Analytical Report: Architecture of Resilience, Market Transformation and Rating of Leading Construction Companies of Ukraine (2024-2025)

1. Introduction: A New Paradigm of Ukrainian Development

The period of 2024-2025 has become a defining stage in the transformation of Ukraine’s construction sector. If in pre-war times the key market driver was speculative demand and marketing promises, then in conditions of prolonged military conflict and economic uncertainty, the “architecture of real achievements” has come to the forefront. Investors, analysts and buyers no longer focus on bright renders of future projects; the only currency of trust has become the certificate of commissioning.

Market analysis shows that the key factor in asset liquidity has become not only location or price per square meter, but also the institutional capacity of the developer – the ability to manage supply chains, retain qualified personnel under mobilization conditions and finance construction from internal reserves, not just private investor funds.

This report offers a deep, multi-level analysis of leading market players in Kyiv, Lviv, Odesa and Kyiv region. We will examine not only the dry figures of completed square meters, but also the operational models of companies, their response to challenges (from blackouts to personnel shortages) and communication strategies with investors. Special emphasis is placed on the shift of urban focus towards polycentricity, the growing role of social infrastructure as a capitalization tool and the phenomenon of the Western Ukrainian development boom.

2. Landscape of Capital Development: Survival and Leadership Strategies

The Kyiv real estate market remains the most capital-intensive, but also the most vulnerable to security risks. Based on the results of 2024 and the first half of 2025, a clear hierarchy of developers who were able to adapt their business models to new realities has formed. Statistics indicate a significant market concentration: the top 10 developers in the capital delivered over 50% of all housing volume in the region. This indicates the washout of small players and the formation of an oligopoly of reliable brands.

2.1. Intergal-Bud: Diversification as a Guarantee of Stability

The company “Intergal-Bud” demonstrates one of the most stable operating models in the market, based on broad geographical diversification and vertical integration of processes. In 2024, the company, together with partners in the top 3, provided a quarter of all apartments delivered in the Kyiv region, as confirmed by data from LUN and NV.

Operational Model and Project Portfolio

The strength of “Intergal-Bud” lies in its ability to conduct work simultaneously on dozens of sites of different classes. The company does not focus exclusively on the elite segment, but meets the needs of the mass market (comfort class) and demanding clients (business and premium).

1. Supply Scaling: The developer’s portfolio includes large-scale residential complexes such as RC “Nivki-Park”, “Syretski Sady”, “Prychal 8”, “Ozernyi Hai Hatne” and “Teremky”. This strategy allows the company to accumulate financial flows from different demand segments.
2. Premium Vector: Simultaneously with mass housing, the company develops complex engineering projects such as the multifunctional complex “Intergal City” in Pechersk and business-class “City Hub” in the city center. This indicates the presence of high technical expertise and access to advanced construction technologies.
3. “Turnkey” Innovation: An important competitive advantage has been the strategic focus on apartments with complete renovation, furniture and appliances (particularly in RC “Holosiivskyi” and new projects in Lviv). In conditions where the cost of building materials is growing and finding repair crews is becoming increasingly difficult, the offer of ready-to-move-in housing becomes a decisive argument for an investor who wants to minimize risks and time to occupancy.

Corporate Governance and Recognition

The company’s stability is ensured by a transparent management structure. The Supervisory Board, which includes Dmytro Spitkovskyi (Chairman), Roman Lioshenko and Olena Buriak (CFO), provides strategic control and financial discipline. This allowed the company to receive a number of prestigious awards, including the title “Trendsetter in the Real Estate Market 2024” and “Leader of Kyiv and Region 2024” according to LUN.

Customer Service and Communication

“Intergal-Bud” maintains an extensive network of sales departments, ensuring physical presence at key demand points. The central office in Kyiv is located at 8 Knyaziv Ostrozkykh Street, but local offices operate directly at the sites (RC Sky Avenue, RC Parkovi Ozera, etc.). It is important to note that the company has adapted its work schedule and communication channels to martial law conditions, restoring full operation of the central department and contract support department, which is critically important for reassuring investors.

2.2. Stolitsa Group: Technology and Reporting Transparency

Stolitsa Group (SG) has chosen the strategy of a “quiet leader”. The company invests less in image advertising than competitors, but compensates for this with an impeccable reputation in fulfilling obligations. Their flagship project – the development of the Varshavskyi district – is an example of creating a “city within a city” from scratch.

