Gefest has been operating in the Ukrainian construction market for over a quarter of a century. During this time, the developer has built more than 31 properties, the vast majority of which are located in Odesa. Despite the full-scale war, Gefest has not slowed down: over the past year, more than 200,000 sq. m have been put into operation, the company notes. Spyrydon Bumburas, Head of the Sales Department at Gefest, spoke about the specifics of selling during wartime and shared his vision of the Ukrainian real estate market.
What distinguishes your approach to working with investors from other developers?
There are several aspects here: first, we always listen to the investor and strive to offer a truly relevant solution; and second, we are flexible, so we develop an individual financial model for each client.
In the future, we plan to launch an even more comfortable installment plan for 10 years or more. For investors, this is a great saving opportunity, as they will be able to live in their own apartment without paying rent or loan interest. Or, if it's an investment, rent it out and use the income to cover the installments.
Apart-compex "Itaka", one of the properties built and commissioned during the war
How do you assess the current state of the real estate market based on your experience launching projects during wartime?
This year, the real estate market is more active than last year, although it's still far from pre-war levels. At the same time, we continue launching new projects and see a positive sales dynamic.
In May, we launched sales in RC "Ellada-4" – and received over 200 applications within the first hour. Currently, there are practically no available apartments left in this complex. This result didn’t come as a surprise: the Arcadia district has traditionally been in high demand for both living and investment. At the same time, this is not our only project during the war – previously, we launched "Kimolos-1" and "Ellada-5", and we are now preparing to start sales in RC "Kimolos-2". In three of these four complexes, apartments are almost completely sold out.
Residential Complex "Kimolos"
Who are your buyers?
I would highlight three main categories. The first – people who buy housing for themselves, the second – investors, and the third – those who feel more secure when their money is invested in real estate. It's also important to understand that the cost of construction is constantly rising, which means the capitalization of real estate will also increase.
Residential Complex "Ellada"
What has personally and professionally motivated you not to stop and continue working despite the war?
We are only able to work thanks to our defenders. Instead of stopping after the start of the full-scale invasion, we decided to continue construction – it became a demonstration of the company’s resilience and a signal that life goes on. Investing in real estate today is about hope, preserving savings, and responsibility. For us, it’s not just a business, but a way to keep moving forward when others stop.
And in this movement, the main driving force has been the team. Honestly, the dominant feeling is optimism and belief in the future. But what impressed me most was the work of our team. Everyone is extremely focused, and this is the key to success. Of course, we always strive to improve, but I sincerely want to thank all my colleagues: as they say, those who remain behind the scenes make the show truly successful.
Business Center "Platon"
If you could go back a few years to the pre-war period, what part of the company’s philosophy has remained unchanged?
With the start of the full-scale invasion, our key decision was not to stop. We made it thinking primarily about the team – about those who should not be left without work. We also understood that contributing to the country's economy means contributing to resistance. Today, we are reaping the rewards of that choice: we preserved the team and trust, and proved that even in the toughest conditions, we fulfill all obligations to our clients.
"But our philosophy has remained unchanged: we build not only homes, but also a dignified future."
As before, we work with respect for the city, our craft, and everyone who chooses Gefest. At the same time, the war has changed the scale of responsibility. Today, each of our projects is a manifestation of faith in the country, its people, and the future worth fighting for.