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.
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.
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:
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.
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.
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.
According to Serbian Economist, Serbia’s real estate market continued to grow through the end of 2025: in the fourth quarter, the total volume of transactions reached €2.4 billion, marking the highest quarterly level since the Real Estate Price Register was established. This was reported by the Republic Geodetic Institute of Serbia (RGZ).
According to RGZ, in October–December 2025, the market value rose by 9% year-over-year, and the number of purchase and sale agreements increased by 6.9%, to 37,386. Apartments accounted for €1.4 billion, or 61% of the total value of all transactions.
Regionally, the number of transactions in the fourth quarter rose by 10.9% in Belgrade and by 5.8% in Kragujevac, while a decline of 6.5% was recorded in Niš and 8.7% in Novi Sad. A total of €768.5 million was spent on apartment purchases in Belgrade alone during this period.
The most expensive apartment of the quarter was sold in the municipality of Savski Venac for €1.4 million, with an area of 90 square meters, while the maximum price per square meter in the same municipality reached €15,298. The most expensive house was also sold in Savski Venac for €1 million, and a parking space for €60,000.
Earlier, RGZ reported that as early as the first quarter of 2025, the market showed a 9.3% increase in value alongside a 2.4% decline in the number of transactions, indicating further appreciation of assets. By the end of the year, this trend persisted, but the market simultaneously returned to growth in the number of transactions.
Vera Yegorova-Tolsta, owner of the real estate agency VIDOVSTAN, also noted the market’s growth in her review. Overall, RGZ data show that even with local fluctuations in individual cities, Serbia’s real estate market remained one of the most stable segments of the country’s economy through the end of 2025.
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The real estate markets of Vietnam, Thailand, Cambodia, and Bali will be in different phases of the cycle by 2026, but they share one common factor—the significant role of foreign demand. That said, the degree of dependence on foreign buyers, the supply structure, and price levels vary significantly across these markets.
Vietnam currently appears to be the most balanced of these markets. Here, the recovery is driven primarily by domestic demand, while foreigners play an important but not dominant role. In Hanoi, the average price of new apartments has already reached about $3,800 per square meter, while in the coastal city of Da Nang, the primary market stands at $2,200–2,300 per square meter. Foreigners can only purchase housing in approved commercial projects, cannot directly own land, and their share is limited by quotas, specifically to 30% of the apartments in a single condominium.
This is precisely why Vietnam remains largely a market for local buyers, while foreign demand is concentrated in the premium segment and in the largest cities. Among the key foreign groups in the market, citizens of South Korea, China, Singapore, Japan, and some overseas Vietnamese are typically cited. Russians are present mainly in resort locations, primarily in Nha Trang, while Ukrainians are also found among renters and individual buyers, but their share in publicly available statistics is not disclosed and remains niche.
Thailand, on the other hand, is much more dependent on external demand, especially in the condominium segment. According to REIC, in 2025, foreigners completed 14,899 condominium transactions, which is 2.2% more than the previous year. They accounted for 14.7% of all property transfers by volume and 25% by value. Chinese buyers retained the top spot among foreign buyers, Myanmar moved up to second place, and Russia remained among the largest groups.
In terms of prices, Thailand is significantly more expensive than Vietnam, especially in the capital and major resort areas. In Bangkok, the average price of condominiums in early 2026 was estimated at approximately $4,200–4,300 per square meter, and in central districts, the price was even higher. In Phuket, the median price of condominiums as of 2025 was about 144,000 baht per square meter, which corresponds to approximately $4,000 per square meter at the current exchange rate. The law allows foreigners to own units in condominiums but not the land, with the foreign quota in a project limited to 49% of the total area.
In Thailand, the role of foreigners is already directly influencing market dynamics in Bangkok, Pattaya, and especially Phuket. Russians remain one of the most prominent groups of buyers in resort regions, while Ukrainians, although not officially in the top 10, are considered by market estimates to be among the most active second-tier buyers and are primarily active in resort real estate.
Cambodia appears to be a riskier market, but also one more dependent on foreign capital. Following a boom and subsequent downturn, the market in Phnom Penh and Sihanoukville is recovering more slowly than in Thailand or Vietnam. In Phnom Penh, prices for condominiums in the business district are around $2,746 per square meter, and the market as a whole remains under pressure due to a high supply base and slower absorption.
The Cambodian market has historically been closely tied to Chinese capital, especially in Sihanoukville, and this dependence persists. Foreigners can purchase apartments but not land, making condominiums the primary vehicle for foreign investors. At the same time, there is virtually no comprehensive, up-to-date official breakdown of homebuyers by nationality available to the public. According to market reviews, the largest foreign groups remain the Chinese, as well as investors from South Korea, Singapore, and Malaysia. The presence of Russians and Ukrainians in this market remains limited and has no significant impact on the overall demand structure.
