53,900–55,000 per square meter.

This means that a hypothetical 50-square-meter apartment priced at UAH 2.75 million a year ago could now cost roughly UAH 3.17 million.

The difference is more than UAH 420,000.

And this is only the citywide average. In August 2026, the median starting price in Kyiv's comfort-class developments was about UAH 56,100 per square meter, while business-class properties reached UAH 82,200 and premium properties about UAH 163,000. In Pechersk, new-build prices reached approximately UAH 130,000 per square meter.

So the question for buyers is no longer simply “How much does an apartment cost?”

It is “What kind of apartment can my budget actually buy?”

Is the state mortgage program keeping up?

The state-backed eOselya mortgage program remains an important instrument for Ukrainian homebuyers. Preferential categories can access mortgages at 3%, while other eligible borrowers can use the 7% rate.

However, the program also has limits on the price of eligible housing.

For Kyiv, the 2026 benchmark price is UAH 62,230 per square meter, with the program allowing a 10% excess under the applicable rules. That puts the effective ceiling at approximately UAH 68,453 per square meter.

This creates an increasingly important gap.

The average starting price of a new-build apartment in Kyiv has already reached about UAH 63,300 per square meter, while many business-class properties are considerably more expensive.

In other words, being eligible for a subsidized mortgage does not automatically mean that a buyer can purchase any apartment that meets their needs.

Housing vouchers face a similar challenge

The same issue can be seen with fixed-value housing assistance.

For example, a UAH 2 million housing voucher represents a fixed nominal amount, while property prices continue to change.

If we compare it with Kyiv's primary-market prices, UAH 2 million at approximately UAH 55,300 per square meter would have covered around 36.2 square meters.

At UAH 63,300 per square meter, the same amount covers only about 31.6 square meters.

That is a difference of approximately 4.6 square meters, or 12.7% of purchasing power.

This is why I believe buyers should think about housing assistance not only in terms of hryvnia, but in terms of how many square meters that money can actually buy.

Developer installment plans as an alternative

In 2026, I believe buyers should look beyond government programs and consider developer installment plans as another financial tool.

The principle is simple: if a buyer has enough capital for a down payment but does not want or cannot afford to pay the full apartment price immediately, an installment plan allows the purchase to be secured today while spreading the remaining payments over time.

Alliance Novobud currently offers different installment formats depending on the project. According to its latest published terms, completed apartments in Brovary can be purchased with installment plans of up to 60 months and a down payment from 40%, while apartments under construction can have terms of up to 36 months with a down payment from 40%.

The developer has also published installment options for its Kyiv projects, including Illinsky House and Montreal House, with terms depending on the apartment and number of rooms.

The exact terms should always be checked for the specific apartment before signing an agreement.

My conclusion

I would not put state housing programs and developer installments against each other. In today's market, they can complement one another.

eOselya, housing certificates and vouchers can reduce the financial burden on buyers, but they come with eligibility, price, size and property-age restrictions.

Developer installments work differently: they allow buyers to secure a property today while giving themselves time to build the remaining budget.

And this, in my view, is one of the key financial questions of the 2026 housing market.

When the price per square meter is rising, the question “Should I buy now or wait?” increasingly becomes:

“Could waiting cost me more than financing the purchase today?”

Therefore, if you are planning to buy an apartment in Kyiv or the Kyiv region, I would not look only at the price per square meter or the down payment. I would calculate the entire financial model: today's apartment price, the potential price of a comparable property a year from now, and how much money you can realistically accumulate during that period.

That calculation, in my opinion, is much more important today than simply waiting for a “better price.”