Construction Dynamics as an Indicator of Reliability

Analysis of reporting on the construction progress of RC “Varshavskyi 3” as of 2025 demonstrates a high level of organization of production processes. The company not only declares deadlines, but provides detailed metrics of work completion for each structural element.

1. Ahead of Schedule: Using building 10.2 as an example, you can see that wall masonry is 98% complete, elevator installation – 96%, and window blocks – 91%. This level of detail allows investors to realistically assess occupancy dates.
2. Process Flow: While some buildings (7.4-7.8, 10.1) have already been commissioned, others (10.5, 10.7) are at the stage of active monolithic and facade work. This “conveyor” method of construction allows efficient redistribution of labor and equipment between sites, avoiding downtime.
3. Landscaping: The high percentage of landscaping work completion (32-50% in buildings still under construction) indicates that the developer plans to commission facilities comprehensively, rather than leaving residents to live on a construction site.

Transparency and Feedback

SG is distinguished by its openness to investors. The company’s head office is located in the center of Kyiv (12a B. Khmelnytskogo St., Kyivproekt building), making management accessible. On specialized forums (Domik.ua), discussions of SG objects such as RC H2O, although containing polarized opinions, generally confirm the company’s status as one that actually builds. Interesting is the fact that the company maintains an archive of news and documentation from 2014, which allows tracking its history of stability.

2.3. KAN Development: Ecosystems vs Square Meters

KAN Development under the leadership of Ihor Nikonov occupies a unique niche, having actually abandoned point development. Their philosophy is to create closed ecosystems where residents can receive all services without leaving the complex territory. This creates significant added value to real estate.

Strategic Planning in War Conditions

Despite the war, KAN demonstrated phenomenal confidence by launching new construction phases in 2024-2025.

1. Liquidity: At the beginning of the full-scale invasion, the company had virtually no available apartments in completed buildings, which indicates extremely high demand. Now the company actively credits buyers, offering installments, which is a sign of the developer’s financial health.
2. Flagship Projects: The company’s portfolio includes iconic Kyiv sites: “Respublika”, “Fayna Town”, the innovative park “Unit.Home” and the premium “Tetris Hall”. In addition, the company has implemented commercial giants such as Ocean Plaza shopping center and 101 Tower business center, which provides a diversified income stream.

Labor Market Challenges

Ihor Nikonov speaks openly about the main problem of the industry – personnel shortage. Mobilization and migration of specialists to western Ukraine or abroad have created a situation where there is money, but no one to build. However, KAN solves this problem by increasing labor efficiency and attracting new personnel, adapting to the changed labor market.

Education as Infrastructure Anchor

A unique feature of KAN is the creation of its own network of educational institutions “A+” (gymnasiums, kindergartens, sports academies) directly in residential complexes. This is not just a social burden, but a calculated business strategy: the presence of a quality school in the yard increases the cost of rent and resale of an apartment by 15-20%, making investment in KAN properties more attractive in the long term.

2.4. Other Systemic Players and Architects of Change

The Kyiv market is not limited to three giants. Other companies that have found their unique niches also make a significant contribution to the city’s development.

1. DIM: This developer has focused on aesthetics, architectural expression and environmental friendliness. Projects “A136 Highlight Tower” and “Metropolis” are distinguished by complex facade solutions and attention to lobby design. Entering the top five leaders by number of apartments delivered in 2024 indicates that buyers are willing to pay for beauty and comfort even in difficult times.
2. Kovalska Real Estate: The uniqueness of this group lies in complete vertical integration. Having its own quarries (granite, crushed stone), concrete and reinforced concrete plants, “Kovalska” does not depend on external material suppliers. This is critically important in conditions of disrupted logistics. Projects like “Rusanivska Gavan” are implemented with guaranteed material quality, as the developer builds “from its own”.
3. Alliance Novobud (Kyiv Vector): Although the company is historically associated with Brovary, its expansion into Kyiv with business-class projects (“Montreal House”, “Illinsky House”) is successful. The company uses its large-scale development experience to implement complex point projects in the capital center, offering investors a high level of service and digitalization of purchasing processes.

