Turkey’s residential real estate market continues to show nominal price growth, but taking inflation into account, housing is in fact continuing to become cheaper, according to market data.
According to analysts, the average price per square meter of housing across the country has reached 40.486 thousand Turkish lira, or about $872. The average cost of a residential real estate property is estimated at approximately 5.02 million lira, or about $108.1 thousand.
In nominal terms, housing prices increased by 23.8% year-on-year. However, after adjustment for inflation, the real dynamics moved into negative territory and amounted to about 6.5%.
Official statistics from the Central Bank of Turkey confirm this trend. In May 2026, the residential real estate price index increased by 1.7% month-on-month and by 24.5% year-on-year in nominal terms, but declined by 6.1% in real terms.
This means that, for buyers and investors, price growth in lira is not the same as growth in the value of the asset. Against the background of high inflation, real estate may look more expensive in the national currency, but lose purchasing value in real terms.
The average payback period for housing through rental income in Turkey is currently estimated at approximately 13 years. However, the situation differs significantly by region. In large cities and resort locations, housing prices have often grown faster than rental rates, so the yield of such properties is becoming lower.
This gap is especially noticeable in popular tourist regions, including Muğla and parts of the coast, where the cost of land and housing remains high, while rent does not always keep pace with sale prices. In such locations, buying real estate increasingly requires not only calculating potential income, but also assessing the liquidity of the property, maintenance costs and currency risks.
For foreign buyers, the situation has become less clear-cut. After the boom of 2021-2023, the Turkish market no longer looks like a market of guaranteed rapid growth. High interest rates, inflation, the weakening of the lira, changes in residence permit rules and cooling demand from foreigners are making investment decisions more complex.
At the same time, Turkey remains one of the largest real estate markets in the region. Demand is supported by domestic buyers, tenants in large cities, tourist regions, as well as interest in housing as a way to protect savings from inflation. However, the market is becoming more selective: liquidity is being maintained primarily by quality properties in strong locations.
For investors, the main conclusion is that Turkish real estate can no longer be assessed only by nominal growth in lira. It is more important to look at dynamics in foreign currency, real yield adjusted for inflation, maintenance costs, rental demand and resale prospects.
The Arricano Group plans to upgrade the generators at all of its shopping malls in Ukraine, with investments in the project totaling over UAH 50 million, according to Anna Chubotina, CEO of Arricano Real Estate LLC.
“We understand that each facility must have several generators—in case one fails, another must be able to meet the significant power needs of all tenants. Currently, our confirmed investments in generator upgrades will total over UAH 50 million across all projects, including those in Zaporizhzhia and Kryvyi Rih,” she said at the RAU Expo 2026 conference in Kyiv on Thursday.
According to Chubotina, Arricano is considering the possibility of installing a solar power plant at one of its shopping centers in Kyiv. The company plans to implement this project with its own investments next year.
She emphasized that it is important to increase both energy independence and energy efficiency of facilities, which will reduce the burden on shopping center tenants.
“On the one hand, we must ensure the uninterrupted operation of the shopping center, and on the other, reduce the burden on our tenants. Whoever can find this balance will continue to operate successfully,” explained the company’s CEO.
Arricano expects to resume active construction of the Lukianivka shopping and entertainment center in Kyiv after the full-scale war ends, Chubotina noted.
“Currently, our facility is undamaged. It is a priority to resume this project and our plans for the reconstruction of regional facilities once the war ends,” she said.
Arricano Real Estate PLC (Cyprus), through its Ukrainian subsidiaries, owns four shopping centers in Ukraine: the Prospekt shopping center and the RayON shopping center in Kyiv, the CITY MALL shopping center in Zaporizhzhia, and the Soniachna Galereya shopping center in Kryvyi Rih. The company also owns a 49.9% stake in the Sky Mall shopping center (Kyiv) and land plots for the future construction of three properties currently in the design phase. The company is also constructing the Lukianivka shopping center in Kyiv.
