Ukraine’s hot real estate market has in recent years caught the eye of investors across the globe. Surging demand has produced some superior returns over the past eight years, with annual growth in prices at double-digit rates.

Most of the beneficiaries over the past decade have been privileged domestic investors who snapped up flats and land in a frenzy, often at very low prices. Many who managed to close several acquisitions, typically with cash, turned into millionaires overnight.