Ukrainian developers expand into foreign markets, leaving unfinished projects behind

Ukrainian developers expand into foreign markets, leaving unfinished projects behind in their homeland

Following the start of Russia's full-scale invasion of Ukraine, a number of prominent Ukrainian developers and their families have begun actively developing their construction businesses abroad. At the same time, many of their projects within Ukraine remain frozen, and the developers themselves prefer to invest in luxury real estate overseas, Bihus.info journalists found.

From Kharkiv to Dubai: Yegor Maslennikov's business

One such entrepreneur is Yegor Maslennikov, owner of the company "Stroy City". In 2022, he registered the construction firm Object One in the UAE, which is already building several premium-class projects in Dubai. Maslennikov himself was spotted by journalists in Monte Carlo driving a Rolls-Royce Spectre worth approximately $500,000 — the car is registered in his wife's name.

In Ukraine, his company has yet to realise the announced projects. In 2022, "Stroy City" stated its plans to complete the unfinished high-rises of the bankrupt "Ukrstroy" in Kyiv, but work on these sites never began. The situation in Kharkiv is similar. Maslennikov left the list of founders of most Ukrainian assets, transferring them to the management of his wife's sister.

Vadym Stolar's Dubai trail

Another company entering the international market is Enso Development, linked to former deputy of the banned OPZZ party Vadym Stolar. In the UAE, it is building luxury residential complexes, as well as townhouses and villas.

Formally, Stolar exited the Dubai business in 2022, but continued to finance it — a fact he himself noted in his declaration. Meanwhile, the company Enso in Ukraine has halted construction and only recently announced the resumption of work.

In February 2023, the SBU conducted searches at the former deputy's premises as part of an investigation into schemes for laundering funds linked to the entourage of Viktor Medvedchuk and Taras Kozak. However, there is no information on Stolar's procedural status in this case.

Interestingly, journalists found that Artem Koliubayev, a business partner of the head of the Presidential Office, Andriy Yermak, has begun actively entering projects linked to Stolar. At the end of 2023, the former deputy sold the "Parus" business centre in Kyiv, which also raised questions among observers.

The Kushnir family's business geography: Cyprus, Lithuania, Hungary

The family of former "Kyivhorstroy" president Ihor Kushnir has also expanded its activities beyond Ukraine. The ex-head's wife, Oksana Kushnir, is a citizen of Cyprus and owns a number of foreign enterprises. Among them is Koksi Holding Ltd, which invests in business centres in Vilnius and Riga, cottage settlements in Vilnius, residential complexes in Budapest, and apartment hotels in Cyprus.

Kushnir's daughter, Darya, registered companies in Cyprus and London in 2023, but later exited the latter. His son, Ilya, who previously held the post of Kyiv City Council deputy, resigned his mandate in the spring and left Ukraine. Shortly after, he registered two construction firms in Lithuania.

Ihor Kushnir himself left the post of "Kyivhorstroy" president at the end of 2023, when an audit of the company began. Shortly after, the company appealed to the Kyiv authorities, requesting 2.6 billion hryvnia to complete its projects.

Journalists previously discovered that on land removed from "Kyivhorstroy" ownership in the elite settlement of Kozyn, Kushnir's business circle and relatives built a closed cottage complex. It also emerged that his wife's firm acquired a French company in 2019–2020, under which a villa on the French Riviera is registered.

In May 2023, it became known that Kushnir himself, together with his wife, had climbed Mount Everest. Attention was drawn to this fact because he obtained permission to leave Ukraine during the period of martial law thanks to a disability certificate.

Roman Serbenov's Polish projects

Another Ukrainian developer expanding his business abroad is Roman Serbenov, owner of the company S Develop. His Ukrainian firm previously built residential complexes in Mykolaiv and Zaporizhzhia, but their completion is currently suspended.

Meanwhile, in Poland, a company registered in Serbenov's name is engaged in building a cottage settlement. He himself claims that he is only consulting on the Polish project and that resuming work on Ukrainian sites is possible if the situation improves.

Two worlds: Ukrainian construction sites in stagnation, foreign ones growing

The trend of Ukrainian developers moving to international markets is becoming increasingly evident. While their residential complexes stand idle in Ukraine, developers are actively expanding into the UAE, Europe, and other regions. Some prefer to officially exit the ownership structure, while others continue to finance the business, avoiding open mention of their involvement.

Meanwhile, unfinished houses in Kyiv, Kharkiv, Mykolaiv, and other cities remain without investment or prospects. Against this backdrop, dissatisfaction is growing among Ukrainians who have faced the inability to receive the promised square metres, raising questions about those who previously assured them of the stability and reliability of their projects.