Authored by the expert who managed and guided the team behind the Belarus Property Pack
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What is happening in Minsk’s real estate market? Are prices on the rise or decline? Is the city still attracting foreign investors? How are local government policies and taxes shaping the real estate landscape in 2025?
These are the questions we hear every day from professionals, buyers, and sellers across Minsk and beyond. Maybe you’re curious about the same things.
We know this because we stay closely connected with local experts and people like you, exploring the Minsk real estate market daily. That’s why we crafted this article: to offer clear answers, insightful analysis, and a comprehensive view of market trends and dynamics.
Our aim is straightforward: to make sure you feel informed and confident about the market without needing to search elsewhere. If you think we missed something or could improve, we’d love to hear your feedback. Feel free to message us with your thoughts, and we’ll strive to enhance this content for you.
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1) Foreign buyers will increasingly target Minsk’s residential market due to favorable exchange rates
The Belarusian ruble has been depreciating against major foreign currencies, such as the US dollar. This trend has been ongoing since 2022, when the dollar reached a historic high against the ruble. This depreciation means that foreign buyers can get more value for their money when purchasing property in Minsk, as their foreign currency now holds more purchasing power compared to the local currency.
In 2023, foreign direct investment in Belarus saw a significant increase, with a substantial portion directed towards real estate in cities like Minsk. This indicates a growing interest from foreign investors, likely driven by the favorable exchange rates that make property investments more attractive. Additionally, Belarus has set ambitious goals to double its foreign direct investment by 2025, which suggests a strategic focus on attracting more foreign capital.
Surveys and analyses have shown a rising interest in Eastern European real estate markets, including Minsk, due to favorable exchange rates and economic stability. This interest is further supported by media reports highlighting Minsk as an emerging real estate market, emphasizing its economic growth and development potential. The combination of competitive property prices in Minsk compared to other European capitals and the potential for high returns makes it an appealing option for foreign investors.
Sources: Belarus in Focus, Aparthotel Consultation
2) Minsk's property prices will rise moderately as demand exceeds supply
Minsk's real estate market is buzzing with activity as apartment sales jumped by 20% in early 2024 compared to the previous year.
With the city's population now over 2 million, Minsk has grown by 11.2% since 2009, mainly due to people moving in from other parts of Belarus. This influx is driving up the demand for homes.
However, new housing developments are scarce, especially in the heart of the city, which is becoming increasingly popular with both locals and expats. This popularity is nudging property prices upward.
Adding to the challenge, land for new construction is hard to come by, making it tough to find modern, well-equipped homes. This land scarcity is a big reason why prices are climbing.
As demand continues to outpace supply, Minsk is likely to see a moderate increase in property prices. The city's charm and opportunities are drawing more people in, but the housing market is struggling to keep up.
Sources: Charter97, Eurasian Research, CEIC Data
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Belarus versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
3) Foreign buyers in Minsk will rise as visa rules relax
Foreign Direct Investment in Belarus jumped to $1,973.6 million in 2024, up from $1,634.9 million in 2023.
This boost in investment shows that international investors are feeling more confident about the Belarusian market. When investors feel secure, they are more likely to put their money into properties, including those in Minsk.
Take Russian citizens, for instance. They bought 4,008 apartments in Belarus in 2024, which is a 20% increase from the previous year. This trend highlights a growing interest among foreign nationals in owning property in Belarus.
The Belarusian government has made the visa process easier, especially for foreign students. This change has turned Minsk into a more attractive place for education, leading to a rise in international students. As more students come to Minsk, the demand for rental properties goes up, making the real estate market more appealing to foreign investors.
With these relaxed visa regulations, the number of foreign buyers in Minsk is likely to increase. This is because easier access encourages more people to consider investing in the area.
Sources: MoFo Insights, Aparthotel Finance
4) Foreign investment in Minsk’s residential properties will grow as political stability improves
In recent years, Minsk has become an attractive destination for foreign investment in residential properties, especially as political stability has improved. In 2023, Belarus saw a significant increase in Foreign Direct Investment (FDI), with a notable rise in the first quarter of 2024, reaching $1.6 billion. This surge in investment indicates a growing interest from abroad in Belarusian opportunities.
The real estate market in Minsk is experiencing a noticeable rise in property prices, driven by increased investment and economic growth. This trend is further supported by the Belarusian government's incentives, such as preferential tax regimes, which make investing in real estate more appealing to foreign investors.
Moreover, the improving political climate in Belarus has been highlighted in media coverage, attracting more foreign investment. This stability is crucial for fostering long-term partnerships with major investors, making Minsk an emerging market with promising economic potential.
Sources: CEIC Data, Newsletter European, Aparthotel.com
5) Property values in Uruchcha will rise due to its closeness to new business developments
The Uruchcha area is poised for a rise in property values due to its proximity to new business developments. One of the key factors is the increased investment in business infrastructure, such as the Minsk World project. This massive development includes a new international financial district and Class A office space, which will likely drive up property values in nearby areas like Uruchcha.
Additionally, the rising demand for residential properties from employees of new businesses is a significant factor. As more businesses set up in Minsk, there will be a growing need for housing near these business hubs. Uruchcha, with its convenient location, is expected to become an attractive option for employees seeking easy access to their workplaces.
Improved transportation links also play a crucial role. The "Gulliver" complex in Uruchcha is close to the metro, making it highly convenient for families and professionals who need easy access to the city. This enhanced connectivity will further increase the appeal of Uruchcha as a residential area, contributing to the rise in property values.
