The office real estate market of Kyiv and Ukraine’s largest cities by May 2026 is demonstrating cautious stabilization after several years of shocks caused by the pandemic, the full-scale war, business relocation and the transition of some companies to a hybrid work format. The main demand factors remain building safety, completed renovation, autonomous infrastructure, the availability of shelters and the ability to move in quickly without significant capital expenditures.
Kyiv still remains the country’s largest office market. According to InVenture estimates, the total competitive supply of office real estate in Kyiv in 2025 decreased to 2.10 million sq. m, while the vacancy rate fell to 18.5%. The annual volume of gross take-up amounted to about 160 thousand sq. m, which is 26% more than a year earlier. At the same time, about 40% of take-up was related not to the organic expansion of business, but to the forced relocation of companies from damaged properties.
According to the Confederation of Builders of Ukraine, citing a CBRE Ukraine presentation, in the first half of 2025 demand for offices in Kyiv grew by 16%, to 82 thousand sq. m, while supply decreased by 3%, to 2.1 million sq. m, due to damage to office buildings. Vacancy in the market stood at about 21%, while 20% of demand was formed by tenants forced to relocate from properties affected by strikes.
“The office market in Kyiv can no longer be assessed according to pre-war logic. Today, a tenant chooses not simply an address or a building class, but the ability of a property to ensure business continuity. A shelter, generators, engineering systems, the safety of the district and the readiness of the premises for quick move-in have become parameters as important as the rental rate,” says the founder of the Experts Club analytical center, Candidate of Economic Sciences Maksym Urakin.
Rental rates in Kyiv remain relatively stable, but the market retains pronounced differentiation. According to InVenture, effective rates for class A offices without renovation at the end of 2025 amounted to $14-18 per sq. m per month excluding VAT and operating expenses, while for offices with renovation they amounted to $19-25 per sq. m. Asking rates for class A were in the range of $16-27 per sq. m, and for class B — $8-18 per sq. m.
In 2026, Kyiv’s office market remains a tenant’s market: property owners are forced to offer flexible terms, divide large areas into smaller blocks, invest in ready-made finishing and increase the autonomy of buildings. At the same time, the best class A and B+ properties with shelters, stable power supply and high-quality operation are holding demand better than outdated buildings and premises without renovation.
CBRE Ukraine senior office real estate consultant Anastasiia Kachan noted that in Kyiv the connection between the rate and the specific location of a business center has strengthened: now not only proximity to the metro matters, but also the location relative to infrastructure or military facilities. According to her, each business center can effectively operate outside the typical rules of its submarket or district.
IT companies remain the key tenants in Kyiv, but the structure of demand has become broader. Activity is also being formed by the defense sector, medical companies, professional services, consulting, logistics, representative offices of international organizations and part of the business related to reconstruction. According to CBU/CBRE Ukraine, in 2025 demand from the military sector increased noticeably, and the market began adapting offers to such needs.
“The office has ceased to be a place of daily presence for all employees, but it has not lost its significance for management, communication and corporate culture. Companies are optimizing space, but they are not abandoning a quality office. Therefore, demand is shifting from large monofunctional spaces to more flexible, safe and technological formats,” Experts Club notes.
Development activity remains minimal. In 2025, not a single new business center was commissioned in Kyiv, and by the end of 2026, according to InVenture’s estimate, about 27 thousand sq. m may enter the market, but commissioning deadlines may be postponed due to security risks, limited financing and a weak level of pre-leasing.
The situation in Ukraine’s major cities is heterogeneous. Lviv remains one of the most active regional office markets thanks to business relocation, the presence of the IT sector, proximity to the EU border and a relatively higher level of safety compared with the eastern and southern regions. According to Forbes Ukraine, by the end of 2025 vacancy in Lviv business centers decreased to 25%, while rental rates remained at $7-15 per sq. m.
In 2026, the Lviv market can be considered the second most important after Kyiv in terms of office demand, but its scale is limited. For tenants, ready-made premises, transport accessibility, energy resilience and the possibility of accommodating small or medium-sized teams are important. Large deals remain rare, while some companies prefer hybrid formats or coworking spaces.
Dnipro retains the role of an industrial, logistics and service center, but the city’s office market remains more local and less institutionalized than in Kyiv or Lviv. Demand is formed by regional companies, service businesses, retail operators, logistics, medical services and part of production structures. Due to proximity to an area of increased risks, tenants are especially sensitive to the safety, cost and autonomy of premises.
