Against the backdrop of the energy crisis in the capital, demand on the secondary housing market in the winter of 2026 fell by 40%, with potential price adjustments in affected buildings likely to be around 5-15% depending on the duration of problems with heating and engineering systems, realtors told Interfax-Ukraine.
“Demand in the secondary market has fallen by about 40% compared to last winter. But the problem is not only the number of buyers, but also a certain shortage of properties that meet the new realities,” said Alexei Govorun, co-owner of the FLATPRIME real estate agency.
According to Roman Savchenko, owner of Profi Realt, in early 2026, shelling, power outages, and heating outages had a greater impact on the internal state of all segments of the population than on the real estate market alone.
“In January, many Kyiv residents left the city and postponed the purchase or sale of real estate indefinitely. As a result, both the number of purchase requests and the number of offers fell. But in the first two weeks of February, we are seeing a revival of the real estate market,” he said.
According to Yaroslav Orshak, CEO of the La Vida real estate agency, the impact of accidents and the lack of heating is already being felt, with the market becoming slower and more selective on the part of buyers.
“Locally, demand, especially for rentals in problem areas, has fallen by about 10-35%. In the home purchase segment, the decline in demand is not widespread, but rather a pause and more active bidding,” he says.
Currently, realtors do not have formalized lists of buildings affected by the energy crisis — this is not public information from the Kyiv City State Administration or service organizations. However, professional market participants are well versed in the situation in specific neighborhoods, streets, and residential complexes thanks to their daily work with clients and monitoring of the condition of properties.
The most affected segments of housing are in areas with historically weak engineering infrastructure: Troieshchyna, Teremky, and partly Pechersk. According to Govorun, even elite real estate in the center loses its competitiveness if the building is without heat. But in practice, realtors are not seeing a massive drop in prices for lots in affected buildings.
“There will be no sharp drop in prices for apartments in affected buildings in the short term. The reason is simple: an apartment without heat will not be in demand even at a significant discount — it is not a home, but a problem. Most owners are choosing to wait and see which buildings will be restored and which will remain problematic,” explained Govorun.
According to Yaroslav Orshak, CEO of the La Vida real estate agency, isolated sales at a discount are possible, especially in buildings without autonomous solutions, but this is not a systemic trend; the market has rather shifted to a mode of lower activity and spot trading.
According to Savchenko, owners are simply removing properties in such buildings from sale until “the ice melts.” The same situation is observed in buildings that have been damaged by direct hits or falling debris.
“But buyers are unlikely to consider such buildings at the moment. Although, if there is a large discount, there will be those willing to buy such property in order to sell it at a profit in the future,” he believes.
According to Orshak’s forecast, the potential price correction in the affected buildings may be approximately 5-15%, depending on the duration of the problems with heating and engineering systems.
Govorun said that at the same time, a new category of properties has emerged: apartments whose owners have decided to quickly move to more stable areas, but even here, pricing remains cautious.
The most likely scenario in the short term is a “freeze” on the market in problem buildings until the start of the next heating season in 2026-2027. Then it will be possible to really check whether the heat supply has been restored or whether this is a temporary solution.
In general, according to realtors, today’s typical request looks like this: energy security (backup power supply for the building, availability of an autonomous boiler room or heating devices in the apartment itself), safety (availability of shelter, distance from potentially dangerous objects), readiness for quick occupancy (adequate repairs, communications), for the segment up to $100,000 – the possibility of payment under state programs. There are few properties on the market that meet all these criteria at once.
“These criteria are not yet clearly reflected in the price – the market is in a stage of adaptation. But already now, apartments in buildings with autonomous energy supply and proven reliability of systems have a competitive advantage and sell faster, even without a price discount,” Govorun noted.
According to Savchenko’s observations, prices in the mid-range segment are not falling, and in buildings with autonomous heating, generators, and other elements of alternative power supply for elevators and pumps, they have even risen.
At the same time, buildings with condominium associations are already perceived by the market as more liquid, so the discount on them is usually smaller than on buildings managed by housing and communal services.
“The main factor in price formation is the level of energy independence and manageability of the building. As a result, the market is not showing a massive decline, but rather is stratifying into more stable and more risky properties,” Orshak explained.
