Broadly discussed in the literature the concept of project success still remains ambiguously defined. The well known success criteria like time, cost and quality does not provide any practical information of achieving of project objectives in an efficient way. Identification of main drivers of project success gain particular importance for companies in the light of highly competitive environment. Housing construction projects represent one of the largest sector in construction industry and Ukrainian housing construction industry is considered to have one of the highest rate of return in EU. However the amount of research related to Ukrainian market is limited to few general economy overviews published by such organizations like World Bank and big consulting firms. The main aim of this research is identification of the most influential success factors from the 26 factors identified in existing project management literature. The analysis was performed in a highly profitable housing construction industry with a focus on Ukrainian market peculiarities. A questionnaire survey was sent to 110 experienced housing construction project managers and 26 responses there received. Based on the findings of the questionnaire success factors were ranked according to their impact on project success. In addition success factors interrelationship was studied in order to study the importance of each factor in depth. The findings of the research contributed both to project management field of study and Ukrainian construction market research. A primary and support areas of success factors were identified which might serve as a practical guide for managing housing construction projects in Ukraine. The most important success factors were defined: economic environment, project manager’s experience and qualification of project team.