ARRICANO, ENERGY INDEPENDENCE, generators, REAL ESTATE, SHOPPING CENTERS
Viking Park LLC (Lviv) raised UAH 3.6 million from the placement of its debut bonds, the company reported in its issuance results report.
According to information published in the disclosure system of the National Securities and Stock Market Commission, the bond offering via a public offering took place from April 16 to April 30, 2026. The face value of the bonds is UAH 1,000, with a total value of UAH 100 million.
The total number of bonds actually placed was 3,627.
According to the company’s website, Viking Park LLC conducts development activities under the Viking Development brand. Its portfolio includes over 30,000 square meters of completed residential space in Lviv. Among its projects are the Viking Park, Viking Hills, Viking Gardens, and Helga residential complexes. According to information on the “LUN” real estate portal, since 2019 the developer has commissioned 13 buildings comprising two complexes, while another nine buildings in three residential complexes are currently under construction.
According to data from the YouControl analytical system, the owners of Viking Park LLC are listed as Teplokom LLC (88%) and ZNVKIF “Mira-Capital” JSC (12%). The ultimate beneficiary is Ernest Ishchuk.
As of the end of 2025, the company increased its net profit by 4.4% to UAH 4.8 million, while net revenue decreased by 18.4% to UAH 168.7 million. Assets nearly doubled to UAH 1.8 billion.
According to the think tank Experts Club, Kyiv ranked 36th out of 37 European cities in the Global Property Guide’s housing cost ranking, according to data from the updated “Square Meter Prices in European Cities” table for April 2026, published on the study’s website.
The average housing cost in the Ukrainian capital is estimated at €1,970 per square meter. Over the past year, the figure has risen by 2.6%, and over two years—by 0.9%.
In the ranking, Kyiv emerged as one of the most affordable markets in Europe. Only Chisinau ranks lower than the Ukrainian capital in the table, where the average price of apartments is 1,720 euros per square meter. At the same time, Kyiv is cheaper not only than Western European capitals but also than most cities in Central and Southeastern Europe.
For comparison, in Belgrade the average price of new properties is 3,333 thousand euros per square meter, in Podgorica—2,141 thousand euros, in Bucharest—2,250 thousand euros, in Sofia—€2,300, in Athens—€2,500, in Budapest—€3,061, and in Zagreb—€3,781
Kyiv’s low ranking in the European table reflects the war’s impact on the real estate market, investment risks, limited external demand, and buyer caution. Unlike many European capitals, where prices are supported by mortgages, migration, and stable investment demand, the Ukrainian market remains dependent on security, macroeconomics, and the recovery of business activity.
At the same time, positive annual dynamics indicate that the Kyiv market is not in a state of sharp decline. Year-over-year growth of 2.6% indicates the presence of domestic demand, particularly in the segments of completed housing, high-quality properties, and locations with developed infrastructure.
Kyiv remains Ukraine’s largest real estate market and the country’s main hub of business activity. It accounts for a significant portion of the demand for residential, office, retail, and rental properties. Once the active phase of the war ends, the capital could become one of the key hubs for the recovery of investment activity.
For now, Kyiv remains one of the most affordable major European cities in terms of housing costs in euros. For potential investors, this may mean a low entry threshold, but at the same time, a high level of country, military, and regulatory risk.
The Global Property Guide study is available at: https://www.globalpropertyguide.com/europe/square-meter-prices
Hotel real estate in the Carpathians is reaching new heights. How three phases, a single standard, and the right partners are shaping a new-generation investment product
FORREST Trinity Resort — a project where answers to key investor questions are thought through before sales begin: who manages it, what is the financial model, how are my rights protected, and is there demand for this property in summer and winter?
Bukovel has long ceased to be exclusively a ski resort. According to market analysts, tourist traffic reaches 2.5 million people per year, and occupancy rates for high-quality hotels during peak season are 100%. In summer and during the off-season, this figure remains at 67–73%.
