Business news from Ukraine

Business news from Ukraine

Crypto market ends week on downtrend amid outflows from ETFs and investor caution

According to Fixygen, the cryptocurrency market is ending the week in a mode of cautious consolidation: Bitcoin is holding near $76,000, Ethereum is around $2,100, and investors are assessing outflows from spot ETFs, macroeconomic risks, and the prospects for digital asset regulation in the U.S.

At the time of writing, Bitcoin was trading around $76,300, and Ethereum around $2,087. Daily price action remained moderately positive following a dip earlier in the week, though the market has yet to return to sustained growth.

Outflows from cryptocurrency ETFs put pressure on the market throughout the week. According to industry reports, spot BTC ETFs in the U.S. recorded significant net outflows, and Ethereum ETFs were also under pressure. Amber Group noted that ETF flows for BTC and ETH shifted to outflows, reflecting more cautious investor sentiment.

WSJ Market Talk painted a similar picture: nearly $1.7 billion flowed out of Bitcoin ETFs over five days, while long-term Bitcoin holders did not exhibit significant selling pressure. Ethereum, according to this review, remained noticeably below its May peak amid sustained outflows from ETH ETFs.

At the start of the week, Bitcoin fell to a more than two-week low, dropping to around $76,000 amid a stock market pullback and rising yields. MarketWatch noted that on May 18, BTC lost about 2.5%, and the intraday low was the lowest since late April.

However, the market partially recovered by the end of the week. The Economic Times attributed Bitcoin’s rebound to $78,000 to improved sentiment following Nvidia’s strong earnings report and stabilizing buyer demand. However, BTC has not yet managed to hold above this level.

According to CoinGecko, the total market capitalization of the crypto market is approximately $2.64 trillion, with Bitcoin’s market cap at around $1.54 trillion and its market share at approximately 58.1%. This indicates that the market remains in a phase of BTC dominance, and a full-scale rotation of capital into altcoins has not yet occurred.

CoinMarketCap also indicates “Bitcoin Season” mode: the altseason index stands at around 37 out of 100, confirming Bitcoin’s dominance over most altcoins. Among the largest coins, BTC, ETH, BNB, Solana, and XRP were rising at the time, though the momentum remained more corrective than impulsive.

For the coming week, the $75,000–$78,000 range remains the key technical benchmark for Bitcoin. Holding above $75,000 could maintain a sideways consolidation scenario with attempts to return to $78,000–$80,000. A break below this level would increase the risk of a move toward lower support levels. For Ethereum, the $2,000–$2,150 range remains important: the weakness of the ETH-ETF and the lack of strong rotation into altcoins limit the potential for a rapid recovery.

The medium-term outlook remains ambiguous. On the one hand, the market is supported by institutional interest, limited BTC supply, and Bitcoin’s unchanged role as the leading crypto asset. On the other hand, outflows from ETFs, uncertainty regarding Fed rates, high correlation with tech stocks, and the weakness of altcoins make the market vulnerable to new corrections.

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Hungary’s real estate market may once again attract foreign investors

According to Serbian Economist, after several years of low activity among foreign buyers, Hungary’s real estate market may be entering a phase of renewed interest from foreign capital.

According to experts, the Hungarian market has long been operating below its potential: after four years of stagnation, foreign investors have largely ceded ground to domestic buyers. Now analysts expect that a combination of political changes, potential reforms, and pent-up demand could bring Hungary back into the spotlight for international investors.

An additional factor is the expectation of an improved investment climate and the potential release of European funding. Property Forum notes that market participants are discussing a “restart” of the Hungarian real estate market following the April 2026 elections, with macroeconomic stability, regulation, and the willingness of institutional investors to return to the country remaining key issues.

At the same time, the market has already gone through a period of significant price growth. According to Global Property Guide, citing the Hungarian National Bank’s housing price index, housing in Hungary rose by 21.29% year-over-year in the third quarter of 2025, or by 16.29% in real terms, indicating strong price momentum even before the full return of foreign demand.

In 2026, the market appears more balanced. According to data from Duna House cited by International Investment, approximately 78% of transactions are concluded below the initial asking price, indicating a strengthening of buyers’ bargaining power and the market’s transition from overheating to a more stable phase.

Budapest remains the main center of interest. The capital combines high rental demand, developed infrastructure, tourist traffic, and its status as the country’s business hub. However, it is in Budapest that authorities are also discussing restrictions on short-term rentals: earlier, one of the city’s central districts voted to ban short-term rentals starting in 2026, which could alter the investment model for some buyers.

For foreign investors, Hungary retains several advantages: prices are lower than in most Western European capitals, the market is part of the EU, and the weakening of the forint may make purchases more attractive to buyers with capital in euros or dollars. At the same time, the risks remain significant: rental regulations, high inflation in recent years, political uncertainty, and the market’s dependence on state support and credit conditions.

