Zurich and Madrid posted the highest growth rates for luxury residential real estate prices among European cities in the first quarter of 2026, according to the international consulting firm Knight Frank.
In both cities, luxury housing prices rose by 4.8% compared to the first quarter of last year. Zurich ranked tenth in the global ranking, while Madrid ranked eleventh.
Prices rose by 4.2% in Geneva, 3.4% in Lisbon, 3.2% in Frankfurt, and 2.9% in Berlin.
Prestige real estate prices rose by 2.5% in Dublin, 2.3% in Monaco, 1.5% in Paris, 1% in Bucharest, and 0.3% in Vienna.
Price declines were recorded in Stockholm (0.7%), Milan (0.9%), and London (4%).
Knight Frank attributes the resilience of Switzerland’s markets to capital inflows, a relatively stable tax environment, and demand from affluent international buyers. Growth in Madrid and Lisbon is driven by comparatively attractive prices, the climate, and strong interest from foreign investors.
Over a five-year period, Milan emerged as the European leader, with prices for premium housing rising by 36.2%. It is followed by Madrid, with growth of approximately 29.7%, and Zurich, at 27.5%.
London was the only one of the tracked European markets where prices fell over the five-year period—by approximately 5%. Knight Frank attributes this to high transaction taxes, the abolition of a special tax regime for non-residents, and higher borrowing costs.
The European portion of the index includes Berlin, Bucharest, Dublin, Frankfurt, Geneva, Lisbon, London, Madrid, Milan, Monaco, Paris, Stockholm, Vienna, and Zurich.
Kyiv and other Ukrainian cities are not included in this study.
Jurisprudential Consulting Group, an international consulting group with Ukrainian roots, has announced the launch of a comprehensive European practice to support Ukrainian companies, entrepreneurs, and capital owners during relocation and entry into new markets, the company reported.
The new practice combines international tax planning, corporate structuring, capital legalization and proof of funds’ origin, banking compliance, financial logistics, crypto regulation, as well as legal defense in cross-border economic disputes and criminal cases.
The firm attributes the launch of this practice to the changing needs of Ukrainian businesses following a large-scale relocation. While in the initial phase entrepreneurs primarily needed company registration, a bank account, and immigration status, today the main issues concern the tax residency of owners, the place of effective management, dividend structures, the bank’s acceptance of capital, and the implications of using foreign companies from the country of actual residence.
“For Ukrainian businesses in Europe, it is no longer enough to simply open a company. It is necessary to understand in advance where management is located, where income is generated, how funds will reach the owner’s personal accounts, and what documents the bank will accept. The company, tax residency, family, assets, and future expenses must all be part of a single model,” noted Yaroslav Meretskyi, co-founder and CEO of Jurisprudential Consulting Group.
Photo. From left to right: Heorhii Voinovych, Yaroslav Meretskyi, Vladyslav Kaprytsia, partners at Jurisprudential Consulting Group
The new practice combines international tax planning, corporate structuring, capital legalization and proof of funds’ origin, banking compliance, financial logistics, crypto regulation, as well as legal defense in cross-border economic disputes and criminal cases.
The firm attributes the launch of this practice to changing demands from Ukrainian businesses following a large-scale relocation. While in the initial phase entrepreneurs primarily needed company registration, a bank account, and migration status, today the main issues concern the tax residency of owners, the place of effective management, dividend structures, the bank’s acceptance of capital, and the implications of using foreign companies from the country of actual residence.
“For Ukrainian businesses in Europe, it is no longer enough to simply open a company. You need to understand in advance where management is located, where income is generated, how money will flow into the owner’s personal accounts, and what documents the bank will accept. The company, tax residency, family, assets, and future expenses must all be part of a single model,” noted Yaroslav Meretskyi co-founder and CEO of Jurisprudential Consulting Group.
The Jurisprudential team consists of more than 50 specialists; the company conducts over 3,000 consultations annually and provides regular support to more than 200 clients. Jurisprudential notes that the new format is designed to bring together the work of tax consultants, financial advisors, corporate lawyers, compliance specialists, and attorneys across different jurisdictions around a single client strategy.
The practice is managed by its three co-founders. Yaroslav Meretskyi is responsible for strategic development, international taxation, crypto regulation, relocation, and public affairs. Heorhii Voinovych oversees financial architecture and tax modeling. His professional experience includes serving as CFO for large agricultural holdings, commodity companies, banks, and fintech projects. Vladyslav Kaprytsia is responsible for international corporate and contract law, complex transactions, risk analysis, commercial disputes, and international legal defense.
A separate practice area focuses on economic criminal cases, international fugitive searches, and coordinating defense strategies across multiple countries. The firm works with external legal teams and handles cases involving simultaneous corporate, tax, banking, and criminal law risks, including matters involving national law enforcement agencies, Interpol, and Europol.
“Financial logistics and money laundering are not the same thing. A payment can be made technically, but that does not mean its origin will stand up to scrutiny by a bank or tax authority. The market is flooded with temporary schemes: fictitious loans, formal brokerage agreements, and documents that do not correspond to any actual transaction. Usually, such solutions do not eliminate the problem but merely postpone it for two or three years,” said Meretskyi.
