According to Serbian Economist, Ukrainian berry producers and processors conducted a technological business tour to Serbia in December 2025, where they studied practices of growing and industrial freezing of berries, primarily raspberries, according to the Berry Growers Association of Ukraine (BGAU).
The trip was organized by the association with the support of the SIPPO program in Ukraine. Five Ukrainian companies and representatives of the association took part in the tour, visiting Serbian berry growing and freezing enterprises and familiarizing themselves with the cold processing chain – from small refrigerators to facilities capable of freezing up to 30% of the national raspberry harvest.
The UBA noted that despite competition between Ukraine and Serbia on the global raspberry market, the Serbian side demonstrated a willingness to share practical experience and technological solutions. The second day of the visit was devoted to professional training at the Institute of Horticulture in Čačak.
Serbian experience also revealed a number of problems that are also characteristic of Ukraine: the industry’s dependence on manual harvesting, labor shortages, and pressure from weather factors. In Serbia, almost all raspberries are harvested by hand, and the average wage for harvesters in the 2025 season was around €50 per day; small farms with an average area of about 0.1 hectares remain the main suppliers of raw materials for processing.
Context: the role of Serbia and Ukraine in raspberries and exports
Serbia maintains its position as the largest exporter of frozen raspberries and related berry crops in world trade: in 2024, it became the top exporter for commodity item HS 081120 (frozen raspberries, blackberries, etc.) – $313.2 million and 99.0 thousand tons. In 2024, Ukraine ranked 4th among exporters under the same heading – $115.4 million and 61.3 thousand tons.
The main destinations for Ukraine’s exports under HS 081120 in 2024 were Poland and Germany (followed by the Czech Republic, France, and Italy), reflecting the orientation of Ukrainian frozen products towards the EU market and the processing chains of Central Europe.
The ElectronMash plant (Lviv), which is part of the Electron corporation, and the Rivne NPP branch of the Energoatom National Nuclear Energy Company have signed a contract for the supply of five new large city buses for an estimated UAH 75.375 million (excluding VAT).
According to information in Prozorro, the agreement was signed on December 24 after ElectronMash was declared the winner of the relevant tender, in which it was the only participant.
According to the contract, with a total value of UAH 90.45 million (including VAT), the buses will be delivered within 245 calendar days from the date of receipt of the advance payment. A 30% advance payment (UAH 27.135 million) is provided for within 30 calendar days from the date of signing.
As reported, ElectronMash offered 12-meter low-floor Electron A18501 buses at a price of UAH 15.075 million (excluding VAT) each.
The buses were manufactured this year. They are equipped with a Cummins diesel engine that meets the Euro 6 environmental standard, a ZF automatic transmission, and an EBS system. Each bus is designed to carry more than 100 passengers (at least 30 seated), equipped with a folding ramp and seat belts in the passenger compartment to secure wheelchairs.
The Electron A18501 buses were first introduced by the manufacturer in 2016 and are currently in operation in Lviv and Uzhhorod.
The Rivne Nuclear Power Plant announced a tender for the purchase of five large buses on October 17 this year, with a delivery date of November 30, 2026. The auction was scheduled for October 28, but the customer postponed the deadline for submitting bids and its date several times.
As reported, the large Ukrainian bus manufacturer Etalon Corporation considered the tender conditions to be discriminatory, as they were written for the Turkish Temsa LF 12 bus, and also noted that for the announced price, it could offer seven Etalon buses instead of five. However, the customer did not change the tender conditions proposed by Etalon.
ElektronMash Plant LLC, in which Concern-Elektron JSC owns a 55% stake, specializes in the design and manufacture of trams, trolleybuses, electric buses, and city passenger buses, as well as aggregates and spare parts.
In 2024, the plant increased its net income by 87.7% compared to the previous year, to UAH 244 million, with a net profit of UAH 0.06 million, compared to UAH 0.9 million in 2023.
TAS Dniprovagonmash (DVM, Kamyanske, Dnipropetrovsk region), controlled by the TAS financial and industrial group of businessman Serhiy Tigipko, shipped the first two 60-foot Sgns flatcars for 1435 mm gauge, manufactured at its own facilities.
