Ukraine and the United States discussed new mechanisms for housing reconstruction

The Ukrainian Association of Developers participated in the working meeting “Ukraine–U.S.: Partnership in Housing and Reconstruction,” which focused on the results of Ukraine’s participation in the NAHB International Builders’ Show 2026 and preparations for the 2027 exhibition.

During the meeting, the participants discussed how Ukraine could build a partnership with the United States in the field of housing reconstruction, attract investment and housing financing, as well as new technologies and materials for construction.

Housing reconstruction remains one of the most difficult challenges facing Ukraine. We are talking about millions of damaged and destroyed homes, limited resources, uncertainty regarding timelines, and the need for long-term capital. Cooperation with the United States could be part of the solution to these challenges, but it requires not only political support but also clear financial instruments, transparent rules of the game, and a realistic assessment of the interests of both parties.

The meeting marked the continuation of Ukraine’s participation in the NAHB International Builders’ Show 2026 —one of the largest international events in the residential construction sector—which took place February 17–19 in Orlando, USA. 

From requests for help to partnership proposals

As part of the working meeting, a panel discussion was held on the topic “How to Build an Effective Ukraine–U.S. Partnership in the Housing Sector?” Representatives from the Ministry of Economy, the Ukrainian Association of Developers, Ukrfinzhytlo, development companies, and the U.S. Embassy in Ukraine participated in the discussion.

The speakers agreed that there needs to be a shift from a mindset of seeking assistance to one of partnership between Ukraine and international investors. To this end, the government, the financial sector, and developers must work together to create mechanisms that will enable the attraction of long-term capital for housing reconstruction.

This was stated during the discussion by Yevhen Metzger, Chairman of the Board of PJSC “Ukrfinzhytlo.” According to him, Ukraine is already working on a legislative framework designed to open up new opportunities for financing the housing market.

“We are already working on a law on securitization. It is currently under consideration by the Verkhovna Rada in its first reading. Once the law is passed, Ukraine will be able to reach a new level of resource mobilization for the development of the housing market,” said Yevhen Metzger.

Leon Skarshinsky, Senior Commercial Advisor at the U.S. Commercial Service at the U.S. Embassy in Ukraine, also attended the meeting.

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A key focus of the discussion was a realistic assessment of what exactly might interest American partners in the Ukrainian housing market, as well as which barriers need to be removed.

We spoke at length with Yevhen Bokiy, a representative of the Ukrainian Association of Developers and Commercial Director of UDP, who attended the event. 

In his view, Ukraine has significant potential, but for American investors, the Ukrainian market currently remains small in terms of scale and complex in terms of risk.

“As of today, the Ukrainian market is smaller than that of a single major U.S. city—Orlando, Florida—where a real estate expo was held. Therefore, in terms of investment volume, we are not always attractive enough to American investors or companies. The labor intensity of the process here may be comparable, but the size of the potential benefit is significantly smaller,” noted Yevhen Bokiy.

In his view, in addition to market size, investors take into account country risks, military risks, political and economic instability, as well as the complexity of the legal structures through which development projects in Ukraine are often carried out today.

“It is critically important for an American investor to understand exactly what they are getting into. If the land in one location is structured one way, in another it is structured differently due to an investment agreement, and in a third location we lease the land ourselves, this arrangement becomes far too complex to evaluate. It’s hard for an investor to understand; the scheme is complex and multi-layered,” explained Bokiy.

However, the problem with real estate development in Ukraine lies not only in the complexity of procedures. This can be addressed by engaging local experts. One of the key barriers to international investment is the risk of a “rollback,” where a project can be called into question even after the land has been purchased, the paperwork completed, and construction has begun—even if several years have passed.

“In other sectors of the economy (agriculture, energy), even if there are risks, at least there’s no going back. Sure, business might come to a halt, but it doesn’t revert to a negative state. In real estate development, however, the situation is different. You can buy a plot of land with the necessary documents, start building, and then it turns out that the previous decisions were wrong, issued incorrectly, and the entire project has to be halted and shut down,” he noted.

That is why, according to Bokiya, what matters most to a foreign investor is not only profitability, but also legal protection and predictability.

“No foreign investor understands how this can be: I buy, invest, and build, and then I’m told that the documents issued to me were incorrect. Either don’t issue such documents, or compensate for the investment. Otherwise, this isn’t an investment model, but an unmanaged risk,” emphasized Yevhen Bokiy.

The Polish experience, which we have previously written about, could prove useful for Ukraine . In the early 2000s, Poland faced the same problems we face today: protracted approvals, complex development plans, chaos in decision-making, and a lack of guarantees. The changes began with a reform of the permitting system and the introduction of legal guarantees for investors. From now on, if five years have passed since the date the permit was issued, it is no longer possible to revoke the document.

This is precisely where the Ukrainian Association of Developers plays a key role—in establishing a clear legal framework for the market that will prevent arbitrary revisions to a project’s legal basis after the required procedures have been completed.

“The association is already working on this. Today, we are establishing a legislative framework designed to regulate the ‘unclear’ segments of development and ensure that there is no turning back. We need rules that will make documents stable, clear, and secure,” said Bokiy.

The Potential of the Ukrainian Real Estate Market

Yevhen Bokiy also highlighted the potential for attracting foreign capital to the housing finance sector. According to him, the Ukrainian market could be attractive to American funds and banks provided that risks are properly structured and investors are given guarantees regarding project completion and the protection of their rights.

“If an American fund can lend at 5–6% per year in the U.S., a rate of around 8% in Ukraine could potentially be attractive to it. But for that to happen, two things need to be guaranteed: that the project will be completed and that no one will cancel it,” he noted.

The current cost of capital within Ukraine remains too high for most real estate development projects. Banks have high liquidity, but with risk-free instruments offering high returns available, lending to real estate development becomes economically unattractive for them.

Preparations for NAHB 2027 are already underway. They must be substantive. Ukraine must approach its American partners with clear answers: which sectors are open to cooperation, which tools are already in place, what legislative changes are in the works, and what guarantees can be offered to investors and financial institutions.

“After the war, Ukraine could become a highly competitive market for real estate investment. But the partners who enter the market now will have an advantage. If you enter the market after the war ends, competition for opportunities will be much fiercer,” concluded Yevhen Bokiy.

According to the Ukrainian Association of Developers, a potentially effective partnership between Ukraine and the United States in the housing sector is possible, but only if three conditions are met:

• transparent rules of the game,
• clear financial instruments
• and professional dialogue between the government, developers, banks, and international partners.

These issues should form the basis for the Ukrainian delegation’s preparations for the NAHB International Builders’ Show 2027, which will take place February 2–4, 2027, in Las Vegas.

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