The growth potential for the capitalization of Transcarpathian tourism clusters over the next three years could reach 40-50%, while for the Skole district of Lviv region it could reach 60%, according to the "Promised vs. Real" study by Ribas
Invest and Ribas Hotels Group.
As specified to Interfax-Ukraine, this level of capitalization is explained by growing tourist demand in regions where competition among professional developers is still minimal.
"The market has learned to look not where everything is already built, but where infrastructure is just forming. The difference in land value between overheated and new locations currently reaches tenfold — this is the ‘window’ for entry before capital mass-arrives there," explained Artur Lupashko, founder of Ribas Hotels Group.
As part of a comprehensive audit of hotel and recreational development in Ukraine, Ribas Invest identified cluster locations where the entry cost has not yet peaked, despite rapid demand growth. These include the Sinyak - Pylypets - Podobovets direction in Zakarpattia, Skole - Tukhlya in Lviv region, and Kaniv - Cherkasy along the Dnipro line.
According to the study, the average price of a hundred square meters (are) of land in the village of Polianytsia (Bukovel) is $25,000-$45,000, in Pylypets it is $3,500-$6,000, and in the Skole district it is $1,500-$3,000. The difference in land price between these locations reaches 1,000%, while the rental cost of a finished room differs by only 20-25%.
Researchers also note that in 2026, Zakarpattia is receiving updated railway and road logistics, which makes the region comparable in accessibility to Ivano-Frankivsk region while offering asset values three times lower.
Other promising directions include the Shatsk - Svityaz lake region in Volyn, the suburbs of Kyiv, and the Odesa coast, where demand is shaped by the need for safe suburban recreation and energy-autonomous real estate.
Ribas Hotels Group, established in 2014 in Odesa, is an international full-cycle management company and hotel business ecosystem. It unites the entire process — from site selection, design, and construction to management, franchising, and investment. Ribas Hotels Group is the only hotel company that independently covers all stages of creation and development for hotel projects.
The company’s portfolio includes 56 projects at the construction, launch, or management stage, including in Ukraine, Poland, Turkey, and Bali. The operator develops 3-, 4-, and 5-star urban and resort hotels under the brands Ribas Hotels, Ribas Rooms, WOL home + hotel, and Mandra Moments.
The operator’s total room stock exceeds 1,000 rooms.