According to him, a loan as an instrument can be legal only if there is a real lender, a verified source of funds, commercial logic, repayment terms, and actual performance of the agreement. If the loan is not repaid, there is a risk that it will be reclassified as income. If it is repaid, legally earned and documented funds will still be required for repayment.
As part of its new practice, Jurisprudential plans to support Ukrainian businesses throughout the entire international expansion process: from selecting a country and a tax model to establishing a holding company, setting up financial infrastructure, preparing proof of capital origin, working with cryptoassets, and providing legal defense in the event of a cross-border dispute.
The company also intends to expand its partner network to include European attorneys, tax consultants, banks, payment institutions, fintech projects, and regulated crypto-asset service providers. Jurisprudential believes that such a network should reduce the number of situations where a client receives separate but conflicting recommendations in different countries.
Jurisprudential was founded in Ukraine in 2011. The group’s international expansion began in 2019, and its European expansion accelerated following the relocation of its Ukrainian operations. Its headquarters are located in Barcelona. According to the company, the group also has offices in London, Warsaw, and Tallinn and works with partners and corporate entities in other jurisdictions across Europe, the United Kingdom, Switzerland, and the UAE.
Jurisprudential Consulting Group is a member of the Association of European Attorneys and has representative offices in EU countries, the United Kingdom, and the UAE.
Background. Jurisprudential Consulting Group is an international legal and financial consulting group with Ukrainian roots. Its main areas of focus include international tax planning, tax residency, corporate structuring, capital legalization, proof of funds’ origin, banking compliance, crypto regulation, business relocation, and international legal protection. Quantitative indicators are based on the company’s internal data.
Jurisprudential Consulting Group is also developing its own educational program focused on international taxation, business relocation, banking compliance, capital structuring, crypto regulation, and doing business in Europe. The company regularly publishes analytical articles, practical case studies, and recommendations on its official website; produces educational content on Instagram and YouTube; and conducts interviews and podcasts with entrepreneurs, tax advisors, lawyers, bankers, and other experts who have successfully established themselves in the European market following relocation. This format allows Ukrainian entrepreneurs to access up-to-date practical information and promptly adapt to changes in European legislation and financial sector requirements. You can find more information on the official website https://www.jurisprudential.eu, on Instagram https://www.instagram.com/jurisprudential.eu, and on YouTube https://www.youtube.com/@jurisprudential.
In the “Medium- and Long-Term Market” section of the UEB, trading continued for July and August 2026 resources. In total, nine companies placed bids to buy or sell natural gas: Ukrnafta, GPK Naftogaz Trading, the Ukrainian Gas Transmission System Operator, LTK Electrum, and others. In total, 4,350 thousand cubic meters of natural gas—for July and August 2026—were sold in the section via the GTS and UGS facilities.
In the UEB’s short-term natural gas market, participants submitted bids on the intraday market and the “day-ahead” market. A total of 56 trades were concluded, with a combined volume of 1,551 thousand cubic meters.
This week, European gas contracts rose in price again. The M+1 TTF rose in every session: from 48.8 euros/MWh at the close of the previous Friday to about 57 euros/MWh on the morning of July 17 (+15%). The main drivers were the resumption of hostilities between the U.S. and Iran and new risks to shipping through the Strait of Hormuz. The status of the strait and differences in interpretation remain highly contentious. The market is once again assessing not only the actual availability of Qatari LNG, but also freight rates, insurance, and shipowners’ willingness to call at ports in the region.
Natural gas imports from Europe stood at 1.6 million cubic meters per day.
The International Monetary Fund forecasts that Ukraine will be one of Europe’s fastest-growing economies in 2027–2031, according to a Euronews analysis based on data from the IMF’s World Economic Outlook. The primary source of the data is the IMF’s World Economic Outlook database, which publishes country-specific forecasts, including real GDP growth figures through 2031.
According to Euronews’ calculations, the IMF expects Ukraine’s economy to grow at an average annual rate of 3.8% from 2027 to 2031. The strongest year in the forecast period is expected to be 2028, when growth could reach about 4.2%. Based on this indicator, Ukraine ranks among the top five European economies expected to grow more than twice as fast as the eurozone.
In the list of Europe’s fastest-growing economies, Ukraine is ranked after Malta and Kosovo. Further down the list are Serbia, with an average annual growth rate of 3.52%, and Moldova, with a forecast of about 3.5%. By comparison, according to the IMF, the eurozone economy is projected to grow by an average of 1.2% per year from 2027 to 2031, while the EU economy as a whole is expected to grow by approximately 1.4%.
The key factor driving Ukraine’s growth is cited as the post-war recovery of its economy and infrastructure. Euronews notes that the IMF’s forecast is effectively a recovery scenario: it assumes a gradual de-escalation of the war and the launch of large-scale investments in reconstruction. According to the report, the estimated cost of reconstruction is approaching $600 billion.