Odesa remains an important southern business center, but the city’s office market is strongly dependent on the overall security situation, port and logistics activity, tourism, trade and service business. The market includes both classic offices in central districts and premises in new multifunctional complexes. Demand in 2026 remains selective: tenants choose ready-made small premises, while large corporate deals are limited.
Kharkiv remains the most difficult of the large office markets due to the high level of security risks and proximity to the frontline zone. A significant part of business operates in a reduced, distributed or remote format. Nevertheless, the market has not stopped completely: demand remains for small offices, service premises, spaces for local business and properties with minimal operating costs.
“In regional cities, office real estate has ceased to be a single segment. Lviv operates as a market of relocation and IT, Dnipro as a market of industrial and service business, Odesa as a southern trade and logistics hub, and Kharkiv as a market of survival and adaptation. Therefore, comparing them only by rental rate is no longer correct: it is more important to look at safety, the tenant profile and the resilience of the local economy,” Maksym Urakin believes.
A common trend for all major cities has been the reassessment of office space. Companies more often choose smaller areas, completed renovation, flexible lease terms and buildings where the owner assumes part of the capital expenditures. Premises without renovation and large blocks in outdated properties remain less liquid, since tenants are not ready to invest in expensive fit-out amid high uncertainty.
Another factor is autonomy. After energy crises and attacks on infrastructure, offices with generators, stable internet, backup systems, shelters and high-quality management gained a competitive advantage. In some cases, such characteristics allow properties to maintain their rate even with overall high market vacancy.
According to InVenture’s assessment, the investment logic of office real estate in 2026 has become more cautious: before the pandemic and the war, the typical payback period for office premises was estimated at about 7-8 years, whereas in 2026, 10-12 years is already becoming the norm for most assets. At the same time, the best properties with a strong tenant and a successful location may show more attractive results, but this is rather an exception.
According to Experts Club’s forecast, by the end of 2026 Ukraine’s office market will move according to a scenario of slow recovery without a sharp increase in rates. Kyiv will retain the status of the main market, Lviv the status of the main regional center of demand, while Dnipro, Odesa and Kharkiv will develop mainly at the expense of local tenants and selective deals.
“The main risk for the market is not the absence of demand, but its quality. Demand exists, but it has become cautious, rational and demanding. Tenants want to pay not for meters, but for a guaranteed ability to work. This means that office real estate in Ukraine is gradually moving from a space model to a service and resilience model,” Experts Club summarizes.
Thus, by May 2026, the office real estate market of Kyiv and major Ukrainian cities remains in a transitional phase. It has already passed through the period of a shock decline, but has not yet returned to a full-fledged investment cycle. The most sought-after offices are becoming safe, ready-to-use, energy-resilient and flexible ones. Outdated properties without renovation, autonomy and a clear operational model will continue to lose competitiveness.
In 2025, foreign buyers purchased 41,086 homes and apartments in Portugal, a 6.6% increase from the previous year, according to Portugal’s National Institute of Statistics (INE).
Brazilian citizens constituted the largest group of foreign buyers. In 2025, they purchased 9,808 properties, a 27.5% increase from 2024. Angolan citizens ranked second with 4,145 purchases, marking a 2.2% increase. The French took third place, purchasing 3,765 properties, a 6.2% decrease from the previous year.
According to INE data, foreign buyers with tax residency in Portugal completed 34,834 transactions, an 11.4% increase from 2024. At the same time, purchases by non-residents declined: foreigners without tax residency in Portugal acquired 8,471 properties, 13.3% fewer than the previous year. This marked the third consecutive year of declining activity among non-residents.
This gap reflects a shift in the structure of foreign demand. The Portuguese real estate market is increasingly relying not on traditional foreign investors, but on foreigners already living in the country. These may include migrant workers, relocators, families with long-term residence permits, and members of diasporas, primarily Brazilian and Angolan.
Foreigners continue to purchase more expensive properties than local residents. According to INE data, the average value of real estate purchased by buyers with tax residency in Portugal was EUR234,120. Buyers from EU countries paid an average of EUR335,640 per property, while buyers from non-EU countries paid EUR470,277. British and American buyers purchased particularly expensive properties: the average transaction price was EUR512,585 and EUR479,403, respectively.
