In recent years, Lviv has emerged as Ukraine’s number two real estate market. With a stunning architectural ensemble, vibrant tourism industry and close proximity to the European Union, the city is poised to become a popular choice for international real estate investors seeking to add something Ukrainian to their property portfolios, writes Tim Louzonis for Business Ukraine.
However, in order to access the potentially attractive gains on offer here, investors will need to tailor their strategy to the specifics of the Lviv market, which is in many ways very different from its Kyiv counterpart. Mastering the Lviv property market requires plenty of patience and a nuanced understanding of what remains a highly challenging but hugely enticing investment opportunity.
Local preference for new housing over old and attractive current prices provide international investors with a golden opportunity to invest in Lviv’s historical Old Town and acquire properties with strong potential for price appreciation. Maximizing current income while serving the short-term rental market will require good business execution and shrewd market positioning, but property investors can draw inspiration from well-proven strategies that have already worked in similar Central European cities like Prague or Krakow.