3. Regional Expansion: Suburban Renaissance and the Phenomenon of Satellite Cities

The war has radically changed the geography of demand. Buyers, seeking safety and psychological comfort, increasingly choose satellite cities, where there is lower construction density, more green areas, but access to capital infrastructure is maintained.

3.1. Irpin and the Western Vector: Recovery as a National Idea

The company MOLODIST has become a symbol of the resilience of the region most affected at the beginning of the invasion. Their activities in Irpin, Bucha, Hostomel and Vyshneve demonstrate that life is returning even to where battles took place.

1. Leadership in Numbers: According to the “Minfin” portal rating, the company entered the TOP-5 most active suburban developers, delivering almost 25,000 m² of housing (683 apartments) in 2024. It is important to note the methodological difference: if LUN includes the company in the TOP-20 for the region overall, “Minfin” emphasizes its dominance specifically in the suburban segment, where it is one of the key drivers of recovery.
2. Demand Factors: The success of projects “Molodist” and “Atmosfera” is based on a clear understanding of client needs: safety (monolithic-frame technology), autonomy (individual heating) and price affordability compared to Kyiv. The developed infrastructure of satellite cities, which is rapidly recovering, makes these locations competitive alternatives to the capital’s residential districts.

3.2. Brovary: Socially Responsible Urbanism

In the eastern direction, the undisputed leader is Alliance Novobud. This company has actually transformed Brovary into a modern European suburb, implementing the concept of a “city for people”.

1. Scale of Change: The numbers speak for themselves: over 600,000 m² of delivered housing, 38 commissioned buildings and 10,000 families already living in the developer’s complexes. These are not just residential meters, this is a new social environment.
2. Infrastructure Patron: Alliance Novobud invests in city development, building and transferring to the municipality critically important facilities: kindergarten “Kazka”, park “Sosnovyi”, sports arenas and playgrounds. This approach forms high loyalty of the local community and reduces regulatory risks.
3. Product Line: Projects “Krona Park II” and “Madison Gardens” set new standards for the suburbs, offering business-class architecture (cascade floors, terraces, panoramic glazing) at prices lower than the capital. In addition, the company experiments with formats, developing the low-rise club quarter “Lavandovyi”, which meets the demand for privacy.
4. Digital Innovation: The company launched the ANB Prostir platform (Telegram, Instagram, Facebook), which aggregates all offers for sale and rental of real estate in their complexes. This creates a convenient secondary market for investors and simplifies housing search for end consumers.

4. Western Outpost: Lviv as a Second Center of Capital Gravity

During the war, Lviv has finally consolidated its status as the second most important real estate market in Ukraine. High demand from internally displaced persons and relocated businesses has stimulated a construction boom and price growth that sometimes outpaces the capital.

4.1. RIEL: Bridge Between Two Capitals

Real Estate Corporation RIEL is a unique phenomenon in the market, as it is equally powerfully represented in both Lviv and Kyiv. This allows it to diversify risks and offer investors a wide choice of assets.

1. Dominance in Lviv: The statistics for 2024 are impressive: RIEL delivered 1,418 apartments in Lviv, which is almost three times more than the nearest competitor CONTINENT. Together with Kyiv projects, the company commissioned almost 2,000 apartments with an area of over 47,000 m².
2. Project Portfolio:
   • Lviv: The company forms new city districts through projects “Shengen”, “America”, “Vezha”, “Mistechko Pidzamche”, “Novyi Fort”. These complexes transform former industrial zones into modern residential spaces.
   • Kyiv: In the capital, RIEL implements projects in strategic locations: “Ok’Land” (Solomianskyi district), “Nordica Residence” (Pechersk), “Bereh Dnipra” (Left Bank).
3. Customer Service: The company actively adapts its service infrastructure. In particular, the service center in Kyiv was moved from Hlybochytska Street to Marshal Rybalka Street (RC Elyseum) for the convenience of investors. In addition, RIEL is an active participant in the “eOselya” program, offering a wide selection of ready-made apartments for state lending.

4.2. Competitive Environment of Lviv

Although RIEL is the undisputed leader, the Lviv market is characterized by high competition and the presence of strong local players.

