Housing for IDPs in Ukraine: how a mortgage can cost less than paying cash
TL;DR
A home bought with an eOselia (7%) or 3% IDP mortgage often ends up cheaper than paying cash.
Counterintuitive — but when the fixed rate is below inflation, the real cost of the debt shrinks every year. Here's why, with exact numbers.
How a mortgage can cost less than cash
It feels like interest is always overpaying. But what matters is the rate-versus-inflation gap. Ukraine’s programs for displaced people offer a fixed 3% (the “Housing for IDPs” lottery) or 7% (eOselia) for the whole term, while hryvnia inflation has historically run at ~10–13% per year.
When the rate is below inflation, the mechanics are simple: you take money that is “expensive” today and repay it with “cheaper” money tomorrow. Each future payment is worth less in real terms. Cash, by contrast, loses purchasing power just sitting there. So the total real cost of a home bought on credit can be lower than its price today — the state program effectively subsidises part of the purchase, and inflation erodes the rest of the debt. You also keep your liquidity.
Honestly about the limits: the benefit assumes inflation stays above the rate, and the 3% lottery is a draw (few slots). The smart move is to apply to both. Charts and caveats are below.
Full breakdown: two programs, real payments, and 14 flats
The interactive report below compares the 3% lottery vs eOselia 7%, with monthly-payment and debt-erosion charts and the Kyiv district market. Concrete flat examples for both programs are in a separate post. A currency switcher (UAH / $ / €) is at the top.
The detailed interactive report is in Ukrainian. Data updated 26 June 2026.