“As part of a partnership with Austrian colleagues, TransAnt, and based on its design developments, TAS Dniprovagonmash has manufactured and shipped the first 1,435 mm flatcars. Also, for the first time, the complete assembly and equipping of the cars took place at our enterprise’s facilities,” the plant reported on Facebook.
TAS Dniprovagonmash specifies that two intermodal flatcars have currently been submitted for technical acceptance, the conceptual advantage of which is the principle of lightweight construction using high-strength steel and, accordingly, its increased load capacity.
“Having chosen a course not only to search for new opportunities in the domestic market of 1520 mm gauge freight car manufacturing, but also to master European traditions, TAS Dniprovagonmash continues its persistent work in the areas of engineering, consulting, technological assessment, and the actual manufacture of finished products for the 1435 mm gauge railway market,” the company emphasizes.
As reported, in early 2023, the TAS group became a strategic investor in the TransAnt GmbH railcar manufacturing joint venture between Austria’s voestalpine and ÖBB Rail Cargo with a 40% stake, and in the spring of 2024, it became the majority shareholder in TransAnt, increasing its stake to 61%.
In December 2024, the plant launched the first long-distance 80-foot flatcars for large-tonnage containers.
The Sgns flatcar is a four-axle intermodal flatcar of European standard (1435 mm) with a load capacity of 73 tons, designed for transporting large containers.
TAS Dniprovagonmash, which has the capacity to produce 9,000 cars per year, increased its production of freight cars by 19% in January-September compared to the same period in 2024, to 542 units.
The plant ended January-September 2025 with a loss of UAH 23.7 million, while in the same period of 2024, net profit amounted to UAH 53.9 million, with net income growing by 16.3% to UAH 1 billion 486.5 million.
Fixed rental rates for shopping mall stores with an area of 50-200 square meters per year have increased by 1.3% to $22.4 in 2025 from $22.1 in 2024, the UTG press service told Interfax-Ukraine.
“Next year, we can expect a slight increase in rent of 2 to 5%, depending on the region. Further growth in shopping center maintenance costs (OPEX) and mandatory additional costs for uninterrupted power supply will undoubtedly increase the tenant’s overall costs. Currently, there are more significant factors that may influence further increases in rent payments. These include: growing demand among tenants to open stores for network development, a decrease in the supply of high-quality space, and the entry of new operators into Ukraine,” commented UTG Director Yevgeniya Loktionova.
She specified that among the factors stimulating the growth of rates, first of all, is the steady increase in demand for high-quality space from retailers.
According to UTG’s research, as of December 2025, the highest fixed rental rates were for kiosks (1-10 sq. m) – from $70 to $250 per sq. m/month (excluding VAT and EP), for fashion galleries – up to $32, fashion department stores – up to $18, grocery supermarkets, cafes, and restaurants – up to $15. (excluding VAT and EP), fashion galleries – up to $32, fashion department stores – up to $18, grocery supermarkets, cafes, restaurants – up to $15, electronics supermarkets – $8, children’s entertainment centers – $6, movie theaters – up to $6 per sq. m per month.
Overall, the market shows cautiously optimistic trends at the end of 2025. Average daily attendance is growing, although pre-war figures have not yet been restored. For example, the regional format is 680 people per 1,000 sq m GLA in 2025, compared to 660 in 2024 and 760 in 2021. The regional format is 318 in 2025, 308 in 2024, and 407 people per 1,000 sq m GLA in 2021.
As of December 2025, 12.8% of space in the capital’s shopping centers was vacant, compared to 13.1% in 2024 and a de facto vacancy rate of 21.4% at the end of 2022. According to UTG estimates, the temporary closure of the Gulliver shopping center had a minor short-term negative effect, with a de facto vacancy rate of 13%.
In terms of formats, the highest vacancy rate was in regional shopping centers – 14.9%, in district shopping centers – 13.9% of space was vacant, in specialized shopping centers – 10.1%, and in district shopping centers – 6.5%.
UTG was founded in 2001. It has developed over 1,300 real estate concepts. Over the years, the company has leased 4.7 million square meters of commercial space in Ukraine.
