A one-room flat in Kyiv is offered at a median of $68,500 in September 2026, according to LUN's monthly snapshot published on 16 September. That is the same figure as in August and 4–5% more than a year ago, and it hides a range from $43,900 in Desnianskyi to $143,000 in Pechersk. It also hides a second number that matters more to anyone actually transacting: the median price of one-room flats that were sold, on the same LUN series, is $55,500, which is 19% below the asking median. Analysts tracking the Kyiv market note that the gap has become the market's main fact, and that the dollar at 45 hryvnias, the other headline of the week, changes what both sides of that gap mean in local money.
This piece uses three price series and keeps them apart, because they measure different things. LUN publishes medians of asking prices per flat, in dollars, at the start of each month, plus a separate median of flats already sold. DIM.RIA publishes averages per square metre across all active listings, including premium stock, and a separate average for new builds in hryvnias by district and class. OLX publishes medians of its own listings and counts of listings and responses. None of them is wrong; a $68,500 LUN median and an $89,500 DIM.RIA average for the same one-room segment are both true.
Prices by district, September 2026
| District | One-room, LUN median asking | Two-room | Three-room |
|---|---|---|---|
| Pechersk | $143,000 | $207,000 | $335,000 |
| Shevchenkivskyi | $88,000 | $127,000 | $210,000 |
| Holosiivskyi | $76,300 | $123,000 (June) | $161,000 (June) |
| Podil | $76,000 | $107,000 (June) | $128,000 (June) |
| Solomianskyi | $62,000 (June) | $84,300 | ~$120,000 |
| Darnytskyi | $66,000 (June) | $96,800 (June) | ~$120,000 |
| Obolon | $60,000 | $86,000 (June) | ~$120,000 |
| Dniprovskyi | $58,000 | $75,000 | $107,000 |
| Sviatoshynskyi | $50,000 | $70,000 (June) | $95,000 (June) |
| Desnianskyi | $43,900 | $61,500 | $77,000 |
| Kyiv, median | $68,500 | $102,000 | $150,000 |
Figures marked June are the last full district table LUN published, in the 24 Kanal survey of 20 June; the rest are September. The shape has not changed since June, but the level has: Pechersk one-rooms were $150,000 then, Shevchenkivskyi $95,000, Holosiivskyi $79,000, Desnianskyi $45,200. The two- and three-room medians are down 5–7% over six months and the one-room is down 2%, on LUN's own reading that "the main rise happened in summer and autumn 2025, and in winter and spring 2026 the market partly rolled back". Renovation is worth $20,000 in Pechersk, $155,000 against $135,000, and $8,000 in Desnianskyi, $46,000 against $37,900.
Outside the city the ladder continues: $53,900 in Vyshneve, $50,500 in Irpin, $50,000 in Brovary, $38,500 in Bucha, $30,000 in Hostomel. And Kyiv is no longer the top of the national table on this series: a one-room in Lviv was $73,000 in July and in Uzhhorod $70,700 in September, both above the capital, with Uzhhorod also the most expensive city in the country to rent a one-room at 29,100 UAH.
OLX's July medians run higher because its listing mix is different, but the district order is the same: Pechersk $164,076, up 14% on the year, Shevchenkivskyi $98,918, Holosiivskyi $84,730, Podil $82,343, Solomianskyi $69,321, Darnytskyi $65,032, Dniprovskyi $62,072, Obolon $60,881, Sviatoshynskyi $51,475, Desnianskyi $45,309; the city median was $74,776, up 3%.
