In September, Apartment Prices Stopped Rising For The First Time In A Year
1- 9.10.2026, 13:34
- 1,534
Experts explained why.
During the first month of fall, the average price of an apartment purchased on the secondary market in Minsk remained unchanged. At the same time, prices listed in ads continued to rise. Analysts at Realt analyzed the situation.
In September, about 1,200 apartment transactions took place in Minsk. In August, there were nearly as many—about 1,190 sales. Meanwhile, in September 2025, 1,385 transactions were completed, i.e., 13% more.
Several factors explain the “slump” in transactions. Apartment prices have risen sharply, and buyers need more of their own money or loan funds. In recent months, sellers have been raising prices in their listings—and actual transaction prices have gradually followed suit. By early fall, the gap between the two had even narrowed noticeably, but in September, this trend broke down for the first time.
The average price per square meter in listings rose by about 2%—to $2,534. Meanwhile, the average price per square meter in actual transactions remained virtually unchanged—around $2,300, or just a few dollars more per square meter. As a result, the average apartment listed in ads rose in price by about $3,400 over the month—to $161,000—but the average actual transaction price, on the other hand, remained virtually unchanged at approximately $114,000.
According to analysts, there is no sign of a price drop yet. September suggests, rather, that buyers have begun to push harder against their financial limits. And while the market previously absorbed price increases with ease for several months in a row, that gap has now begun to widen again.
At the same time, experts note that the average transaction price depends heavily on the specific types of apartments sold in a given month. Two factors played an important role in September: the start of the school year, which traditionally distracts people and delays transactions, as well as the introduction of a super-low-interest loan at 1%, which spurred prices in new construction, and sellers of relatively new apartments on the secondary market felt more confident. As a result, some buyers who were unable or unwilling to pay the new prices for more modern apartments shifted their focus to more affordable properties. This suggests that September may not have signaled a “price freeze” so much as a shift toward a cheaper mix of apartments sold.
Ultimately, analysts believe that while a price drop is still a long way off, a gradual stabilization of prices may well begin. However, this will happen gradually—by the end of the year.
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