Ready-made housing vs. investments in the pit: how the war has changed the buyer's logic ^{Реклама}

The full-scale war has changed not only the lives of Ukrainians, but also their financial strategies. The real estate market has become one of the sectors where these transformations are particularly noticeable. While investors used to be willing to invest in projects at the early stages of construction, today more and more buyers prefer ready-made housing. However, this does not mean a rejection of investment, but rather a rethinking of it.

We analyzed this together with ZEZMAN Holdings, a leading investment and development holding based in Odesa.

How the war has changed buyer behavior

Until 2022, investments "in the pit" were a common practice. Buyers entered at the start of construction, getting a lower price and the prospect of value growth after the project was completed. Today, safety and predictability have become key factors. Buyers have become more cautious: they are more interested in the timing of construction completion, the developer's reputation, and the availability of completed projects. As a result, the demand for ready-made housing has increased.

Finished apartments are now perceived as a safer asset. They do not depend on the pace of construction, allow you to move in or start renting immediately, and have a clear market value.

However, ready-made housing has an obvious disadvantage: it is more expensive. The buyer actually pays for peace of mind and a guarantee, but loses some of the potential profit that could have been earned by investing at an early stage of construction.

Does it make sense to invest "in the pit" now?

Despite the growing interest in finished projects, investments during the construction phase remain relevant - but for more experienced or cautious investors.

The average cost per square meter in new buildings in 2025 increased in almost all cities. But sales in Ukraine last year were opened in 214 new residential complexes, but none of them in Odesa, which indicates an increase in demand.

The record growth was recorded in Odesa (+19% for the year), Khmelnytskyi (+14%) and Lutsk (+12%).

In addition, new buildings offer modern layouts, energy-efficient technologies and well-thought-out infrastructure, which is increasingly appreciated by both tenants and end buyers.

What do modern citizens choose?

Modern residents choose a place where it is pleasant to be every day. Where form meets content. And here visual identity becomes an invisible but very powerful tool that turns a set of buildings into a community. This is one of the factors that contributed to the creation of the community of the town, which is involved in all spheres of life. ZEZMAN Holding saw the need for people not to be lonely neighbors, but to be active, have friendly relations and a space for living together. In such a model of behavior, the developer plays the role of an organizer, creating conditions where people can communicate more closely.

ARTVILLE is an example of how conscious design and a consistent visual solution can shape not only recognition but also a new urban culture. And perhaps the future of our cities lies in such towns. Visual perception of the environment is no less important. A person is subconsciously drawn to places that are beautiful, orderly, and logical.

At ARTVILLE, this principle is implemented comprehensively: from the identity in the logo to the color accents on the facades. Color here performs not only an aesthetic but also a navigational function - it is easy for residents to navigate in space, even for children. The idea of living space is embodied here through a synthesis of design and architecture. The courtyards have their own structure, they are closed to cars, decorated with sculptures, street art, and installations. This is a space that you want to explore.

The ARTVILLE identity is felt in the details: the font on the signs, the color schemes, even the way mailboxes or signs are designed. This forms not just a style - it creates a sense of a holistic environment that works on the mood, perception of space, and the desire to live here.

In today's environment, the investment logic in the real estate market in Odesa is not disappearing - it is transforming. If earlier the key factors were location, price and value growth potential, today safety, autonomy and the ability of the living environment to adapt to crisis conditions are becoming increasingly important.

Against this backdrop, the example of the ARTVILLE residential community is particularly illustrative, where the concept of a "city within a city" takes on a new meaning. It is no longer just about comfort, but about system autonomy, which allows residents to maintain their quality of life even in unstable circumstances.

In particular, an important factor for investors and residents is the availability of shelters on the territory of the complex as a basic element of security that meets current challenges. This is not an additional option, but a necessary standard that increasingly influences the purchase decision.

Engineering autonomy is equally important. The availability of generators, well-thought-out solutions to ensure uninterrupted operation of the infrastructure during power and water outages are practical things that were perceived as a bonus a few years ago, but have become critically important today. In this context, an investment is seen not only as a financial asset but also as a contribution to the stability of everyday life.

Educational infrastructure also creates additional value. The operation of a school directly on the territory of a residential community greatly simplifies the lives of families with children, reduces the logistical burden on parents and creates a more predictable and safe learning environment.

Thus, today investors are increasingly evaluating real estate not only through the prism of profitability, but also through the ability of the property to meet basic needs, such as security, autonomy and resilience to external challenges. And these characteristics are gradually becoming new markers of housing quality in Odesa.

Odesa: a city where investment logic is transforming but not disappearing

Odesa region is particularly illustrative in this context. On the one hand, the war has affected the market: buyers have become more cautious, and the pace of transactions has varied depending on the security situation. On the other hand, Odesa remains a city with strong potential.

According to the State Statistics Service, in 2025, 0.61 million square meters of housing were commissioned in Odesa, which is more than in the whole of 2024 (0.58 million square meters). This indicates the activity of developers and the stable demand for housing in the region.

New investment logic is not a rejection, but an evolution

The war did not destroy investment interest in real estate - it transformed it. Buyers have become more rational, demanding and attentive to details. They are no longer just looking for the lowest price, but also evaluate the reliability of the developer, the prospects of the location, and the real quality of the project.

In this new reality, investing in real estate in Ukraine remains worthwhile. Especially when it comes to the primary market in cities such as Odesa, where the demand for quality housing remains despite all the challenges.

Олена Болган