These hot new properties are getting built in Kyiv

Ukraine’s economy is recovering and Kyiv’s real estate market is no exception. The capital is dotted with working construction sites, so the Kyiv Post looked into what exactly is being built.

Here’s the Kyiv Post guide to the best residential, commercial, and retail properties under development in the capital.

Residential

Supply still far exceeds demand on the residential property market. For buyers, this means a wide selection and attractive prices.

According to City Development Solutions, a Kyiv-based real estate consulting firm, nearly 40,000 new apartments were added to the capital’s market during the first nine months of 2017 due to the beginning of sales in 36 new residential properties and 52 buildings that were expansions of existing apartment complexes.

Only a small share of them will find new owners by the year’s end: In 2016, a little over 29,000 apartments were purchased in Kyiv in both new and old buildings, according to the Ukrainian Trade Guild (UTG), a Kyiv-based real estate consultancy firm.

As apartment complexes under construction offer the lowest prices, Kyivans are often suspicious about purchasing them, having learned from past scams, where a developer disappeared with money or the property’s completion was delayed for years.

Varshavsky Mikrorayon

Address: Pravdy Avenue

Developer: Stolitsa Group. The company was founded in 2003 and has developed 49 apartment buildings since then, according to Lun.ua.

Starting price: $27,800 for a studio of 39.7 square meters, $50,550 for a two-bedroom apartment.

Varshavsky Mikrorayon (Warsaw Neighborhood) is the most searched-for property on LUN.ua, Ukraine’s top real estate database. It is located on Pravdy Avenue, in the capital’s northwestern section.

The large complex is planned to include 21 buildings of between 13 and 25 floors, which will be constructed in seven phases. Apartments will have one, two, three or four rooms, and range in area from 39 to 122 square meters.

The buildings are being constructed simultaneously and none of them are yet finished. Six buildings are scheduled to open by the end of the year.
The complex has no metro stations nearby, but getting to the city center by car should take about 20 minutes if traffic conditions are good. The private Meridian International School and Retroville shopping mall are across the road. The mall is under construction and scheduled to open in 2018.

Evrika

Address: 6 Akademika Hlushkova St.

Developer: Bank Arkada. The company has built 28 residential buildings since 2010, according to LUN.ua. It is constructing two large residential complexes: Evrika on the right bank and Patriotika on the left.

Starting price: $25,500 for a studio apartment of 38.6 square meters, $39,000 for a two-bedroom apartment.

Evrika (Eureka), is planned as a 30-house apartment complex close to the southern border of Kyiv in the Teremky neighborhood. Several apartments are nearly finished, but the construction of the remaining ones have been delayed by a few months. The perks include a large park area next to the complex, metro access, affordable prices and mortgage opportunities. The downsides: dense construction, lack of parking spaces and remoteness from Kyiv’s city center.

Fayna Town

Address: 2B Saliutna St.

Developer: KAN Development is the company behind the popular residential complexes Comfort Town and Parkove Misto. It has finished 12 buildings since 2001, according to LUN.ua.

Starting price: $26,500 for a studio of 29.5 square meters, $45,000 for a one-bedroom apartment.

Fayna Town (Good Town) is an especially big complex that will include 70 high-rise buildings, according to the developer. The construction is only starting, but a few apartment have already been sold. The complex is located not far from Nyvky and Svyatoshyn metro stations, next to ExpoPlaza exhibition complex and close to the famous Antonov airplane plant. There are two parks nearby: one small one across the road and Syretsky Park, a large park located several blocks away. The first buildings are scheduled to open by end of 2018.

Manhattan City

Address: Pobedy Avenue/Borshchahivska Street

Developer: Kyivmiskbud (also Kyivgorstroy) is a construction holding owned by the city.

Starting price: $47,200 for a studio of 52 square meters, $87,000 for a two-bedroom apartment.