Bali occupies a special place among this quartet, as it is not a separate country but Indonesia’s most internationalized resort market. The driver here is not so much local demand as it is tourism, short-term rentals, digital nomads, and relocation. In 2025, Bali welcomed 6.33 million foreign tourists, a 9.7% increase from 2024, with Australia remaining the largest source market by visitor numbers.
Prices in Bali depend heavily on the property type and location. According to market surveys, the average selling price in 2025 was approximately $1,970 per square meter, and by early 2026, the average price in the villa market had risen to about $2,210 per square meter. At the same time, in the central areas of Badung, prices often exceeded $3,000 per square meter, and the average cost of villas, according to some surveys, rose from approximately $321,000 to $484,000 per property over 12 months. For foreigners, the primary option remains long-term leasehold, as direct land ownership is restricted.
Foreigners play a key role in Bali, but statistics on the nationalities of homebuyers here are less transparent than in Thailand. Based on tourism and market trends, Australians, British, Americans, and Russians are the most prominent. Since 2022, the market has also seen growing interest from Ukrainian citizens, primarily in the rental, relocation, and some investment purchase segments. However, as in Cambodia, there is no complete official breakdown by buyer nationality available to the public.
If we compare these four markets based on their market models, Vietnam currently appears to be the most internally stable and less dependent on foreigners. Thailand is the most transparent and institutionally developed market for foreign buyers, where the influence of foreign capital is already well-documented by statistics. Cambodia remains a more speculative market dependent on specific external groups. Bali, on the other hand, is a story of global mobility, tourism, and rental yields, where foreign demand effectively drives a significant portion of price dynamics.
In terms of price levels, capital cities and resorts also fall into different tiers. Bangkok and select projects in Phuket remain the most expensive in this group, followed by Hanoi. Da Nang and Phnom Penh fall within the mid-range price bracket, while in Bali the spread is particularly wide: from relatively affordable properties outside premium zones to expensive villas in Chang, Seminyak, and Bukit.
For an investor from Ukraine, this quartet looks like this: Thailand and Bali are the most straightforward markets for a resort strategy and rental income, but also the most dependent on external market conditions; Vietnam is more complex from a legal standpoint but has a strong domestic market; Cambodia is a potentially more profitable but also riskier market. At the same time, Ukrainians are already present in the Thai and Balinese markets, while in Vietnam they primarily operate as a niche group in resort locations.
Source: https://expertsclub.eu
In 2026, Cambodia’s real estate market continues to recover from the 2020–2023 crisis, with foreign investors once again playing a key role in its revival. Phnom Penh and Sihanoukville remain the main hubs of the market. While the capital generates more stable demand for residential properties and offices, Sihanoukville remains focused on tourism and investment real estate.
Housing prices in Phnom Penh average $1,500–3,000 per square meter, while in Sihanoukville the range can vary from $1,200 to $2,500 per square meter. At the same time, the market for premium projects has not yet fully recovered after the overheating of previous years.
Cambodian law allows foreigners to purchase apartments but prohibits land ownership, making condominiums the primary investment vehicle.
A distinctive feature of the Cambodian market is its high dependence on foreign capital. In the pre-crisis period, foreign investors accounted for up to 70–80% of demand in certain segments.
Even after the correction, Chinese investors remain the largest group of buyers, especially in Sihanoukville, where large-scale projects involving Chinese capital were previously implemented. Investors from South Korea, Singapore, and Malaysia are also present in the market.
Russians and Ukrainians have a limited presence in the Cambodian market, mainly in the form of private investments in affordable real estate or rentals; however, their share remains minimal and does not affect the overall structure of demand.
Overall, Cambodia remains a market highly dependent on foreign investors, but with a higher level of risk compared to Thailand and Vietnam.
Thailand’s real estate market in 2026 is showing steady growth, largely due to the return of foreign buyers and the recovery of tourist traffic. After a downturn during the pandemic years, the sector has once again become one of the key drivers of the country’s economy.
The main segment of demand is concentrated in Bangkok, Pattaya, and Phuket. At the same time, it is the resort regions that are of primary interest to foreign investors, who are focused on both renting and purchasing homes for their own use.
According to regulators and developers, apartment prices in Bangkok average between $3,000 and $5,500 per square meter, depending on location and project class. In resort regions, the price range is wider: in Pattaya—from $1,500 to $3,500 per square meter, in Phuket—from $2,500 to $6,000 per square meter, though premium seaside projects can significantly exceed these levels.
Thai legislation restricts foreign participation but makes the market one of the most accessible in Asia: foreigners can own units in condominiums (up to 49% of the project’s total area) but cannot directly own land. This has shaped a market model where condominiums have become the primary product for foreign buyers.
Foreigners play a key role in Thailand’s market. According to the country’s Land Department, foreigners accounted for about 13% of all condominium transactions in 2024–2025, though their share is significantly higher in certain projects and locations.