The return of foreign capital could support prices, especially in Budapest and other liquid locations. However, for local buyers, this could exacerbate the housing affordability problem, which has already become one of the key social issues in Hungary. The government has previously launched first-home support programs, including subsidized loans at 3% for up to 25 years, to help young buyers enter the market.

Thus, the Hungarian real estate market enters 2026 in a mixed state: prices have already risen significantly, demand has become more cautious, but expectations of political and economic changes may once again attract foreign investors. For the market, this means a likely uptick in transactions, and for buyers—the need to more carefully evaluate location, rental models, and regulatory risks.

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Turkish investors have strengthened their position in Greek real estate market

Over the past three years, Turkish investors have invested approximately EUR614 million in Greek real estate, significantly strengthening their presence in the housing market of their neighboring country. According to experts, the main motivation for buyers from Turkey has been the desire to protect their capital from high inflation, currency fluctuations, and domestic economic uncertainty. For them, Greek real estate serves not only as an investment asset but also as a way to gain access to the European residency program.

An additional factor is the Golden Visa program, which allows citizens of non-EU countries to obtain a residence permit in Greece through investment. Depending on the property and region, the minimum investment threshold ranges from EUR250,000 to EUR800,000, and the residence permit itself is issued for five years with the possibility of renewal provided the investment is maintained.

The growth in interest from Turkish buyers is particularly noticeable against the backdrop of an overall decline in foreign investment in Greek real estate. According to the Bank of Greece, foreign investment in this sector fell by 22% in 2025—to EUR2.05 billion, down from EUR2.75 billion the previous year. Despite the decline, 2025 remained one of the strongest years for the market in terms of foreign capital inflows.

For Greece, Turkish demand has a dual effect. On the one hand, it supports developers, the secondary housing market, and investments in tourist areas. On the other hand, it increases pressure on prices, especially in Athens, Thessaloniki, on the islands, and in coastal locations, where supply is limited and local residents are already facing housing affordability issues.

Turkish investors’ interest is also linked to geographical proximity. Greece is perceived as a familiar and relatively close market: tourism and business ties are developing between the countries, and the Greek islands remain a popular destination for Turkish citizens. Reuters previously reported that Greece had extended a simplified visa regime for Turkish citizens to a number of Aegean islands, which further bolstered ties between the two markets.

In the near future, Turkish capital is likely to continue playing a significant role in the Greek market.

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Why Aparthotels Have Become Popular Investment Option – Expert’s Perspective

Aparthotels are a type of investment property that has established itself as a distinct sector and consistently attracts investors in Ukraine. They combine property ownership, passive income, and professional hotel management. Why investments in hotel real estate remain relevant—let’s consider the example of modern resort projects.

The investment real estate market is changing

In recent years, the investment real estate market has been gradually transforming. The traditional model of investing in apartments for long-term rent is giving way to new formats.

Investors are increasingly seeking managed assets capable of generating passive real estate income without the need to handle leasing, maintenance, or operational processes themselves.

This is precisely why investments in aparthotels and hotel real estate are becoming one of the most dynamic market segments. In tourist regions, such properties demonstrate stable demand and the potential for long-term capitalization of asset value.

According to management companies, the average hotel occupancy rate in professionally managed portfolios is around 55–65%, while the most successful properties achieve 70–85% occupancy. It is precisely these indicators that make hotel real estate attractive for long-term investments.

“According to data from LUN, the income-generating real estate market is growing steadily—and this is no coincidence. This segment attracts investors by combining the clarity of a classic square meter with the advantages of a ready-made investment product. It is a physical asset, passive income without operational hassle, a transparent economy, and income pegged to a currency. “If a project is well-calculated, has an interesting concept, and is professionally managed, the yield here can be higher than in traditional rental real estate,” explains Vitaliy Mazhara, CEO and managing partner of the development company GREENWOOD Development.

What is an aparthotel and how does this investment model work

An aparthotel is a type of hotel real estate in which an investor purchases a separate unit—an apartment, villa, or cottage—within a hotel complex.

Unlike the traditional rental model, the owner is not involved in day-to-day operations. Management of the property is handled by a management company, which is responsible for:

  • room sales and reservations
  • hotel marketing and promotion
  • guest services
  • full operational management

The investor’s profit is generated from hotel operations—revenue from guest stays, infrastructure, and the complex’s services.

In this way, the property becomes an investment asset that functions as a business and generates passive income.

Why Concept Hotels Are Becoming the New Industry Standard

The modern hospitality industry is evolving alongside tourist behavior. Today, guests are increasingly choosing hotels based on more than just location or service level. A key role is played by the experience, atmosphere, and emotions a guest receives during their stay.

