March 2026 did not bring the customary spring uptick to the primary housing market. According to analytics from the DIM.RIA marketplace, most regions recorded mixed changes — with no clear upward trend.

But one figure stands out: Zakarpattia Oblast — down 7.5% in the price per square meter compared with February. The largest drop in the country.

A region that had been getting more expensive for three years — has reversed course

Since the start of the full-scale invasion, Zakarpattia, together with Lviv region, became a primary destination for internal migration. According to Uzhhorod realtor Roman Perehinets, “the main buyers of housing in Uzhhorod are people from other regions who are forced to find accommodation.” It was this demand from displaced people throughout 2022–2025 that kept the region among the three most expensive in Ukraine for primary-market prices.

Now that same demand, it seems, has begun to be exhausted or redistributed. As InVenture analytics recorded, already in the second half of 2025 signs of saturation appeared: “a decline in demand after the peak summer–September season caused a slight downward price correction.” The March dip may be a continuation of this process.

Kirovohrad up, Kyiv — down

The rest of the market looks patchy. Kirovohrad Oblast showed the largest increase — plus 3.5% for the month, moving up to second place by average price among regions. The logic here is not obvious: the oblast is neither the safest nor the most popular among displaced people.

Kyiv — the traditional leader — also slipped: the average cost per square meter in March was $1,393/m², which is 2.3% less than in February. The spread across districts remains colossal: Pecherskyi — $2,669/m², Desnianskyi — $888/m².

“So a drop in demand may halt price growth, but will certainly not lead to price decreases.”

Realtor, Uzhhorod — Espreso West (February 2026)

March statistics put that prediction into question — at least for the primary market.

What else is supporting the market

• In March 2026 84% of sales departments of new developments across the country continue to operate — an indicator of supply stability.
• The secondary market and rentals in most regions continue to get more expensive — demand has not disappeared, it has shifted.
• The eOselia program remains a key deal driver for IDPs with official income, but cannot compensate for the exhaustion of migration-driven demand in certain regions.

If the negotiation process intensifies and some displaced people begin to consider returning home — the Zakarpattia market, which gained the most from forced migration, will be the first to come under the greatest pressure. The question is whether the March dip is a technical correction after an overheated market, or the start of a structural reversal: the answer will become clear if the trend persists into April–May.