April 16, 2025
On April 10, the first Forbes Development Forum was held in the capital – an event on the reconstruction of the country, which brought together leaders in development, architecture, the public sector, and international organizations. The event focused on space, housing, infrastructure, rules of the game, and the people who shape them. Rostyslav Melnyk, CEO of RIEL Real Estate Corporation, took part in the panel discussion “Housing is About Life. How to Lay the Foundation for Rapid Development.”
“Housing today is one of the few industries that has not stopped despite the war. We have not slipped into survival mode, but continue to develop our product,” Melnik said during his speech at the forum.
However, Rostyslav Melnyk believes that clear and transparent rules are necessary for the real estate market to grow:
“Instead of building, we are constantly “putting out fires”: first they return share participation, then they stop the detailed plan of the territory, then the water utility has no manager for months. Such barriers hinder not only construction but also market expansion,” he stressed. “Secondly, we must ensure that people can afford to buy apartments. Therefore, I believe that now is the best time to start working with the state to create new mechanisms to support people in purchasing housing.”
“World banks, IFC, EBRD have money, but they cannot give it until there are rules of the game. Therefore, these and other financial institutions and authorities must sit down at the negotiating table and work out these rules together with developers. Openness and accountability are what build trust. And we are ready to be part of these decisions,” emphasized the CEO of RIEL.
“Who is the beneficiary, the history of the company, where the money came from... This will be an important element of trust for buyers and an opportunity for cooperation with international institutions. No consolidated reporting means no money. No money means nothing to build and sell to the customer,” he added.
When asked what the real estate market will be like after the war, Rostyslav Melnyk said:
“The market will develop very rapidly. Because there is a need. Not demand, but a need for housing. Of course, it will be different. There will be leases with the right to purchase, mortgages, and various new options for acquiring housing. But in order for developers to work at full capacity, they need a workforce and rules of the game.”
The first Forbes Development Forum became a unique platform for dialogue between business, architects, community representatives, and the state. United by a common goal – the reconstruction of Ukraine – participants sought points of contact that would become the foundation for the restoration of a modern, sustainable country.
The Ukrainian Association of Developers (UA Developers) was an active participant in organizing the event.
