Housing costs in Minsk drop to $1100 per sq.m.
But the housing sales have dropped three-four times. People have no money; banks do not lend, while some are waiting for even lower prices of apartments. With housing prices gone down at the moment in Belarus, it is possible to find a square meter for $1100 in Minsk. According to one of the realtors, this drop in prices was caused by the devaluation of the Belarusian currency.
The realtor notes that no surge in prices should be expected in the near future. The lack of demand is the main hurdle. People have no money, while it is almost impossible to obtain a loan. Those who have money still wait for a further drop in prices.
“When there are normal and reasonable conditions for borrowing (since it is almost impossible to get a loan for building), buyers will return and the costs, possibly, go up".
According to a staff of the real estate agency, the sales of housing in Minsk have dropped three-four time.
Lower costs and demand for apartments are reported from across the country. In Brest, the cost of apartments went down an average of 10 percent, Garant Pospekhu real estate agency told the European Radio for Belarus.
In Hrodna, a newly designed one-bedroom apartment currently costs $38-40,000 without refurbishment; two-bedroom apartment -- $50-67,000; three-bedroom apartment -- $60-68,000; four-bedroom apartment -- an average of $70,000. A square meter in such an apartment is roughly $200 more expensive than in a newly buil apartment without interior works.
But in Mahilyou, apartment costs have remained unchanged just like rental fees and sale prices. The Pokadan real estate agency talks about a temporary calm. There is neither demand nor supply so far.$ Those who wish to sell are still waiting for higher prices.
On the opposite, those who wish to buy wait for lower costs.
Vital Malkevich, Yutas Vitalyeu, Julian Віталь Малькевіч, Юрась Вітальеў, Юльян Navumik, Alina Kashkevich
The realtor notes that no surge in prices should be expected in the near future. The lack of demand is the main hurdle. People have no money, while it is almost impossible to obtain a loan. Those who have money still wait for a further drop in prices.
“When there are normal and reasonable conditions for borrowing (since it is almost impossible to get a loan for building), buyers will return and the costs, possibly, go up".
According to a staff of the real estate agency, the sales of housing in Minsk have dropped three-four time.
Lower costs and demand for apartments are reported from across the country. In Brest, the cost of apartments went down an average of 10 percent, Garant Pospekhu real estate agency told the European Radio for Belarus.
In Hrodna, a newly designed one-bedroom apartment currently costs $38-40,000 without refurbishment; two-bedroom apartment -- $50-67,000; three-bedroom apartment -- $60-68,000; four-bedroom apartment -- an average of $70,000. A square meter in such an apartment is roughly $200 more expensive than in a newly buil apartment without interior works.
But in Mahilyou, apartment costs have remained unchanged just like rental fees and sale prices. The Pokadan real estate agency talks about a temporary calm. There is neither demand nor supply so far.$ Those who wish to sell are still waiting for higher prices.
On the opposite, those who wish to buy wait for lower costs.
Vital Malkevich, Yutas Vitalyeu, Julian Віталь Малькевіч, Юрась Вітальеў, Юльян Navumik, Alina Kashkevich
