Mortgage lending is gradually becoming one of the key drivers of the recovery of Ukraine’s new-home market. Although the pace of new housing construction has not yet returned to pre-war levels, the growth in the number of mortgage loans—primarily under the state-sponsored “eOselya” program—is providing the segment with the necessary momentum.
Olena Dmitrieva, First Deputy Chair of the Board at GLOBUS BANK, spoke about this, citing data from the State Statistics Service, the NBU, and PJSC “Ukrfinzhytlo.”
According to her, this is not only about expanding opportunities for citizens to purchase their own homes, but also about an important economic tool for supporting the construction industry, related sectors, and domestic demand in general.
The banker emphasized that by the end of 2025, twice as many mortgage loans were issued in the primary market compared to 2024: 1,467 versus 747, and 20% more than in 2021, when 1,217 mortgages were issued.
In her view, these figures indicate a significant revival of the new-construction segment, which until recently remained too expensive or risky for most buyers. At the same time, the share of home sales financed by loans remains low—only 0.9% of the total number of apartments in the early stages of construction.
“The market has tremendous potential for further growth, and mortgages are only just beginning to emerge as a key driver of the new-home market. Today, mortgages are gradually becoming one of the key tools for reviving the new-home market in Ukraine. For many families, a loan has effectively become the only realistic way to purchase an apartment in a new building,” she noted.
Olena Dmitrieva emphasized that the state program “eOselya” remains the key driver of this process. Today, it accounts for 99% of all loans in the primary market. And this, in essence, is the main characteristic of the current mortgage market: it is the state that is driving lending for new construction, whereas without such a mechanism, the development of this segment would be significantly slower. After all, as the banker emphasized, only 6 out of 16 banks that generally provide mortgage loans are actually active in the primary market.
“It is the state program ‘eOselya’ that is currently driving the development of mortgages in the primary market. And when it comes to the revival of demand for new housing, this is primarily due to this mechanism,” the expert noted.
At the same time, the significance of mortgages for the economy extends far beyond the housing sector itself. According to Olena Dmitrieva, in 2025, a total of 9 billion UAH in loan funds was directed toward the purchase of apartments from developers. At the same time, the total number of loans in the primary market and for the purchase of completed housing from developers has already exceeded the number of loans in the secondary market: their share reached 57% of the total number of mortgages.
For comparison: in 2024, such loans amounted to only 4.8 billion UAH, and their share was 32% of the total volume of mortgage lending.
“Mortgages are increasingly stimulating the emergence of new supply in the market. After all, when loan funds are directed toward new construction, they have a much broader impact than simply the purchase of an apartment. They support construction, related industries, employment, and domestic demand. Therefore, the development of mortgages in the primary market means both housing for people and a broader economic effect, which is extremely important in the context of a prolonged war,” emphasized Olena Dmitrieva.
According to her, despite positive lending trends, the construction sector is still far from pre-war levels. In 2025, only 63% of the apartments completed in 2021 were put into service. Moreover, compared to 2024, the number of apartments commissioned actually decreased slightly, indicating the fragility of the recovery and the persistence of a number of constraints for developers.
Additionally, the number of apartments at the start of construction in 2023–2025 amounts to only 65% of the number of apartments commissioned. In other words, the market is currently focusing more on completing projects already underway than on actively launching new ones. Although new construction picked up in 2025—with 53% more new apartments than in 2024—its volume still amounted to only 44% of the 2021 level.
“Despite the positive trend in mortgages, the pace of new construction still lags behind the market’s actual needs. This means that, alongside buyer support, additional incentives are needed for developers as well,” noted Olena Dmitrieva.
The banker also emphasized that commercial banks currently remain more cautious about traditional “primary market” loans than about financing the purchase of completed housing from developers. In 2025, 3,249 loans were issued for the purchase of completed housing from developers, while 1,467 were issued directly in the primary market. In other words, completed housing was financed 2.2 times more actively.
“Clearly, new housing has already become the main driver of the mortgage market’s growth. That is precisely why the further development of the mortgage market is of strategic importance. For developers, it is critically important to identify not just potential buyer interest, but actual solvent demand backed by credit mechanisms. Mortgages serve as a bridge between a citizen’s ability to purchase housing and a developer’s willingness to launch new projects. The more stable and transparent this instrument becomes, the stronger its impact on the entire market will be,” says Olena Dmitrieva.