Manhattan City is a complex of three high-rise 36-story buildings that are in the early stage of construction on Peremohy Avenue. The complex is one of the most controversial new projects. While it boasts spacious apartments and a nearly central location close to the main railway station, it is surrounded by three streets with heavy traffic, where jams are very frequent. Next to it is an unfinished 22-story business center, Sky Towers, where construction has stopped. The first of the three buildings is scheduled to open in late 2018.

Mirax

Address: 43 Glubochytska St.

Developer: Kyivmiskbud

Starting price: $22,900 for a studio of 29 square meters, $54,300 for a two-bedroom apartment.

Several residential properties are under development on Glubochytska Street, a busy thoroughfare connecting the Lukianivka area with Podil. One of them is Mirax, a medium-sized apartment complex, with the highest building having 28 floors.

Years ago, a different company started constructing an ambitious business complex at the same location. But the construction stopped when one of the 42-story towers was less than half-way built, and stayed like that for several years. Currently the unfinished business center is being redesigned into a residential complex.

Mirax boasts a convenient location, being within a 20-minute walking distance from Kontraktova Square metro station and from Lukianivska metro station, and having access to the infrastructure, schools and restaurants of both neighborhoods. Mirax is scheduled to be finished by the end of 2019. There are also two more unrelated complexes under construction nearby: Lvivsky Kvartal and Podil Plaza and Residence.

Taryan Towers

Address: 12 Ioanna Pavla St. (former Patris Lumumba St.)

Developer: Taryan Group

Starting price: $141,500 for a studio of 61 square meters, $276,700 for a two-bedroom apartment of 122 square meters.

The construction of this premium complex in Pechersk District is in an early stage. The first of the three 31-story towers is scheduled to open in 2019. A transparent corridor will connect the top floors of the towers. The rooftops will be used for family entertainment. The developer Taryan Group also built the Royal Tower apartment buildings and Tsarsky City Resort sports club.

Commercial: Office centers

The only business center that has opened in Kyiv since the beginning of 2017 is the Astarta Business Center, according to UTG. The 28,000-square-meter building is located in Kyiv’s historic Podil neighborhood. Last year the growth of Kyiv’s office center market was unimpressive, as only 43,100 square meters of space were added to the city’s supply.

In mid‑2017, the vacancy rates in Kyiv’s office centers reached 18 percent.

But there’s an upside to those numbers, says Dmytro Terokhin, a senior real estate analyst at UTG.

“Such a low number of new office centers serves as a market stabilizer,” Terokhin says. “It will bring the rent prices up and reduce vacancy rates.”
The following are business centers under development in Kyiv.

Astarta

Address: 58 Yaroslavska St.

The first part of the Astarta Business Center opened in 2017, and now the developer is constructing the next stage of the complex.

Astarta is an A-class business center of 9–11 floors conveniently located in Podil neighborhood close to the Dnipro River. The nearest metro station, Kontrakrova Square, is a 10-minute walk away. The average monthly rental rate of the business center is $18 per square meter.

The complex is designed in such a way that it fits in with the neighborhood’s historic buildings. The biggest available single-floor open-space office is 4,100 square meters. The final part of the complex is scheduled to open during the third quarter of 2018.

K/Most

Address: 5A/1 Zoolohichna St.

K/Most has been under construction for years, its opening date being postponed several times until it was finally set on 2018. This eight-story business center will boast a space of 7,500 square meters.

It is located between two important traffic junctions, Lukianivska and Shulyavska metro stations, close to the Kyiv Zoo, and next to Ronin, a popular Asian restaurant.

Commercial: Retail

Not a single new shopping mall opened in Kyiv since the beginning of 2017, according to JLL, a commercial property and investment management services firm. Several malls that were scheduled to open in 2017 postponed their openings.

This comes after the December opening of the 140,000-square-meter Lavina Mall, the biggest shopping mall in Kyiv.

With this addition, the average vacancy rate in Kyiv malls stood at 6.5 percent as of June, according to UTG. For comparison, the average vacancy rate in the United States is around 8 percent for regional malls and even higher for strip malls.