New builds: 58,000–63,000 hryvnias a metre
The primary market is priced in hryvnias, which matters in a devaluation year. LUN's average starting price for Kyiv new builds was 63,300 UAH per square metre in early August, up 15.3% over the year and 7.5% over six months, and 61,900 UAH in a later August snapshot; by class, economy 40,100 UAH, comfort 54,900, business 82,200, premium 163,000. DIM.RIA's average across 299 complexes on 17 September was 58,386 UAH, about $1,318 at the bank rate: 40,492 UAH in Desnianskyi, 51,428 in Darnytskyi, 51,697 in Dniprovskyi, 56,924 in Solomianskyi, 61,469 in Sviatoshynskyi, 70,456 in Obolon, 73,727 in Holosiivskyi, 75,151 in Podil, 81,723 in Shevchenkivskyi and 126,610 in Pechersk; by class 43,528 UAH for economy, 58,204 for comfort, 91,498 for business and 140,121 for elite. In dollars, LUN's June median was $1,340 a metre, from $810 in Desnianskyi to $2,810 in Pechersk.
Two things follow. First, a hryvnia price that rises 15% while the dollar rises 5.5% is a real dollar increase of about 9%, so the primary market has been the stronger segment this year. Second, the hryvnia pricing is why developers can sell 0% instalments: typical terms are 20–30% down and 0% for 18 months to four years, and September promotions on LUN include a three-room of 83.2 square metres in Grand Burzhe for $89,440 with 23% down over three years, 10% off for full payment at Svidomi, 5–7% off at Park Royal, Oxford and Optimisto, and 58,000 UAH a metre at Evromisto until 20 September. Every fifth new-build flat is bought with a loan, almost all through єОселя, and last week 100 of the programme's 146 loans went to the primary market, 61 of them in buildings still under construction. The developer programmes and their fine print were covered separately.
What the dollar at 45 does
Sale prices are in dollars and rents are in hryvnias. The NBU's official rate was 42.35 on 1 January and 44.60 on 17 September, 44.66 for Friday; PUMB sold cash at 45.00 on Thursday morning. The reasons and the forecasts are in a separate piece. For the apartment market the arithmetic is this.
| Item | 1 January 2026, rate 42.35 | 17 September, rate 44.60 | Cash rate 45.00 |
|---|---|---|---|
| $68,500 one-room in hryvnias | 2,901,200 UAH | 3,055,100 UAH | 3,082,500 UAH |
| Change vs January | — | +153,900 UAH (+5.3%) | +181,300 UAH (+6.25%) |
| LUN median rent, one-room | 18,000 UAH = $425 | 18,000 UAH = $404 | 18,000 UAH = $400 |
| Gross yield on $68,500 | 7.45% | 7.07% | 7.0% |
| Net yield at 23% tax | 5.7% | 5.4% | 5.4% |
| Net yield at 10% tax from 2027 | 6.7% | 6.4% | 6.3% |
A buyer saving in hryvnias needs about 6% more than in January for the same flat, which is the whole year's deposit interest after tax. A seller who priced in dollars has lost nothing on paper and everything in the market, because the buyers who can pay $68,500 are fewer. A landlord collecting 18,000 UAH a month, LUN's September median for a one-room, is earning $400 instead of $425 and has watched the yield in dollars slip from 7.45% to 7.0% with the asset price unchanged. The precedent is 2022: after the hryvnia's 25% devaluation in July of that year, Kyiv rents in dollar terms halved within six months while asking prices for one-rooms fell from $63,000–68,000 to $59,100 and sold prices barely moved at $56,500. Rents catch up in hryvnias with a lag; prices in dollars do not fall to meet them.
The rent side of the ladder, LUN September medians for a one-room: 38,100 UAH in Pechersk, 24,000 in Holosiivskyi, 23,000 in Shevchenkivskyi, 22,000 in Podil, 17,700 in Solomianskyi, 16,000 in Darnytskyi and Obolon, 15,000 in Sviatoshynskyi, 13,000 in Dniprovskyi and 10,000 in Desnianskyi, as set out in the rent survey on 16 September. Set against the sale medians, Desnianskyi yields 10,000 × 12 / 43,900 × 45, about 6.1%, and Pechersk 38,100 × 12 / 143,000 × 45, about 7.1%, so the expensive district is the higher-yielding one this autumn, an unusual configuration that reflects tenants paying for shelters and parking in the centre.
