It has been nine months since the Kyiv City Council decided to allocate ₴2.56 billion for the recapitalization of Kyivmiskbud, yet the company has still not received the funds, and its construction sites remain frozen. Meanwhile, around 40,000 investors are waiting for their apartments, according to Dengi.ua.
Problems for the country’s largest developer began even before the full-scale war. In 2020, the government obliged Kyivmiskbud to complete 18 problematic residential complexes of Ukrbud, which became an additional financial burden. The situation was further worsened by the COVID-19 pandemic, falling demand, and later the full-scale invasion.
Former company president Ihor Kushnir publicly stated back in 2023 that without the support of its main shareholder — the community of Kyiv — the company would be unable to resume full-scale operations. After accusations of misconduct, which were not confirmed by an audit, Kushnir briefly returned to his position but later resigned voluntarily.
The new management confirmed the need not only for recapitalization but also for an additional ₴2.28 billion in compensation from the state for Ukrbud. Together, these amounts were supposed to cover the company’s total needs of ₴4.84 billion. However, negotiations with the Cabinet of Ministers over financing have stalled, and construction work has not resumed.
According to Acting President of Kyivmiskbud Svitlana Samsonova, the development of a comprehensive growth strategy is still underway. She made this statement during the latest meeting with investors’ initiative groups. The inflow of the promised ₴2.56 billion from the Kyiv budget, intended to rescue the developer, is now scheduled for the second half of autumn — with a final deadline of November 28. The absence of even an approximate action plan for construction sites has caused frustration among many investors, some of whom have been waiting for their apartments for more than five years.
However, without additional state funds, the recovery plan risks collapsing. If Kyiv and the central government fail to reach a compromise, Kyivmiskbud’s crisis could drag on for years.