Geographically, demand from non-residents remains concentrated in the most attractive regions. In 2025, the Algarve accounted for 29.7% of non-resident transactions, the Northern region for 20%, the Central region for 14.9%, and Greater Lisbon for 12.5%. In terms of transaction value, the Algarve’s dominance is even more pronounced: the region accounted for 42.4% of total non-resident investment in housing.
The INE also noted strong growth among buyers from Ukraine, Cape Verde, and Venezuela: the number of transactions by citizens of these countries increased by more than 25% in 2025. However, the exact number of properties purchased by Ukrainians is not disclosed in the INE’s brief publication or in reports by the Portuguese media.
For Ukrainians, Portugal remains an attractive destination due to its safety, access to the EU, labor market, diaspora ties, and the possibility of long-term residency. At the same time, following the removal of real estate as a basis for the Golden Visa, investment demand has become less tied to obtaining a residence permit and more dependent on actual relocation, income levels, and long-term residency plans.
Ukraine’s local budgets received 4.9 billion UAH in taxes on real estate other than land plots from January through April 2026, a 14.5% increase compared to the same period last year, according to the State Tax Service (STS).
The largest amounts of revenue were recorded in Kyiv (UAH 1.05 billion), Kyiv (UAH 547.3 million), Dnipropetrovsk (UAH 490 million), and Lviv regions (UAH 487 million). The agency noted that this tax is levied only on the area exceeding the tax-exempt thresholds: over 60 square meters for apartments, over 120 square meters for houses, and over 180 square meters for various types of housing. The tax rate is set by local authorities but cannot exceed 1.5% of the minimum wage per square meter above the threshold.
At the same time, land tax revenues for the first four months of this year increased by 14.3% compared to the same period in 2025—reaching 15.8 billion UAH. The additional revenue for local communities from this payment amounted to nearly UAH 2 billion. The leaders in land tax payments were Dnipropetrovsk Oblast (UAH 3 billion), Kyiv (UAH 2.3 billion), Odesa (UAH 1.4 billion), and Lviv (UAH 1.2 billion) Oblasts.
Land tax is a mandatory local payment made by owners of land plots, land shares, and permanent land users. For individuals, assessments are made by tax authorities, and payment must be made within 60 days of receiving the tax notice-decision. Legal entities calculate the tax themselves and file returns annually by February 20.
Land tax exemptions are available for senior citizens, individuals with disabilities of Groups I and II, war veterans, large families, and individuals affected by the Chernobyl disaster. The exemption applies within the established limits on plot size. The State Tax Service notes that the obligation to pay the tax remains with the owner even if no notice is received, and the status of payments can be checked through the taxpayer’s electronic account.
According to Serbian Economist, after several years of low activity among foreign buyers, Hungary’s real estate market may be entering a phase of renewed interest from foreign capital.
According to experts, the Hungarian market has long been operating below its potential: after four years of stagnation, foreign investors have largely ceded ground to domestic buyers. Now analysts expect that a combination of political changes, potential reforms, and pent-up demand could bring Hungary back into the spotlight for international investors.
An additional factor is the expectation of an improved investment climate and the potential release of European funding. Property Forum notes that market participants are discussing a “restart” of the Hungarian real estate market following the April 2026 elections, with macroeconomic stability, regulation, and the willingness of institutional investors to return to the country remaining key issues.
At the same time, the market has already gone through a period of significant price growth. According to Global Property Guide, citing the Hungarian National Bank’s housing price index, housing in Hungary rose by 21.29% year-over-year in the third quarter of 2025, or by 16.29% in real terms, indicating strong price momentum even before the full return of foreign demand.
In 2026, the market appears more balanced. According to data from Duna House cited by International Investment, approximately 78% of transactions are concluded below the initial asking price, indicating a strengthening of buyers’ bargaining power and the market’s transition from overheating to a more stable phase.
Budapest remains the main center of interest. The capital combines high rental demand, developed infrastructure, tourist traffic, and its status as the country’s business hub. However, it is in Budapest that authorities are also discussing restrictions on short-term rentals: earlier, one of the city’s central districts voted to ban short-term rentals starting in 2026, which could alter the investment model for some buyers.
