Belarus Real Estate Market Soars in 2022

2022 saw a record number of apartment sales in Minsk, with a 42% increase over 2020. One-bedroom apartments dominated, while new buildings made up only 10% of the market. Prices saw minor fluctuations, and the most expensive apartment sold for $500k. Analysts predict a stable market in 2023.

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The real estate market in Belarus has seen a surge in sales transactions with apartments in the capital in 2022. According to a report by a cadastral agency, 2022 was the most productive year for the number of sales transactions with apartments in the capital for the entire history of the state land registry. The second half of the year saw a significant increase in the number of apartment sales, contributing to a high number of transactions.

The pent-up demand was one of the factors that led to the high number of transactions. In total, there were more than 15 thousand sales transactions in 2022, which is a 3 percent increase over 2021 and a 42 percent increase over 2020. The distribution of transactions by room was as follows: one-bedroom apartments accounted for over 50% of sales, two-room flats fluctuated between 30-34%, three-roomed apartments between 14 to 17%, and multi-room apartments accounted for about 3% of sales.

Apartments with an area up to 45 square meters were in the highest demand, accounting for almost half of all sold apartments. Apartments in new buildings accounted for about 10% of the metropolitan market, with the rest falling on the secondary market. In the primary market, 72% of transactions last year fell on the complex “Minsk World.”

In the fourth quarter, the average apartment prices in the primary market amounted to $1364 per sq. m, while in the secondary market, the average price was $1296 per sq. m. While the prices on the primary market increased by the end of the year, the secondary market showed only minor fluctuations.

The most expensive apartment sold in the fourth quarter was located at Moskvina 4, near Timiryazeva Street. The five-room apartment had an area of 583 square meters and was sold for $500,000, which equates to about $860 per square meter. The most expensive square meter was fixed in the sale of a three-room apartment in the housing estate “Depo” in Kiseleva, 6B. The prestigious residential complex was built on the site of a former streetcar depot near Victory Square. The apartment had an area of 124.9 sq. m and was sold for $493,000, which is about $3950 per sq. m.

Analysts of the cadastral agency predict that significant price changes in the capital’s apartment market are not expected in 2023. Fluctuations within a few percent have become commonplace. This means that potential buyers can expect a relatively stable market in 2023.

In conclusion, the real estate market in Belarus has seen a surge in sales transactions with apartments in the capital in 2022. Apartments with an area up to 45 square meters were in the highest demand, with one-bedroom apartments accounting for over 50% of sales. While prices on the primary market increased by the end of the year, the secondary market showed only minor fluctuations. The most expensive apartment sold in the fourth quarter was located at Moskvina 4, while the most expensive square meter was fixed in the sale of a three-room apartment in the housing estate “Depo” in Kiseleva, 6B. The market is expected to remain relatively stable in 2023, with fluctuations within a few percent being commonplace.