The war has radically changed the landscape of domestic tourism and the investment priorities of Ukrainians. If the market of apartment hotels developed chaotically before 2022, today there is a clear migration of capital to the West. Western Ukraine has accumulated a record share of income real estate projects, turning mountain resorts into a fully autonomous business for investors from the central and southern regions of the country.
Geography of Safety: Why Capital is Rushing to the West
According to the analytical company LUN, by the end of 2025, 86% of all income real estate projects in Ukraine were concentrated exclusively in three western regions. The absolute leader is the Ivano-Frankivsk region, where 57% of all projects are located. The second place is held by the Lviv region with a share of 20%, and the top three is completed by Zakarpattia with 9%. Other regions are practically not represented in this segment.
Representatives of the development company Ribas Group, in a comment to RBC-Ukraine, explain this phenomenon by the factor of safety. The Carpathians are subject to significantly less military threats compared to other regions, which allows private investors to minimize the risks of losing assets. In the conditions of the ongoing conflict, real estate in the mountains is perceived as the most reliable way to preserve capital.
Model of Autonomous Business for Remote Investors
The key feature of the current market is the geographical separation between owners and investment objects. A significant part of investors continue to live and generate capital in the central and southern regions, however, their assets are located in the West. Cooperation with experienced management companies makes such an asset fully autonomous.
Management companies cover the entire operational part of the business: from marketing and booking to guest service and cleaning. This allows apartment owners to receive passive income without leaving their places of residence, while minimizing risks associated with managing real estate in wartime conditions.
Season Change: From Skiing to Year-Round Tourism
After the start of the full-scale war, the format of vacation in the Carpathians has transformed. If previously the region was associated mainly with the winter season and skiing, now summer activities are actively developing. Tourists go to the mountains regardless of the time of year, which stabilizes the income of apartment hotel owners.
Nevertheless, the winter ski season remains the absolute leader in terms of occupancy. In peak months, it reaches 85–95%. At the same time, the summer tourist flow in recent years is directly influenced by the intensity of shelling in the south of the country. An increase in tension in border regions stimulates domestic tourism, directing people to safe recreation zones.
Niche Segment with High Potential
The market of income real estate in Ukraine is still a niche segment. According to LUN, at the end of 2025, only 75 such projects were in implementation. However, high buyer interest is already turning income housing into a separate, dynamically developing market segment. Experts predict that it is the western region that will shape the main trends in this area in the coming years.
