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Apartment Prices Went Up In Belarus

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Apartment Prices Went Up In Belarus

Brest and Hrodna sellers set the highest prices in seven years.

Starting from November 2022, when the largest collapse in housing prices in recent years took place, a square meter has risen in price by 15% (from $1,138 to $1,317) in Minsk, realt.by data show. Recently, apartments have increased in price in all regional centers, except for Hrodna. Prices on the real estate market, the article by Belsat.

In the first quarter, 3,099 transactions for the purchase and sale of apartments were completed in Minsk. This is 0.4% less compared to the first quarter of last year, according to the National Cadastral Agency.

In the regional centers, trade was even more intensive, if you look at the dynamics: in January-March, 2,370 contracts were signed, which is 9.1% more than last year. Homel became the most active (628 transactions), the least transactions were registered in Mahiliou (363).

High Prices in Minsk

In November 2022, the largest collapse in apartment prices since 2017 took place in Minsk: an average of $1,138 for a square meter, according to data from the realt.by web source. Since then, a square meter has risen in price to $1317 (plus 15%). On average, a studio apartment costs $50,200, a one-bedroom apartment - $65,000, a three-room apartment - $90,000. For comparison: in November, a studio apartment cost $36,800 (an increase of 37% since then), a one-bedroom apartment - $55,300 (18%), a three-room apartment - $77,200 (17%).

Real-estate transaction specialists say that the real estate market in the capital city is now quite active, especially in resale. They are making deals negotiated back in April. The new homes market is relatively calm: they are waiting for discounts from owners. It can be predicted that at least 1,400 transactions will be made in May (in April there were 1,509).

Hrodna’s Discount

In Hrodna, real estate sellers seem to enjoy haggling and are not shy about charging inflated prices. In April, a square meter cost an average of $793 (a maximum for 7 years), but the transaction analysis shows that one square meter really cost $100 less.

Since the beginning of the year, a square meter has become cheaper by 2.4%.

On average, studio apartments in Hrodna cost $29,000, one-bedroom apartments - $34,000, three-room apartments - $45,000.

Spikes in Brest

In Brest, as well as in Hrodna, sellers set the maximum prices for 7 years: in April, an average of $866 per square meter. At the same time, judging by the completed transactions, a square meter crashed hard: in January - $808, in February - $792, and in April - $831.

A square meter in the first quarter rose in price by 2.9%.

A studio apartment cost $31,500 in Brest, a one-bedroom apartment - $39,500, a three-room apartment - $48,500. Here is the most expensive housing, compared with other regional centers.

Homel’s Middle

Real estate in Homel also rose in price to 7-year highs. $704 per square meter in April, and sold for $660. Since the beginning of the year, it has risen in price by 3.5%.

A studio apartment in Homel costs an average of $20,000 (the minimum among regional centers), a one-bedroom apartment - $29,500, a three-room apartment - $38,500.

Maximum in Mahiliou

The cost per square meter in April was $690 on offers and $662 on signed contracts in Mahiliou. The price has not reached such highs since September 2015. A square meter has risen in price by 5% in the first quarter of this year (the highest growth among regional centers).

You can buy a studio apartment in Mahiliou for $24,000, a one-bedroom apartment for $29,000, and a three-room apartment for $36,500.

Cheapness in Vitebsk

A square meter has risen in price by 4% in Vitebsk since the beginning of the year: in January it was $636, in April - $662. At the same time, sellers wanted $642 per square meter in January, and $690 in April. The indicator is now at its maximum since November 2015.

Studio apartments cost an average of $22,000, one-bedroom apartments cost $28,000 (the lowest among regional centers), and three-room apartments cost $35,500 (also the lowest price).

Anastasia Luzghina, a senior researcher at the BEROC Research Center, said in a commentary to Belsat that prices are being pushed up by demand, which has slightly increased. This is due to a decrease in the refinancing rate, which makes loans more affordable.

“I believe that the main reason for the growth may be the improvement in lending conditions. We have seen a decrease in lending rates in recent months. This expands the possibilities for buying an apartment. Also, the price reduction last year could have affected the dynamics.”

At the same time, the economist noted that this year the demand is not as large as in the past, so we should not talk about rising real estate prices as something exceptional.

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