This means that a properly positioned hotel product in Bukovel doesn’t sit idle—it generates revenue.
But there’s a catch: not every project is the same. High-quality hotels with full-scale management, consistent service, and actual occupancy throughout the year are few and far between. Most offerings on the market are apartment complexes where operational efficiency depends on the decisions of each individual owner. FORREST Trinity Resort is built on a different logic.
Most resort projects are geared toward a single audience. Forrest is built differently.
Phase One — a space for those seeking peace and rejuvenation. Surrounded by forest, a wellness center, and a rooftop pool. For those tired of the city who just want to unwind.
Phase Two—conference rooms, meeting spaces, a paddle tennis court, and a networking area. For corporate groups, small forums, and teams combining work with relaxation. The MICE segment in Ukraine is underrated—and this is an opportunity.
Phase Three—a children’s area, a large spa, a climbing wall, an outdoor pool, and the panoramic restaurant FORREST Sky View—the resort’s signature dining destination, located 48 meters above ground, offering a 360° panorama of the Carpathian mountain landscapes. For those who want their children to have something to do while their parents relax.
Three distinct target audiences mean three different reasons to visit—and three independent booking streams. If one segment slows down, the other two continue to perform. This directly impacts occupancy stability and, consequently, the monthly payment to the owner.
At FORREST Trinity Resort, the model is fundamentally different. All 461+ units, without exception, are transferred to Maestro Hotel Management—a condition stipulated in the contract. The owner handles nothing: no bookings, no check-ins, and no maintenance of the rooms. Maestro is responsible for the entire cycle. A guest on Booking sees a fully-fledged resort property with consistent ratings—a higher average check and stable payments to every owner.
Maestro Hotel Management—a management company with 10 years of experience in the hospitality industry. Crucially, they joined the project not after construction, but at the very start. Together with the Perspektyva Group team, they shaped the room layouts, service standards, and financial model. When a management company participates in the creation of a hotel, the rooms are designed to fit the operational model—not the other way around. This ensures a different level of readiness on opening day.
The financial model is transparent: 80% of rental income goes to the owner, and 20% to the management company based on EBITDA. Operating costs are calculated in advance, and a profitability calculator is available before signing.
The unit owner has the right to stay at the hotel up to 30 days a year during the low season and up to 10 days during the high season—with full hotel service. On these days, no revenue is generated from the room, but the vacation is yours.
Perspektyva Group is a company with 30 years of experience and 17 completed projects. Over $300 million in attracted investments. FORREST Trinity Resort is the company’s first hotel project, which is why it has been approached with particular care: architecture, materials, engineering, and partners—no compromises.
The first phase is being built using the developer’s own funds. This means that the pace of construction does not depend on sales velocity. The first phase will be completed regardless of the number of units sold today. For investors, this eliminates one of the key risks.
Commissioning — Q4 2028. The second and third phases are being built in parallel — completion in 2029. The site is active, and construction is underway.
The quality of the architecture directly influences the average rental rate. Architecture by Filimonov & Kashirina, winners of architectural awards. A stone and glass facade, seamlessly integrated into the landscape. This is not just another hotel in the mountains—it is a property with its own distinct character.
Interiors where natural aesthetics blend with premium comfort — Makhno Studio, Serhii Makhno’s studio. Guests choose a hotel that is beautiful. Beauty is a driver of occupancy.
FORREST Trinity Resort has direct access to the 5G trail—one of Bukovel’s best panoramic trails. Ski-in/ski-out—a WOW advantage that saves time and underscores the project’s status.
Surrounded by forest, a waterfall, and a mountain river. A promenade that creates the atmosphere of a European resort.
One of the key fears of investors in Ukraine is: what if the developer doesn’t deliver? FORREST Trinity Resort operates under the MON model—a special property right to the future property. What this means: — the agreement is registered in the State Register — double sales are impossible; — there is a refund mechanism if the completion is delayed by more than 6 months; — changes to the property without the investor’s consent are impossible; — assignment (sale of a unit before completion) — unrestricted, without penalties.
