Yevhen Savchenko, Director of the Investment and Development Department of TERWIN Group

02.04.2026

The real estate market is gradually recovering, but it is already operating under a new set of rules. Investors have become significantly more selective, and the key criteria have become income stability and risk control. Today, the market is no longer about growth expectations, but about the real economy of assets.

Yevhen Savchenko shared his main thoughts from the MIPIM international commercial real estate exhibition.

Investments are returning, but have become more selective Capital is gradually returning to the market. At the same time, investors choose only transparent and understandable assets. There is significantly less interest in risky projects. The priority is stable and predictable income.

Demand is concentrating in "basic" segments The greatest investor interest is focused on segments that provide basic needs: residential real estate, social infrastructure, daily demand objects (including retail), and logistics real estate as a component of infrastructure.

Logistics real estate maintains strong positions Logistics remains one of the most stable segments. Demand is supported by the development of e-commerce, companies are restructuring supply chains, and the need for urban logistics and warehouse space is growing. At the same time, investors have become more demanding—regarding the quality of objects, their energy efficiency, and location.

Energy efficiency and costs are the key to profitability The approach to sustainable development has changed: the emphasis is shifting to real costs, operational efficiency assessment, and consideration of long-term maintenance costs.

Slowing down of construction strengthens the market of ready-made objects New projects are being implemented more cautiously: it is more difficult to attract financing, there are higher requirements for tenants, and greater attention is paid to project economics. This strengthens the demand for ready-made objects and assets with active tenants.

MIPIM 2026 demonstrated that the real estate market is entering a new phase—more mature, restrained, and oriented toward the real economy of assets. After a period of high liquidity and rapid growth in value, investors are returning to basic principles: stable income, risk control, and management quality.

Capital is present in the market, but it has become significantly more demanding. Priority is given to understandable assets with predictable cash flows that are able to preserve value in the long term. The role of operational efficiency, maintenance costs, and the asset's ability to adapt to changes in the economic environment is growing.

The market is increasingly moving from a model of speculative growth to a model of value creation through management. In this context, investors who are able not only to acquire an asset but also to manage it effectively, increasing its profitability and liquidity, will win.