Regionally, mortgages in the primary market also show a clear concentration. In 2025, 64% of all loans were issued in Kyiv and the Kyiv region. In total, the five leading regions accounted for 86% of all mortgages in the primary market. These are Kyiv with a 44.6% share, the Kyiv region—19.3%, the Lviv region—14.6%, the Ivano-Frankivsk region—4.5%, and the Poltava region—3.1%. This structure indicates that the expansion of mortgage lending in the regions remains one of the key drivers for the segment’s further development.
Additional opportunities for this are created by the network of accredited properties within the “eOselya” program. Currently, PJSC “Ukrainian Financial Housing Company” (“Ukrfinzhytlo”) has accredited 338 residential complexes throughout Ukraine. This is an important foundation for expanding the program, as buyers not only have the right to a loan but also a real choice of housing that meets its conditions.
Olena Dmitrieva also highlighted the latest changes to the “eOselya” program, approved by Cabinet of Ministers Resolution No. 1637. In particular, mobilized military personnel have been added to the list of eligible groups of citizens who can obtain a loan at a 3% interest rate. In addition, the types of financing under which property rights to housing may be acquired have been modified: the second and subsequent transfers of a future residential property have been added, while the possibility of financing under derivative purchase and sale agreements has been excluded.
New parameters regarding the size and cost of housing were also introduced: the standard area is now 52.5 square meters for a family of one or two people, plus an additional 21 square meters for each subsequent family member, and the maximum apartment size is limited to 115.5 square meters. At the same time, the cost per square meter and the total cost of housing cannot exceed the established limits by more than 10%, even though the maximum cost per square meter has been doubled.
The first results of these changes are already visible. In March 2026, a record 240 loans were issued in the primary market. At the same time, the share of expensive apartments purchased on credit decreased: while in 2025, housing costing more than 3 million UAH accounted for 37% of apartments purchased with a mortgage, by March 2026, this figure had dropped to 24%. The size of homes purchased with a loan also decreased significantly: in March 2026, 62% of borrowers chose apartments up to 50 square meters, compared to 37% in 2025.
“The updated terms of the ‘eOselya’ program are already influencing the structure of demand. The program is increasingly functioning as a tool to support mass-market, more affordable housing. Borrowers are increasingly opting for more compact and affordable housing, and the record number of loans issued in March 2026 indicates one thing: there is demand for affordable mortgages in Ukraine, and it has the potential to grow,” noted Olena Dmitrieva.
The banker predicts that in 2026, “eOselya” will remain the main driver of lending in the primary market. However, for mortgages to truly become a systemic mechanism for the recovery of residential construction, banks need to participate more actively in working with regional developers, and financial institutions need to be more widely involved in lending for new construction. After all, under current conditions, it is precisely the willingness of banks to finance the primary market that could become one of the most important incentives for launching new projects and the industry’s gradual return to active growth.
“For a full-fledged recovery of the primary market, two parallel factors are needed: affordable mortgages for buyers and greater willingness on the part of banks to work with developers. Only a balance of supply and demand will allow the market to transition from a localized recovery to systemic growth,” concluded Olena Dmitrieva.
GLOBUS COMMERCIAL BANK (GLOBUS BANK) was established in 2007.
As of April 2026, the regional network comprises 34 branches, 29 of which are part of the Power Banking network, enabling operations during power outages.
GLOBUS BANK has been assigned the highest credit rating on the national scale at uaAAA, as well as a deposit rating of ua2+ on the scale of the rating agency “Expert-Rating.”
The bank’s priority areas of activity include lending for energy-efficient projects, mortgage lending in the primary market, auto loans, and lending to small and medium-sized businesses.
GLOBUS BANK is an accredited partner of a number of government programs: the state mortgage program “eOselya,” the preferential lending programs for small and medium-sized businesses “5-7-9,” “Affordable Factoring,” “Affordable Financial Leasing 5-7-9,” “Energy Independence for Individuals—Homeowners.”
The Bank is a partner of the State Agency “Energy Efficiency Fund” under the “Energodim” and “GreenDIM” lending programs for condominium associations and housing cooperatives.
The Bank participates in the state program “National Cashback.”
On June 25, 2024, GLOBUS BANK became one of the 17 largest Ukrainian banks to sign a Memorandum on lending for energy infrastructure restoration projects.
Serhiy Mamedov, Chairman of the Board of GLOBUS BANK, is Vice President of the Confederation of Builders of Ukraine and Vice President of the Association of Ukrainian Banks.