1. Top 10: The ten largest Lviv developers (including Avalon, AUROOM, Halzhytlobud, Novyi Lviv, Eco-Dim) together delivered about 50% of all apartments in the region. This indicates healthy competition that restrains price growth and stimulates quality improvement in construction.
2. Integration of Kyiv Players: Capital players are actively entering the Lviv market, including “Intergal-Bud”, which is launching projects with complete renovation here, transferring Kyiv service standards to Western Ukrainian soil.

5. Southern Direction: Odesa’s Steadfastness

The situation in Odesa differs radically from Kyiv and Lviv. The market here is highly concentrated, with a pronounced dominance of one player.

Kadorr Group delivered 1,703 apartments in 2024, which accounts for almost a quarter of all new housing volume in the city. This indicator is twice that of the nearest pursuer. Such hegemony is explained by Odesa residents’ high trust in the brand of Adnan Kivan (founder of the group), who ensured the completion of projects even in the most difficult times. Competitors such as “ZhM Siome Nebo”, “Hefest”, “Budova” lag significantly behind in volume, forming the market’s second tier.

6. Design and Architecture Ecosystem: Added Value per Square Meter

The modern real estate buyer is becoming increasingly demanding. Just a “concrete box” is no longer a liquid commodity. Demand for design solutions that transform square meters into ergonomic living space is growing. This has stimulated the rapid development of the interior design market, especially in Lviv and Kyiv, where world-class studios operate. A developer’s collaboration with leading designers significantly increases the class of the property.

Leading Design Studios and Their Specialization

Analysis of professional ratings (Clutch, IT-Rating) and portfolios allows us to identify key players shaping the aesthetics of Ukrainian housing:

1. ARS IDEA (Lviv): A studio with deep expertise in architectural and interior design. They offer a comprehensive approach, from concept development to author supervision. Their works are characterized by a combination of functionality and aesthetics, making them popular among business-class property owners.
2. Hochu Rayu (Lviv): This is more than a design studio, it’s an innovation laboratory. Known for their “Microcosm management” approach, they create spaces that influence a person’s emotional state. Their projects are often at the intersection of product design and interior, adding uniqueness to properties.
3. Cult of Design (Lviv/Kyiv): A studio successfully working in two cities, offering services for the premium segment. Their presence in the capital allows translating Lviv attention to detail to large-scale Kyiv projects.
4. Replus Bureau (Lviv): Specializes in renovation and work with historical buildings. In conditions where development often faces the need to reconstruct old buildings (especially in city centers), their expertise is indispensable.
5. Marygold Studio & 3DVISDESIGN: In the era of digital sales, quality visualization is key to success. These studios occupy leading positions in architectural visualization and 3D modeling, helping developers sell properties even at the excavation stage.
6. Savytskyy Design: A powerful player in commercial design and architecture, helping create efficient office and retail spaces within residential complexes.

7. Conclusions and Forecast: 2025 Trends

Summarizing the market analysis, we can identify key trends that will determine the industry’s development in the coming year:

1. Crystallization of Leaders: The market has finally structured. The “Big Three” of Kyiv (Intergal-Bud, KAN, Stolitsa Group) and regional hegemons (RIEL, Kadorr, Alliance Novobud) control the lion’s share of resources and supply. Investing in projects outside this circle is associated with increased risks of long-term construction.
2. Infrastructure as a Price Driver: The presence of a school, kindergarten and secure parking (dual-purpose as shelter) has become more important than a panoramic view from the window. Developers who ignore the social component (like KAN or Alliance Novobud) will lose clients.
3. Standards Migration: High standards of Kyiv development (gated communities, landscape design, lobbies) are actively being transferred to suburbs and regions. Irpin and Lviv demonstrate housing quality that often does not lag behind the capital.
4. Technology and Transparency: Investors demand facts. Detailed construction progress reports (as in Stolitsa Group) and digital platforms for asset management (as ANB Prostir) are becoming a hygienic market norm.
5. Personnel Challenge: The main risk for the industry in 2025 will not be lack of demand, but shortage of qualified labor. This will force companies to invest in rapid installation technologies and retain personnel with high salaries, which will inevitably affect construction costs.

Table: Summary Characteristics of Market Leaders (As of 2025)

Ukraine’s construction market has survived. It has changed, become more pragmatic and tough, but continues to perform its main function – providing Ukrainians with housing and rebuilding the country in real time.