Demand, supply and the discount
The signals point one way. OLX counted 18% fewer one-room sale listings in July than in July 2025, with Solomianskyi and Shevchenkivskyi down 24%, and responses per listing down from 4.4 to 3.7, a 17% fall in demand, steepest in Pechersk at 33%; its own summary was "sales fell 15% but prices barely changed", and its explanation was the security situation. DIM.RIA then recorded a 43% jump in secondary supply in August, the largest of any region, as owners who had held listings back put them out. Olena Haidamakha, president of the realtors' association, said on 2 September that prices are down 5–10% across categories "because of constant shelling and alerts" and that she had seen one-room offers at $32,000: "In 26 years in real estate I do not remember such prices." A group of realtors told UNIAN in August that Kyiv could fall about 20% by autumn if the attacks persisted; Oleh Derliuk argued the opposite, that "the price decline some buyers are waiting for will not happen, especially for one- and two-room flats".
The data sit between them. LUN's median time to sell fell to 41 days in July from 60 in January, which is not a frozen market; the one-room median is up 4–5% on the year, which is not a collapse; and the 19% gap between asking and sold for one-rooms, 22% for two-rooms and 35% for three-rooms is where the adjustment is actually happening. The realistic transaction price for a median one-room is about $55,000, and for a seller that is the number to plan around rather than the $68,500 in the listing. Metro ridership, a rough proxy for who is in the city, was 17.2 million in August against 20 million a year earlier, though the fare rose from 8 to 30 hryvnias in July and confounds the comparison. Reports of a mass exodus after the 8 September attack were checked by the Kyiv Independent and found to rest on rush-hour footage.
Financing and taxes
The National Bank raised the key rate to 16% on Thursday, effective 18 September, a decision analysed separately. Market mortgages already start at 16.99% and reach 20–23% with 20% down, and they are about 3% of all purchase deals; єОселя is 93% of new mortgages, at 3% for the military, teachers, medics, scientists and veterans and 7% for people without housing and for displaced persons, with 5,909 loans for 11.7 billion UAH issued this year and an average loan of about 1.98 million UAH, roughly $44,000. Kyiv city took 15 of last week's 146 loans; the region took 61. The effective rate in mortgage deals actually closed in June was 8.25% on the primary market and 9.38% on the secondary, which is the programme's arithmetic, not the banks'.
On a $68,500 flat at 44.60, 3,055,100 UAH, the transaction costs are: for a seller who has owned the flat less than three years or is making a second sale in the year, 5% income tax plus the 5% military levy, 305,500 UAH; a third sale in a year is taxed at 18% plus 5%, almost a quarter of the price; a first sale after three years of ownership is tax-free. The buyer pays 1% to the pension fund, 30,551 UAH, and the 1% state duty is usually shared. Rental income is taxed at 18% plus 5% now and at 5% plus 5% from 1 January 2027 under bill 15111-д, adopted on 9 June, which also removes the landlord's property-tax exemption on the first 60 square metres. The rules for selling within three years and the step-by-step of a Kyiv purchase are covered in earlier guides.
What the numbers say
In analyst Ruslan Averin's assessment the Kyiv market in September 2026 is a dollar market with hryvnia buyers, and the 45 rate is the pressure that will close the 19% gap between asking and sold, from the asking side. The one-room at $68,500 is not going to $55,500 in the listings this autumn, but the flats that trade will trade nearer $55,000 than $68,000, and a seller who needs a sale in 41 days should price there. For a buyer the comparison is not with January's prices but with January's hryvnias: the same flat costs 6% more in local currency, and the choice between a flat and a bond has moved in the bond's favour with OVDP at 15–16% tax-free against a 5.4% net rental yield. The segment where the arithmetic still works for an investor is the one the data keep pointing to: a renovated one-room in a central district with shelter and parking, where rents held through the year and the yield is above 7%. Prices have doubled in seven years; the next leg depends on the exchange rate more than on the districts.
Related: Kyiv rents by district, September 2026, the dollar at 45, the NBU's rate hike to 16%, new-build prices and єОселя and which flat to buy to let in Kyiv.