Precious metals showed the strongest performance among key asset classes in 2025 amid geopolitical tensions, expectations of a softening US Federal Reserve policy, and seasonally low liquidity at the end of the year.
According to market reports, silver rose 128.47%, gold rose 66.59%, and copper rose 35.45%.
US stock indices also ended the year in positive territory: the Nasdaq added 19.70% and the Russell 2000 added 12.53%.
At the same time, the crypto market showed weaker dynamics: Bitcoin fell by 5.75%, Ethereum by 11.58%, and the altcoin sector by 42.27%.
In the commodities market, the key driver was the “defensive” component of demand: gold hit new all-time highs in 2025, while silver showed relatively sharp growth; copper also strengthened amid bets on infrastructure and industrial demand.
The average price on the primary market at the end of 2025 was $2,011 per square meter, or 84,600 UAH per square meter, an increase of 3.3% in dollar terms over the year, according to a press release from City One Development to Interfax-Ukraine.
According to the company’s analytical report, 2025 was a year of quiet recovery without any sharp movements for the primary residential real estate market in Kyiv.
“In fact, the market went through two different phases. At the beginning of the year, demand remained subdued: buyers took a wait-and-see position, which led to a slight (-1.2%) price adjustment. However, the second half of the year showed a change in sentiment – the number of transactions increased, and prices returned to a smooth increase (on average, they rose by 4.5%). As a result, 2025 ended with a moderate (+3.3%) increase,” said City One Development analyst Olena Shirina.
She emphasized that a distinctive feature of 2025 is the significant difference between formal statistics and the real state of the market, since average price indicators remain “burdened” by projects that have been on sale for years but are not actually being built or are in a frozen state. If such objects are excluded from the calculations, the real average price of active new buildings in Kyiv is about $2,140/sq. m, which is approximately 6-7% higher than the official statistics.
As for the structure of supply, only 3% of the supply is economy class. The dominant segment is now comfort, accounting for about 50% of the supply, business class accounts for about 35%, and premium holds a share of 8-10% despite the reduction in the number of projects.
The most significant price dynamics in 2025 were demonstrated by affordable formats, which is logical in conditions of limited effective demand. Economy class rose by 5% to $1,103/sq. m., comfort class by 4% to $1,365/sq. m., business class by 2% to $2,450/sq. m., and premium class by 4% to $4,596/sq. m.
The new supply for 2025 was a record for the capital, given the military conditions. According to City One Development’s monitoring, 10 new residential complexes have entered the Kyiv market since the beginning of the year.
The first half of the year was dominated by large comfort complexes aimed at the mass buyer. The average starting price was $1,428/sq. m.
The second half of the year brought business and premium class projects to the market with higher starting prices and more complex concepts. The average starting price was $2,727/sq. m.
This indicates a gradual return of developers to more complex formats and a resumption of investment interest in the market.
“The total number of residential complexes on the market has decreased by approximately 25% over the four years of the war, creating a shortage of quality supply. Developers are launching new projects cautiously, focusing on solvent demand and investors, with new projects being more expensive than the market average. The number of new residential complexes is significant for the fourth year of the war, but insufficient for a city with a population of over a million — supply will remain limited, and there will be less affordable housing, with competition between developers increasingly based on product rather than price,” says Shyryna.
According to her, if current macroeconomic and security factors remain unchanged, 2026 has all the prerequisites to start with moderate price increases and a subsequent shortage of quality supply. “The market has already passed its lowest point and is gradually entering a growth phase, where the reliability of the developer, a well-thought-out concept, and the long-term value of the project will play a key role,” says Shyrina.
City One Development is an investment and development company with more than 15 years of experience. It specializes in the creation, implementation, and management of large-scale infrastructure residential complexes, as well as actively investing in the development of Ukrainian industry.
City One Development’s portfolio includes more than 1.24 million square meters of completed projects and 500,000 square meters under construction.
The company’s residential projects in the capital include Novopecherski Lypky, Boulevard of Fountains, Svyatobor Park Resort, and The Light. Its industrial projects include two float glass production plants as part of the City of Glass and Galicia industrial parks.
