Parking space prices rising faster than residential space – developers

Parking space prices are rising faster than residential prices after a full-scale invasion, and often exceed them, Ukrainian developers told Interfax-Ukraine.

"As of today, the cost per square meter of parking significantly varies depending on the type—underground or aboveground—but typically amounts to approximately 90-120% of the cost per square meter of small apartments in the same project. In terms of dynamics, parking space prices have risen faster than housing prices in certain periods in recent years," Oleksiy Koval, head of projects at Perfect Group, told the agency.

According to him, the rapid rise in parking space prices is due to a supply shortage and limited capacity to build underground parking in dense urban areas.

According to Greenville’s press service, the parking shortage in Kyiv is 40-60%. Furthermore, parking space prices rise as construction approaches completion.

"Prices vary across projects because they are influenced by many factors. The price trend in recent years has been positive – prices are only rising. This is also explained by the chronic shortage of parking spaces in the capital. According to rough estimates, it ranges from 40% to 60%," the developer explained.

Since the full-scale invasion began in 2022, the presence of underground parking has become one of the basic criteria when choosing a residential complex, according to Olena Ryzhova, Commercial Director of the development company Intergal-Bud.

"Overall, since 2022, parking spaces in capital’s comfort-class residential complexes have increased in price by an average of approximately 30-50%. While a standard parking space cost $12,000-$18,000 in 2022, similar lots in new complexes are already selling for $18,000-$30,000 in 2025-2026. In some business- and premium-class projects, the price is even higher," the expert shared.

According to Alliance Novobud, the price per square meter of housing in the company’s projects is approximately 47,000 UAH/sq. m in comfort-class apartments, while the price of a parking space starts at 52,000 UAH/sq. m, depending on the complex’ class, location, and parking type.

"The cost of parking spaces has been steadily increasing in recent years. This is due both to the overall rise in construction costs and to a shift in how buyers perceive parking," the developer noted.

In addition to the increase in overall construction costs, the price of parking spaces was also impacted by increased demand due to their additional security features, explained the press service of Kovalska Real Estate.

"The cost of parking spaces depends on many factors: the type of parking, the number of spaces, the area and configuration of the spaces, the location, the level (above ground or underground), ease of access, the availability of charging infrastructure for electric vehicles, etc. – starting from $1,400 per square meter. Parking prices have shown steady growth in recent years. For comparison, residential properties in our projects start at approximately $1,500 per square meter, and commercial premises at $1,800 per square meter," the company explained.

According to Hanna Laevska, CEO of Sigma+, the cost of parking depends on its format. The cost per square meter of underground parking is typically comparable to the cost per square meter of commercial real estate in the project.

"The parking format significantly impacts the price: underground parking has a completely different construction cost compared to above-ground or multi-level parking. When it comes to underground parking, the cost per square meter is approximately 30% higher than residential real estate," she noted.

According to the construction company Stikon, prices in Odesa’s comfort-class housing market range from $850-1100/sq.m for residential space, $1300-2000/sq.m for commercial space, $700-1500/sq.m for surface parking, and $700-1700/sq.m for underground parking. Parking prices are influenced by the configuration and layout of a specific parking space.

According to Oleksiy Kriuchkov, Head of Engineering at Stikon, demand for parking spaces currently significantly outstrips supply. He explained that during the first phase of construction, parking prices often don’t have time to increase, as the market quickly absorbs new supply. Therefore, the main price increases become apparent in subsequent phases.

"In 2012-2014, the average price was around $700 per square meter. By 2022, it had risen to $900 per square meter. Now, the upper limit has significantly risen, and demand is easily consuming this supply. This is a classic economic dependency: a steady increase in the price per square meter in parking lots is direct evidence that the market is overheated by demand," he explained.