Everyone's linking to this BBC piece on Kyiv's real estate, so I'll do, too:

[...]

Yet Kiev is now believed to be the most expensive city in Eastern Europe in which to buy a home.

Prices increased by 10-25% in just the final two months of 2006.

[...]

The cost of apartments has already overtaken some EU cities like Amsterdam.

[...]

"Kiev has experienced such a property boom. I bought a flat three years ago for $30,000, and now its worth up to $200,000."

[...]

"In my experience the most expensive places cost $25,000 per square metre," says Parker and Obolensky's Ruslan Suchkoe.

"That's not a joke. Apartments of this price are about 100 to 300 square meters in size."

Such a valuation would put the top of the market at around $7.5m.

[...]

But despite the building frenzy, Ukraine remains one of the poorest countries in Europe.

The cheapest one-bedroom flat in Kiev costs in the region of $100,000- far beyond the reach of most people in a city where the average salary is about $200 a month.

[...]

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I hope they do a piece on Kyiv's Lexus boom next.

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Here's what's being built right outside our window at Besarabka: