March 06, 2024
According to Rostyslav Melnyk, CEO of Real Estate Corporation RIEL, the primary real estate market in Lviv is recovering almost twice as fast as the market in the capital, and buyers prefer properties at the final stage of construction. He said this in an interview with the LIGA business portal.
“According to my data, the primary housing market in Kyiv has recovered by 25% compared to pre-war 2021, in Lviv – g40-45%. Even at the stage of foundation laying, people are paying money to developers which are actually building and have the trust of customers. For example, in Lviv, people bought housing from us at the foundation pit at two sites. Usually, people are interested in projects that are at the final stage of construction.”
He also noted that after the outbreak of full-scale war, sales in the primary market in the capital decreased by 20 times and in Lviv by eight times compared to the pre-war period. However, the biggest challenge for developers today is the lack of skilled labor:
“In Lviv, the pace of construction has always lagged behind Kyiv. I started my first project in Kyiv in 2014. And I did not realize then that it was possible to build four floors of the frame per month. In Lviv, it was one or one and a half floors. Now the trend has changed, and Lviv residents could reach two, two and a half floors. Today, there are no resources to build at this pace. My largest contractor used to employ 150 people, today it is 50-55. And it does not have the resources to increase its staff.”
Shortly before, Rostyslav Melnyk said that Real Estate Corporation RIEL was launching a project to build a 270-seat kindergarten in Lviv:
“We are finalizing the design and will start construction of a children’s educational institution. It will be a kindergarten for 70 children and a school for 200 children. It will be a classroom complex with a swimming pool, a bomb shelter, which will have a dual purpose so that it can be used in peacetime.”