That is why concept resort hotels demonstrate higher guest loyalty, a stronger brand, and stable occupancy.

“Today, investors are increasingly focusing on concept hotel projects. It is not just the location or architecture that plays an important role, but also the idea that creates a unique experience for guests. It is precisely these hotels that demonstrate stable demand and long-term investment value,” — notes the leading management company Maestro Hotel Management.

According to market participants, it is conceptual resort hotels that are currently driving a new wave of investment in tourism real estate, as they combine an emotional experience for guests with the stable economics of the hotel business.

An example of a conceptual resort project in the Carpathians

One example of a new generation of resort projects is the “VIRSHI” experience hotel in the Carpathians.

The project’s concept is based on the idea of the experience economy, where the key product is not square footage, but the guests’ emotional experience.

In this format, the guest becomes the creator of their own vacation—choosing a stay scenario from dozens of possible options: from active recreation to solitude or rejuvenation.

The hotel’s service model is built on two approaches:

Service by Scenario — personalized experience packages that adapt to the guest’s travel style.

Moments of Magic — specially designed service moments that create unexpected pleasant impressions during the stay at the hotel.

From the very beginning, the “VIRSHI” experience hotel has been developed as an investment product, where every decision impacts the property’s future economics.

The choice of location, infrastructure format, service model, management team, and concept are not separate elements but a system that determines the hotel’s future occupancy and profitability.

That is why the project combines an emotional experience for the guest with clear investment logic, where the product is shaped with demand, vacation scenarios, and long-term efficiency in mind.

You can learn more about the project’s concept on the VIRSHI Experience Hotel website.

Combined with the growth of domestic tourism and the development of resort infrastructure, this format is gradually shaping a new market segment—income-generating investment real estate.

That is why more and more investors are turning their attention to conceptual resort projects that combine a strong idea, professional management, and stable hotel economics. One example of this approach on the market is the “VIRSHI” experience hotel near Bukovel, which operates within the experience economy model and offers investors a new way to engage with hotel real estate.

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Rivne Invest Forum 2026 will bring together over 500 investors and entrepreneurs on May 8–9

This spring, Rivne will become the hub of business activity in western Ukraine. On May 8–9, 2026, the village of Velyka Omelyana will host the Rivne Invest Forum 2026—the region’s largest business event, bringing together over 500 investors, entrepreneurs, developers, and representatives of business communities to forge new partnerships and conclude deals.

The forum is organized by the Board business community in collaboration with the Lviv Invest Forum and AFNU.

The Rivne Invest Forum is a platform for informed investments and long-term partnerships. The focus is on scaling businesses, raising capital, and developing the regional economy in the context of the new economic reality.

Key speakers at the forum:

  • Andriy Dligach (Advanter Group, Board)
  • Ihor Mazepa (Concorde Capital)
  • Artur Mikhno (Work.ua)
  • Taras Kitsmey (SoftServe)
  • representatives from Horizon Capital, Edem Family, BK Investment, Franchise Group, and other investors and CEOs

The program includes expert presentations, panel discussions, investment project presentations, startup pitches, Invest Expo, an investment auction, and private networking sessions.

Topics include residential and recreational real estate, M&A, the stock market, cryptocurrencies, IT and technology, franchises, alternative investments, healthcare, education, land, and development.

Organizers expect over 500 participants—investors, entrepreneurs, developers, fund representatives, and members of the startup ecosystem.

Board members receive a 20% discount on all tickets. Early bird prices are available until March 1, 2026.

Registration and details—rivne-invest.com

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Investors increasing their purchases of hotels in Thailand for renovation

Foreign and local investors have stepped up deals in Thailand’s hotel market, betting on buying properties in prime locations for subsequent renovation, upgrading, and “repositioning” in a more expensive segment, The Nation Thailand reported.

Colliers Thailand estimates that the value of hotel deals in the country could exceed 12 billion baht in 2026, while in 2025, about six hotels with 1,574 rooms were sold for a total of 10.14 billion baht, with the main locations of interest to investors being Bangkok, Phuket, Samui, Pattaya, Krabi, and Chiang Mai.

Colliers also points to the typical “investment profile” of such deals: investors are more likely to choose properties with an expected return of 6% per annum, buildings up to 10-15 years old, and hotels with more than 150 rooms in order to reduce capital expenditures and improve the economics of the project. Against the backdrop of a decline in the average occupancy rate across the country in 2025 to approximately 72%, hoteliers maintained and increased their rates, which supported RevPAR and interest in upgrading product quality.

Separately, JLL Hotels & Hospitality Group reported that 2025 was a record year for Thailand’s hotel transaction market, with total deal volume estimated at 26.4 billion baht, and investors increasingly considering reconceptualization projects and mixed formats, including hotels with branded residences.

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