At the same time, the outlook for Ukraine remains one of the most uncertain in Europe. In its June 12, 2026, report on Ukraine, the IMF explicitly noted that the country’s prospects remain “extremely uncertain,” as the war continues to inflict severe damage on the population and the economy. The IMF also indicated that Ukraine’s GDP growth in 2026 could slow to 1.0–1.6% due to the consequences of Russia’s ongoing war against Ukraine and external shocks.
It is precisely this difference between the short-term and medium-term outlooks that is the key element of the forecast. In 2026, the Ukrainian economy remains under pressure from military risks, infrastructure damage, fiscal expenditures, labor shortages, and high dependence on external financing. However, in 2027–2031, provided the security situation improves, recovery could become the main source of growth.
For Ukraine, this forecast implies that the country could become one of Europe’s most dynamic economies—not through typical cyclical growth, but through the effects of post-war reconstruction, investments in infrastructure, construction, energy, logistics, industry, and integration with the EU market.
However, this scenario depends directly on security, international aid, the sustainability of public finances, the pace of reforms, and the ability to attract private capital.
Without a reduction in military risks, growth could turn out to be significantly lower: Euronews notes that under the IMF’s adverse scenario—assuming intense hostilities continue—Ukraine’s growth in 2027 could be only about 1%.
Thus, in the IMF’s projections, Ukraine appears to be one of Europe’s most promising economies for the 2027–2031 period, but this potential remains closely tied to the end of the war, the scale of reconstruction, and the country’s ability to translate international support into long-term economic growth.
In the “Medium- and Long-Term Market” section of the UEB, trading continued for July, August, and November 2026. In total, eight companies placed bids to buy or sell natural gas: Ukrnafta, GPK Naftogaz Trading, MTM Concern, the Ukrainian Gas Transmission System Operator, Ukrzaliznytsia, and others. In total, 11,530 thousand cubic meters of natural gas—July 2026 volumes in the GTS and UGS facilities—were sold in this section.
On the UEB’s short-term natural gas market, participants submitted bids on the intraday market and the “day-ahead” market. A total of 86 trades were concluded, with a combined volume of 1,622 thousand cubic meters.
Last week, the European market once again began to price in a risk premium, though without returning to June’s peaks. The M+1 gas contract briefly reached its highest level since the signing of the memorandum of understanding between the U.S. and Iran, with the Winter 26 and Summer 27 contracts following a similar trajectory. Maritime traffic through the Strait of Hormuz, while having improved somewhat, remains significantly below pre-war levels: in the six months leading up to the war, an average of just under 90 tankers passed through the strait each month. Following last weekend’s strikes, LNG transit was close to zero. Gas storage in Europe remains one of the most closely monitored fundamental factors. As of July 2, the current storage fill rate stood at 49.2%, compared to a five-year average of approximately 62%.
Natural gas imports from Europe ranged from 0.8 to 1.6 million cubic meters per day.
Ukrainian energy officials, together with European partners, have already inspected eight decommissioned combined heat and power plants in Latvia, Lithuania, Slovakia, Austria, Croatia, and the Netherlands with the aim of potentially supplying the surplus equipment to Ukraine, said Denys Shmyhal, Ukraine’s First Deputy Prime Minister for Energy.
According to him, equipment from European power facilities is already being used to strengthen the resilience of Ukraine’s power grid. The Ministry of Energy has carried out 199 shipments of equipment, which is now in operation at energy facilities in the Vinnytsia, Kyiv, Ivano-Frankivsk, Mykolaiv, Kharkiv, Chernihiv, Khmelnytskyi, Rivne, Dnipropetrovsk, and other regions.
Lithuania has made the largest contribution to this effort. Through the Lithuanian energy company AB Ignitis Gamyba, Ukraine received 152 shipments of equipment. Another 41 shipments were delivered to Ukraine thanks to cooperation with the Ignalina Nuclear Power Plant.
Germany is also providing support to Ukraine. Thanks to RWE Power AG, six shipments of equipment were delivered as part of the first phase of cooperation to companies in central and western Ukraine, Kyiv, and Kharkiv.
A separate initiative is currently underway with Latvia. According to Shmyhal, Ukraine is actively working to relocate equipment from the Riga CHPP-2.
“The facilities of interest to Ukrainian companies have already been identified. The amount and source of funds required to dismantle the relevant equipment have also been determined,” the First Deputy Prime Minister said.
For Ukraine, the supply of equipment from European thermal power plants is of critical importance amid Russia’s ongoing attacks on energy infrastructure. This involves not only replacing damaged components but also creating an additional reserve for the heating season, restoring generation and distribution capacity, and enhancing the resilience of regional power systems.
The practice of transferring equipment from decommissioned European power plants allows for a faster response to some of Ukraine’s energy needs, as many components are already physically available and can be adapted for use at Ukrainian facilities. At the same time, such deliveries require technical inspections, dismantling, logistics, financing, and coordination among Ukrainian companies, European operators, and government agencies.
Since the start of the full-scale war, Ukraine has regularly received energy equipment from EU countries, international organizations, and private companies. This equipment is used to repair damaged power plants, substations, thermal facilities, grids, and critical infrastructure.