For foreign investors, Hungary retains several advantages: prices are lower than in most Western European capitals, the market is part of the EU, and the weakening of the forint may make purchases more attractive to buyers with capital in euros or dollars. At the same time, the risks remain significant: rental regulations, high inflation in recent years, political uncertainty, and the market’s dependence on state support and credit conditions.
The return of foreign capital could support prices, especially in Budapest and other liquid locations. However, for local buyers, this could exacerbate the housing affordability problem, which has already become one of the key social issues in Hungary. The government has previously launched first-home support programs, including subsidized loans at 3% for up to 25 years, to help young buyers enter the market.
Thus, the Hungarian real estate market enters 2026 in a mixed state: prices have already risen significantly, demand has become more cautious, but expectations of political and economic changes may once again attract foreign investors. For the market, this means a likely uptick in transactions, and for buyers—the need to more carefully evaluate location, rental models, and regulatory risks.
Over the past three years, Turkish investors have invested approximately EUR614 million in Greek real estate, significantly strengthening their presence in the housing market of their neighboring country. According to experts, the main motivation for buyers from Turkey has been the desire to protect their capital from high inflation, currency fluctuations, and domestic economic uncertainty. For them, Greek real estate serves not only as an investment asset but also as a way to gain access to the European residency program.
An additional factor is the Golden Visa program, which allows citizens of non-EU countries to obtain a residence permit in Greece through investment. Depending on the property and region, the minimum investment threshold ranges from EUR250,000 to EUR800,000, and the residence permit itself is issued for five years with the possibility of renewal provided the investment is maintained.
The growth in interest from Turkish buyers is particularly noticeable against the backdrop of an overall decline in foreign investment in Greek real estate. According to the Bank of Greece, foreign investment in this sector fell by 22% in 2025—to EUR2.05 billion, down from EUR2.75 billion the previous year. Despite the decline, 2025 remained one of the strongest years for the market in terms of foreign capital inflows.
For Greece, Turkish demand has a dual effect. On the one hand, it supports developers, the secondary housing market, and investments in tourist areas. On the other hand, it increases pressure on prices, especially in Athens, Thessaloniki, on the islands, and in coastal locations, where supply is limited and local residents are already facing housing affordability issues.
Turkish investors’ interest is also linked to geographical proximity. Greece is perceived as a familiar and relatively close market: tourism and business ties are developing between the countries, and the Greek islands remain a popular destination for Turkish citizens. Reuters previously reported that Greece had extended a simplified visa regime for Turkish citizens to a number of Aegean islands, which further bolstered ties between the two markets.
In the near future, Turkish capital is likely to continue playing a significant role in the Greek market.
Dubai has abolished the minimum property value requirement for obtaining a two-year investor residency visa. Previously, buyers were required to own a property worth at least 750,000 dirhams, or approximately $204,000.
The new rules apply to the two-year renewable visa for property owners, which is processed through the Dubai Land Department and its Cube Centre. Now, an individual owner can apply for such a residence visa regardless of the property’s value, provided the property is registered in their name and all other documentation requirements are met.
For joint ownership, the minimum threshold remains, but in a different form: each co-owner must hold a share worth at least 400,000 dirhams. This means that the relaxation is primarily intended for buyers who register the property under a single owner.
Removing the threshold makes residency status more accessible to buyers of small apartments and studios, which previously might not have met the minimum value requirement. For Dubai’s real estate market, this could boost demand in more affordable segments, especially among foreigners who view a purchase not only as an investment but also as a way to obtain legal residency status in the UAE.
However, this change does not apply to the 10-year Golden Visa. For the “Golden Visa” obtained through real estate, a separate investment threshold remains in effect—typically starting at 2 million dirhams. Therefore, the new measure specifically broadens the entry point into the residency market but does not replace long-term programs for major investors.
For buyers, what remains important is not only the fact of owning real estate, but also the legal soundness of the property, registration of ownership rights, compliance with Dubai Land Department requirements, and the willingness to cover associated costs for visa processing, Emirates ID, and health insurance.
Dubai remains one of the most active real estate markets in the Middle East. Demand is supported by the influx of foreign residents, growth in business activity, the UAE’s tax appeal, and its developed infrastructure. The removal of the minimum threshold for a two-year residency permit may further expand the pool of buyers for whom purchasing real estate in the emirate becomes a way not only to invest but also to establish a foothold in the country.
