How have apartment prices changed in Belarusian cities

The beginning of 2023 was active for the market throughout the country: the total demand became one of the highest for these months over the last decade. In Minsk, in comparison with the 1st quarter of last year, the number of purchase and sale transactions this year increased by 9.4%.

Tweet

Most significantly the number of transactions increased in Gomel – plus 33%. Sales decrease was registered in Mogilev and Vitebsk – by 3.5% and 4.7%, respectively. Nevertheless, buying activity remained high in these cities, ThinkTanks.by citing realt.by.

In most major cities, not regional centers, the number of transactions declined compared to last year. The most significant collapse occurred in Soligorsk (-20.5%), Bobruisk (-15.6%) and Pinsk (-8.6%). The increase in demand was recorded in Mozyr, Molodechno, Baranovichi, Novopolotsk and Orsha.

 

 

The bulk of sold apartments in large cities of the region were located in houses built in 1971-1990, a little less often there were apartments in houses of even older – from 1950 to 1971. Apartments in new buildings (built after 2010) traditionally appeared in transactions in Grodno and Brest, as well as in Lida more often.

Over the year, apartments became more expensive by 6.7%. Over the year, the average price per square meter increased in all regional centers: in Grodno – by 17%, in Brest and Vitsebsk – by 15% in both cases, in Gomel – by 13%, in Mahiliou – by 9.4%.

Among other large cities, prices rose strongest in Mozyr – plus 19%, in Barysau and Polatsk – plus 12% in both cases. The only exception was Novopolotsk, where a “square meter” became cheaper by 1.2%.