Some 15 malls are scheduled to open in 2018–2019. Malls with less than 20,000 square meters are trending, according to UTG’s Terokhin. They are cheaper and faster to build and easier to fill with tenants.

Here are some of the biggest shopping malls to be added to the Kyiv scene soon.

Retroville

Address: Pravdy Avenue — Marshala Hrechko Street

Retroville is the biggest mall to open in 2018. It will boast over 91,000 square meters of gross leasable area, and offer a Novus supermarket, sports club, and office space for rent. The mall is under construction in the northwestern part of Kyiv, near Vynohradar neighborhood and with fast access to the Obolon neighborhood. Across the road from it is Varshavsky Mikrorayon, one of the biggest residential complexes developed in Kyiv now.

River Mall

Address: 10–14 Dniprovska Naberezhna

Scheduled to open in 2018, River Mall is about to become the key shopping destination for residents of the left bank. It is located on the busy Dniprovska Naberezhna Street near the banks of the Dnipro River, in the densely populated Poznyaky neighborhood in the south part of Kyiv’s left-bank section. The River Mall will have nearly 60,000 square meters of leasable area. Its special perk will be a river boat station. The nearest metro station, Osokorky, is a 2-minute drive away.

Aprel

Address: 19A Lesya Kurbasa St.

Aprel (April) is one of the main shopping destinations in the far western neighborhood of Borshchahivka. It opened in 2014, and is about to open an expansion in 2018. The mall already has a Billa supermarket and a McDonald’s restaurant. However, the leasable area here is just 5,900 square meters. The 2018 expansion will add 24,000 square meters, providing enough space for a movie theater, according to UTG.

Auchan Rive Gauche

Address: 15 Zdolbunivska St.

The first part of the Auchan Rive Gauche shopping mall, will be operated by Immochan Ukraine, a branch of the French company Auchan, and will open in 2018, offering 20,000 square meters of leasable area. The majority of it will be taken up by an Auchan hypermarket store. The mall will also feature some 60 shops, including Turkish clothing brand LC Waikiki and electronics retailer Eldorado. The food court will include a KFC fast food restaurant and a restaurant of its Ukrainian competitor Kryla. The second part of the mall will be finished in 2019 and will add 35,000 square meters to its leasable area.

Ocean Mall

Address: Druzhby Narodiv Street — Horkoho Street

The owners of Kyiv’s most successful shopping mall Ocean Plaza are expanding their territory. Ocean Mall is under construction right next to Ocean Plaza. Ocean Mall will be the city’s third biggest mall when completed, following Lavina Mall and Blockbuster Mall.

Although the mall is to open in 2019, the developers claim they already rented out half of its whopping 100,000 square meters of leasable area.

Blockbuster Mall

Address: 34B Stepana Bandery Ave.

Blockbuster Mall is a shopping expansion of the popular Blockbuster entertainment center, famous for having Kyiv’s only IMAX movie theater. With a total of 120,000 square meters, the mall is the biggest one under development in Kyiv, and will be the second biggest after Lavina Mall.

It boasts a prime location near the Petrivka metro station and two large residential neighborhoods: Obolon and Troyeshchyna. It will have a close competitor — the well-established Sky Mall, which stands just across the river from it.

The 10 most popular apartment complexes under construction
Below are the 10 apartment complexes under construction in Kyiv that got the highest number of views during the past three months on LUN.ua, a popular real estate website.
1. Varshavskiy Mikrorayon (Pravdy Avenue)
2. Evrika (6 Akademika Glushkova St.)
3. Fayna Town (26 Salyutna St.)
4. Zamkovetska-Novomostytska (corner of Zamkovetska and Novomostytska Streets)
5. Mirax (43 Glubochytska St.)
6. Nova Anhliya (24 Mykhaila Maksymovycha St.)
7. Lvivsky Kvartal (13 Glubochytska St.)
8. Misto Kvitiv — Parkovy Kvartal (43 Tyraspolska St.)
9. Patriotyka (between Borysa Hmyri and Kollektorna Streets)
10. Comfort Town (4 Regeneratorna St.)