The real estate market in Minsk is undergoing notable changes as foreign buyers increasingly seek apartments in the city. Factors such as pricing and the condition of properties are influencing these trends.
Current Market Trends in Minsk Real Estate
The average price for real estate in Minsk has stabilized at around $2,000 per square meter. This information comes from Mikhail Vavilov, the sales department head at Avangard Nerakohamast agency. Experts believe that this pricing level could remain consistent into 2026, barring any unexpected economic shifts.
Future Predictions for Property Prices
According to Vavilov, the real estate market is likely to see gradual price increases if mortgage interest rates decrease to between 12% and 14%. He also notes that a stable dollar exchange rate may help maintain demand.
Foreign Buyers’ Interests
Iryna Rybakova, from the “Tvaya Stalitsa” real estate agency, highlights a growing interest from foreign buyers, particularly those from CIS countries and Europe. These buyers prefer new apartments or houses that come with renovations.
Attractions for Foreign Investors
- No income proof required when purchasing property
- Availability of new, renovated apartments
In contrast, the demand for unrenovated homes has significantly decreased. Rybakova points out that even local buyers seem hesitant to purchase older properties lacking renovations, favoring new builds instead.
Belarusian Buyers’ Preferences
For Belarusian buyers, small-sized apartments with renovations are particularly attractive. The average price for these properties can reach approximately $3,000 per square meter. Furthermore, well-located ‘Khrushchevkas’ and ‘Brezhnevkas’ can also command high prices if renovated.
Overall, the Minsk real estate market reflects a shift in buyer sentiment. The preference for modern, ready-to-move-in properties continues to rise, pushing unrenovated homes further out of favor.
