The cost of construction in 2023 rose to 20%, which will affect price increases in 2024, Susanna Karakhanyan, Head of Sales at Greenville Kyiv, told Interfax-Ukraine.
“The cost of construction has increased by about 15-20% everywhere, and our projects are no exception. This will affect the cost per square meter: prices will rise over the next year, but not critically, because developers are trying to maintain demand,” she said.
Currently, in the Greenville residential complex in Pechersk, the cost per square meter in a finished building averages 2.4 thousand USD, and in a building under construction – 2 thousand USD. In Greenville Park, the average price per square meter under construction is 1.9 thousand USD.
According to Karakhanyan, in 2023, sales, demand, construction, logistics and operational and production processes adapted to the conditions of martial law. In the second half of the year, demand increased significantly: people began to return to Ukraine.
“In the Greenville residential complex in Pechersk, we commissioned two new sections this fall, and next year we plan to start another one. At Greenville Park, we have almost completed all monolithic works this year – the dynamics of construction is high, despite all the obstacles of wartime,” she said.
According to the expert, the market conditions are now dictated by the buyer, and developers are adjusting to investors. The term for concluding a deal has increased, now this process takes a month or more, buyers are looking for the most favorable conditions for themselves. Also, investors are not ready to invest in projects at the early stages of construction, assessing the risks. Priority is given to apartments in buildings in the final stages or completed. While buyers used to consider buying a home as a good investment to save money or make a profit, now they buy apartments primarily for themselves and their families.
In general, when choosing a home, buyers’ attention is focused on three aspects: safety, functionality, and rational planning.
“They opt for projects with underground parking (which serves as a shelter), far from military-industrial facilities. Of course, the investor also pays attention to the constructive advantages of the complex and the quality of building materials,” Karakhanyan said.
According to the Unified State Electronic System in the Construction Sector, the certificate of acceptance for two sections of the Greenville residential complex in Pechersk was issued on September 29, 2023. They have a total of 250 apartments. The building has 23 floors plus 4 underground floors, its total area is 34.85 thousand square meters, residential – 21.083 thousand square meters. It is noted that the estimated cost of the object put into operation is UAH 354 million 968.37 thousand.
According to the LUN new buildings portal, the project developer, Greenville, has been operating since 2007, during which time 26 residential buildings have been commissioned, six are under construction.
