Bukovel after the boom: what awaits investors
16 October 22:31
EXCLUSIVE
During the business discussion “Bukovel as an investment magnet: has the last train left the station?” organized by "Komersant Ukrainian", experts from various fields emphasized the need to preserve the identity of the Carpathians for the sake of investment and tourist attractiveness, as well as to make efforts to develop communities and infrastructure.
Preserving nature and the region’s identity is the key to sustainable tourism The State Agency for Tourism Development (DART) is developing the Carpathian region and is working on the Small Carpathian Ring project to make traveling in the region more accessible and safe, without busy roads. This was stated by Natalia Tabaka, Head of DART.
“Together with our Polish colleagues from the Ministry of Sports and Tourism, we are implementing cross-border projects for the development of the Carpathians. It’s nice that the service sector is being developed here not only for skiing and snowboarding, but also for nature, culture, and immersion in local identity,” said Natalia Tabaka.
“At the same time, the region, like the whole country, has a problem. While the tourist tax is an important indicator of economic activity, only a very small percentage of hotel facilities pay it to community budgets in good faith.
According to the official, today only about 10% of the possible tourist tax is collected. However, there are also exemplary developers such as Apartel Resorts, which, for example, in Skhidnytsia pays a tourist tax that exceeds the amount of this tax from all hotels in the resort town.
There are currently no separate mechanisms for monitoring the integrity of businesses (which can collect tourist tax from each tourist and pay it to the community in a much smaller amount). At the same time, Natalia Tabaka called on representatives of the hotel industry to be honest and transparent in this regard, as it is through the tourist tax that regions are able to upgrade their infrastructure.
Bukovel is a market that requires a strategic approach
Yana Hlynyanska, Director of Investment and Development at Maestro Hotel Management, believes that compared to 2022, the interest of investors and developers in Bukovel is growing and will continue to grow.
According to her, the market has become more stable, and investment projects are more conceptual and unique.
Real estate investments compete with gold
Roman Dovhal, a representative of RADABANK JSC, who also joined the discussion, has no doubt that investments in Bukovel are the future.
The bank has extensive experience of cooperation with developers and builders. We are talking about hotels, residential complexes, and various commercial real estate in Lviv, Frankivsk, Dnipro, etc.
After all, when we talk about investments, it is money. And where there is money, there are banks,” the banker said, emphasizing that RADABANK provides a full range of financial services to investors in large-scale construction projects on specific terms and with deep professional expertise.
As for the prospects of Bukovel, Roman Dovgal had this to say:
“I am often asked about the dollar exchange rate. It will be more stable. But today, precious metals have become one of the competitors for real estate investments. Gold, for example, has risen in price to more than $4000 per ounce, which is 50% in 2025. Nevertheless, I believe that it is worth investing in hotels and apartments in Bukovel. These projects are the future,” said Roman Dovgal.
Bukovel is a high-risk market, but with potential
Investments in Bukovel can be profitable, but only if there is a clear risk assessment, in-depth analysis, and readiness for challenges. This opinion was expressed during the discussion by investor and co-founder of UkrInvestClub Dmytro Karpilovsky.
The risk of losing money has not disappeared. It is high in Bukovel. There is nothing to discuss here,” he emphasized.
“Nevertheless, investors take risks for the sake of possible profits, especially speculative ones. However, the situation with the operating profit of hotels is much more complicated: out of 30 announced projects, only two were launched during the year, the expert says.
He outlined the main problems of this market as follows:
- lack of qualified personnel,
- chaotic construction,
- and high competition.
Karpilovskyi believes that investments can be profitable, but only if there is a realistic risk assessment, warning that the Bukovel market is difficult, especially for beginners.
If you just want to try it, this is not the place. Bukovel is not forgiving of mistakes,” he said.
Speaking about the investment prospects of the Carpathians, Karpilovsky noted that only the first train has left, and it will definitely not be the last. But this path is new, unstable, and fraught with many risks:
- lack of industry standards,
- weak infrastructure,
- legal and technical gaps,
- low investment culture and conflicts of interest.
The conclusion, as the investor adds, is that success is possible! However, one should be prepared to study the proposals in detail, analyze the market in depth and be ready for challenges.
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