Minimum unit size — 26 m². Price starting at $4,500/m².
Projected return on management: up to 12% per annum in currency.
Asset appreciation from the start of sales to opening: projected 19–20%. An investor who enters at the start receives an asset valued at ~$5,400–5,500/m² by the time of commissioning—even before the hotel’s first day of operation.
FORREST Trinity Resort stands out for its combination of rare factors: Product: three phases for three target audiences, 5G connectivity, architecture by Filimonov & Kashirina, interiors by Makhno Studio. Management: 100% of units managed by Maestro. The management company joined at the design stage. Developer: Perspektyva Group, 30 years of experience, 17 projects. Phase 1 is funded with the developer’s own capital. Security: Ministry of Education and Science approval, state registry, transparent model, free transferability.
Together, this is an asset backed by a system, not just a promise.
FORREST Trinity Resort. Three worlds—one asset. A unique resort ecosystem created for living, relaxation, and capital growth.
More details on investment terms and profitability calculations: +380 (777) 999-999
BUKOVEL, FORREST Trinity Resort, INVESTMENT, PROFITABILITY, REAL ESTATE, VACATION
The United Arab Emirates has taken first place globally in terms of real estate market investment attractiveness, ahead of the United States and the United Kingdom, according to data from the Arada UAE Property Investment Index.
The study was conducted by the American Penta Group on behalf of the developer Arada from April 1 to 23, 2026. The survey included 689 investors from 12 key markets who have an annual income of over $100,000 and more than $250,000 in investment assets, and who have already invested or are interested in investing in real estate outside their home country.
According to the index, 56% of global investors expressed serious interest in the UAE real estate market. This is the highest figure among all markets included in the study. The U.S. received 54%, the UK 41%, France 28%, and Spain 27%.
Investor awareness of opportunities in the UAE real estate market reached 51%, which is comparable to the UK and close to the US. Arada notes that this confirms the UAE’s emergence as one of the most recognizable global centers for real estate investment.
Interest in the UAE is particularly high among investors from neighboring and rapidly growing markets. 91% of Indian investors, 92% of Egyptian investors, and 85% of Saudi respondents named the UAE as one of the three most attractive destinations for investment. Among European investors, the UAE has become the top overseas destination for the French (63%), Germans (60%), and Swiss (57%).
Investors cited the potential for high returns as the main factor driving the UAE’s appeal: 38% of respondents selected this criterion. For Australian investors, this figure reached 57%, for Spanish investors—56%, and for British investors—41%.
Security and stability were key factors for 65% of Chinese and 58% of German investors. Another 34% of all respondents cited the ease of purchasing and owning real estate as an important advantage; among investors from Saudi Arabia, this figure was 57%, and from Egypt, 41%.
Arada Group CEO Ahmed Al-Khoshaibi stated that the survey results confirm trends the company observes in its own sales: international investors increasingly note the maturity of regulations, economic stability, and the resilience of the UAE market even amid external challenges.
“The UAE has repeatedly demonstrated its ability to adapt faster than almost any other market in the world,” he noted.
The release of the index coincided with the announcement of major infrastructure investments in the UAE, including the 34-billion-dirham Dubai Metro Gold Line project, the launch of the first commercial air taxi network, and a 6-billion-dirham federal road corridor to improve connectivity between the emirates.
For the real estate market, this signals continued interest from international capital, despite signs of a cooling in certain segments following several years of rapid growth. Investors continue to view the UAE as a market offering a combination of returns, tax efficiency, stable regulation, and a relatively straightforward property ownership process.
Arada is a development company founded in 2017 in the UAE. The company carries out projects in real estate, retail, education, healthcare, fitness, wellness, and the hospitality sector. Arada’s project portfolio exceeds 130 billion dirhams; the company is also expanding its operations in the UK and Australia.
