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Real estate prices in Minsk in 2013

Tuesday, 09 April 2013 22:56
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During some last years a real estate market in Minsk incessantly changes. Not so long ago a strong economic crisis took place that has greatly changed the balance in all fields not only in a finance one. It has also affected the real estate market. Speaking about Minsk real estate market, evidently the secondary one is the liveliest.

Its main trend during last months was increasing of transaction's number. It’s true for the whole country. In comparison with two previous years (2011-2012) the amount of deals on the secondary market of real estate has increased by 15%.

Simultaneously a square meter cost on the secondary market rose - now it’s $1450-1600 per sq meter at the average. This unexpected increase has led to an excessive demand increase for apartments. Some experts think in some time it may fall down again, but others claim that prices will steadily rise and in some years maybe only the richest people will be able to afford themselves an apartment in Minsk.

In Belarus at the end of 2012 appeared the policy of reducing opportunities for soft loans for constructing new housing. That’s why the volumes of construction of new real estate shrank, so did its market – there’re less offers to buy a new apartment or take part in a shared construction.

Since last year the cost of new apartments per square meter has increased from $1230 to $1350 (approximately 10%). However this price increase hasn’t stop, only in January prices went up to 1410 (4% more).

Long term rent real estate market continue rising either. Now a one-bedroom apartment in Minsk prices start from $400 per month, a luxury apartment in the city center - over $1000-1500 per month.

Finally, Belarusian real estate market has another recent trend. The number of Russians coming here for “soft emigration” and buying real estate has increased.  According to their opinion Grodno, Vitebsk and Minsk regions are the most attractive.


Last Updated on Tuesday, 09 April 2013 23:23


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