Chinese citizens remain the largest group of foreign buyers, accounting for up to 40–50% of all transactions involving foreigners. They are followed by buyers from Russia, Myanmar, India, and European countries. In recent years, Russians have consistently ranked among the top three foreign buyers, particularly in Phuket and Pattaya.
Ukrainians are also present in the Thai market, primarily in the resort real estate and rental segments; however, their share is significantly lower and remains niche.
Thus, Thailand remains one of the real estate markets in Asia most dependent on foreign demand, where foreign capital largely determines price dynamics, especially in tourist regions.
In 2026, Vietnam’s real estate market is entering a phase of more sustained recovery following a period of correction, though growth no longer appears uniform across all segments. Key drivers remain the new legal framework for the market, the gradual removal of some administrative and financial restrictions, high domestic demand for housing, and sustained interest from foreign investors in specific projects. This is evidenced by data from Vietnam’s Ministry of Construction and assessments by market participants.
According to the Ministry of Construction, in 2025, apartment prices in Hanoi, Ho Chi Minh City, and a number of other major cities rose by 20–30% compared to 2024, and in some locations, growth exceeded 40%. The average primary price of apartments in Hanoi reached approximately $3,846 per square meter, making the capital one of the country’s most expensive markets. Selected market reviews at the end of 2025 also recorded a range of approximately $2,880–3,400 per square meter for new projects in Hanoi, and approximately $2,270–2,650 per square meter for the secondary market.
On the coast, the price picture is more varied. In Da Nang, considered one of the country’s key coastal markets, the average primary price of apartments in the first half of 2025 was around 58 million dong per square meter, equivalent to approximately $2,200–2,300 per square meter, while the secondary market was slightly lower—around $2,000–2,100 per square meter. At the same time, prices were significantly higher in certain premium seaside projects: for example, in Da Nang, at the Sun Symphony Residence project, they reached 115.6 million dong per square meter, or about $4,400–4,500 per square meter, and in Nha Trang, in the Grand Mark project, they were 38–47.2 million dong per square meter, or approximately $1,450–1,820 per square meter.
The overall market outlook remains mixed. On the one hand, the Ministry of Construction and industry experts expect the market to be more active in 2026, with end-consumer demand continuing to drive sales. On the other hand, the government and banks are tightening their approach to speculative lending, and rising mortgage rates and housing costs are limiting affordability, especially in the mass-market segment.
Legislative updates remain a key factor. New provisions of housing legislation took effect in Vietnam in August 2024, and by 2026, the market will already be operating under the new legal framework. For foreigners, this means more clearly defined—but still limited—rules for home ownership. Foreign nationals may purchase housing only in approved commercial projects, cannot own land directly, and the ownership limit for foreigners is up to 30% of apartments in a single building or block and up to 250 individual houses within an administrative unit of comparable level.
This is why the influence of foreigners on the Vietnamese market remains noticeable but not dominant. Local buyers drive the main demand, while foreigners are primarily focused on the premium segment, projects in major cities, and resort real estate. The most attractive locations for foreign buyers remain Ho Chi Minh City, Hanoi, Da Nang, and Nha Trang, where international demand is driven by business activity, tourism, and the expat community.
According to Vietnam News, foreign demand for housing in Hanoi in 2025 has grown significantly following the entry into force of the revised Housing Law 2023, with one contributing factor being the high concentration of foreign workers and businesses. Previously, government and industry sources also indicated that a significant portion of foreign demand in Vietnam is driven by citizens of South Korea, China, Singapore, Russia, and the United States.
However, no open and comprehensive official statistics on homebuyers in Vietnam broken down by nationality for the years 2025–2026 have been found in the public domain. As a result, it is currently impossible to compile a top 10 list of foreign nationalities of homebuyers based on government data. The most specific public data cited by the market pertains to individual projects and cities. In particular, CBRE previously reported that in Ho Chi Minh City, among foreign buyers who transacted through the company, Chinese buyers led with a 31% share, followed by South Koreans with 19%; while this is not nationwide statistics, it illustrates the demand structure in the most liquid segments.
Taking into account more recent market reports and the structure of foreign presence in Vietnam, it can be said that the main groups of foreign homebuyers include citizens of South Korea, China, Singapore, Taiwan, Japan, Hong Kong, the United States, as well as some overseas Vietnamese. Russians are present in the market primarily in resort locations, particularly in Nha Trang, where a significant Russian-speaking community has historically formed. Ukrainians are also among buyers and renters in resort areas; however, their share, like that of Russians, is not officially disclosed in national statistics and, according to available data, remains niche compared to the largest Asian groups.
Thus, Vietnam’s real estate market in 2026 is recovering primarily due to domestic demand, but foreigners continue to play an important role in the most expensive and liquid projects. An additional feature of the current cycle is the sharp gap between the capital and the coast: while in Hanoi the average price of new apartments has already approached $3,850 per square meter, in coastal markets such as Da Nang the average price remains at $2,200–2,300 per square meter, although the best coastal projects are already significantly more expensive.
