New Record Set In Residential Real Estate Market In Minsk

Details.

The National Cadastral Agency reports a new record set in the apartment sales market in Minsk. It turns out that in January - March, more than 4 thousand transactions with apartments were completed in the Belarusian capital (4,008, to be exact). This is 20% more than the same period in 2023.

“This is the highest number for the first quarter of the year on record,” the report says.

The situation in the housing market was already optimistic in January, when a record was almost set for the number of sales for this month — 1.08 thousand transactions.

According to NCA, the last time the 1 thousand transactions mark was crossed only in January 2022. But in March, an undoubted record was set for the number of transactions for this month — almost 1.5 thousand.

In total, in the first quarter of 2024, buyers purchased 287 thousand square meters (+30%) of apartments in Minsk for a total of $206 million. In money terms, this is 20% more than for the same period in 2023.

The vast majority of apartments sold in new buildings are one-room. Their share increased by 12 percentage points compared to the fourth quarter of 2023. At the same time, a third of the apartments have an area of more than 44 square meters, that is, they can potentially be used as two-room apartments.

Housing in the Kastrychnitski and Frunzenski districts was in greatest demand among buyers; apartments were bought less frequently in the Leninski and Partizanski districts of Minsk.

The most expensive apartments were in the Central district of Minsk, where the average cost per square meter was $1,620 in equivalent.