UNESCO heritage city finds single point of entry for foreign property investors

 LVIV-- As the Real Estate market has been picking up in this stunning UNESCO heritage western Ukrainian city, Rostyslav Zhuravchak, the founder and CEO at West Estate Lviv sees opportunity. The clients that the young broker represents include upcoming professional football stars and United Nations professionals.

 “Lviv continues to be one of the most resilient and attractive real estate markets in Ukraine. Locally, it is often seen as a gateway to Europe, and this is also reflected in the type of demand we see from foreign clients and expats,”  Rostyslav told the Lviv Insider.

 Himself a native of Lviv, he started out as a real estate agent in 2017 at a small local brokerage. While he was gaining experience and visiting English language exchange clubs, he was introduced to his first international clients.

 Many of those customers also needed immigration solutions, especially temporary residence, work permits, or company registration. At first, he referred them to law firms, but later saw that there was a clear need for a more integrated service and the first immigration lawyer joined the team.

 Today, West Estate Lviv combines real estate, immigration, and concierge-style support for foreigners, expats, investors, and international organizations. “When a foreigner wants to live, work, invest, or relocate to Lviv, they usually do not need only an apartment. They need a safe and practical local solution for housing, legal status, documents, trusted contacts, and someone on the ground who understands both the local market and the expectations of international clients.”

 Rostyslav is positive about the Lviv market. “it has become more selective. Since the end of 2021, prices for the most desirable properties in good locations have increased by approximately 10–15 percent, especially for well-planned apartments, central locations, and ready-to-move-in units. There is a strong supply of both resale properties and new residential projects, and Lviv is probably one of the most active new-development markets in Ukraine at the moment.”

 The stand out deals include, helping a young Brazilian professional football player rent one of the largest penthouses in Lviv, and later assisting several of his teammates with housing. Another important period was in 2022, when they helped arrange housing for many staff connected with international organizations, including UN-related teams, completing around 50 rental deals in a very short period.

 They also work with individual foreign buyers and investors. For example, one of the apartments they helped sell was located just a few minutes’ walk from the Lviv Opera House. It was fully furnished, suitable for both short-term and long-term rental.

 The demand is still there, but clients are becoming more practical and selective. They are looking for safety, good infrastructure, energy resilience, reasonable renovation costs, and properties that can be used immediately.

 As the market in Lviv continues to attract more foreign investers wanting to live in the safest city in Ukraine, Rostyslav Zhuravchak may have created the company at the right pace and at the right time. West may be a one stop shop for foreigner interested in the local real estate market. Their current website is westestate.com.ua.

 jp-mlp