Sources: World Finance, Aparthotel.com, Belta
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6) Furnished apartment yields in Minsk will rise as remote work becomes more common
In recent years, the rental market in Minsk has been experiencing some interesting changes. One of the key factors driving these changes is the rise of remote work. As more people work from home, there's a growing demand for accommodations that are remote work-friendly. This trend has been particularly noticeable since the IT sector in Belarus saw a decline, leading to more people seeking flexible living arrangements.
Furnished apartments have become especially popular among remote workers. Surveys and market trends suggest that these types of apartments are preferred because they offer convenience and immediate livability. This preference is not just a local phenomenon; it's part of a broader trend where furnished rentals tend to attract renters more quickly and can command higher rental yields. In fact, property owners can often charge 15-20% more for furnished long-term rentals compared to unfurnished ones.
Moreover, Minsk has been investing in its internet and technology infrastructure as part of its smart city initiatives. These improvements make the city more attractive to digital nomads and remote workers, further boosting the demand for furnished apartments. As a result, the real estate market in Minsk has seen a significant increase in transactions and sales, particularly in the first quarter of 2024, indicating higher occupancy rates for these types of properties.
Sources: Investigate Belarus, Poplar Homes, Consultancy.eu
7) Suburban property prices in Minsk may dip slightly as urban living gains appeal
In Minsk, urban living is becoming increasingly popular.
People are flocking to the city, with 7,470 new residents in just one year, highlighting a clear trend towards urbanization. This shift is part of a broader pattern in Belarus, where the urban population has grown while rural areas have seen a decline. The allure of city life is strong, with Minsk offering a vibrant mix of job opportunities, cultural activities, and modern conveniences.
One major draw is the city's improved infrastructure. Minsk has expanded its metro system and introduced electric buses, making it easier than ever to get around. These enhancements have made urban living more appealing, as residents enjoy the convenience of reliable public transportation.
New residential projects are popping up all over the city, providing a variety of housing options. This development is enticing more people to move into urban areas, as they find attractive places to live that suit their needs. The ease of commuting within the city further reduces the necessity of living in the suburbs.
As a result, some suburban areas of Minsk are experiencing a slight decline in property prices. The city's growing appeal is drawing people away from the outskirts, as they seek the benefits of urban living. This trend is reshaping the real estate landscape, with more focus on city properties.
Sources: World Population Review, My Univer, Eurasian Research
8) Rental yields in Minsk city center will rise as more professionals look for short-term stays
Rental yields in the city center of Minsk are set to rise as more professionals look for short-term stays.
In recent years, there's been a noticeable uptick in demand for short-term rentals in Minsk's city center. These rentals have become a vital part of the urban landscape, offering a flexible and cost-effective alternative to traditional accommodations. This trend is largely driven by the influx of professionals relocating to Minsk for work, thanks to Belarus's resilient economy and foreign investments, especially from Russia.
As more job opportunities pop up, rental prices naturally climb. Minsk is becoming a hub for companies setting up offices, attracting investors with projects worth billions. This business boom has led to a surge in business travel, further boosting the need for short-term accommodations. Surveys show that young professionals prefer city-center living, which has driven up demand for these rentals.
The geographic spread of short-term rentals in Minsk shows a high concentration near the central business district, historic center, and transport hubs. This preference for city-center living among professionals is a key factor in the rising rental yields. The increase in short-term rental platforms and listings in Minsk indicates a growing market catering to this demand.
With more professionals seeking short-term stays, rental yields in Minsk's city center are poised to increase. This trend is supported by the city's economic growth and the influx of business activity. As Minsk continues to attract companies and investors, the demand for short-term accommodations will likely keep rising.
Sources: Colab, PhotoAid, CaliberCo
We have made this infographic to give you a quick and clear snapshot of the property market in Belarus. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
9) Rental yields for older Minsk properties will drop as tenants opt for newer, energy-efficient buildings
In Minsk, the real estate market is changing, especially for rentals, due to rising energy efficiency standards in new buildings.
Belarus is pushing for a 32.5% reduction in primary energy intensity by 2030, making newer buildings more appealing. This focus on energy efficiency is not just a trend; it's a strategic move by the government to modernize housing.
Tenants are increasingly drawn to properties with modern amenities and energy savings. While specific surveys aren't mentioned, the market clearly shows a shift towards newer, more efficient buildings. Government incentives, like energy services and building insulation initiatives, are further encouraging this trend.
The government's ambitious plan to build 4.3 million m² of housing in 2023 underscores the focus on energy-efficient rentals. This means more new buildings are popping up, making older ones less attractive.
As these new, energy-efficient buildings become more common, older properties are losing their appeal to tenants. The shift is clear: people want homes that save on energy costs and offer modern comforts.
With the government's push for affordable, energy-efficient housing, rental yields for older properties are likely to decline as tenants opt for newer options.
Source: Energoeffect
10) Affordable housing prices in Minsk will steadily rise as first-time buyer demand remains high
Affordable housing in Minsk is in high demand, especially among first-time buyers.
Young professionals are flocking to Minsk for better job opportunities, which is driving up the need for affordable homes. With more people moving to the city, the demand for budget-friendly housing options has naturally surged.
In 2023, the Belarusian government rolled out new tax incentives to make buying a home more attractive for first-timers. These perks have made owning a home more financially feasible, leading to a noticeable uptick in mortgage applications from young buyers.
Real estate experts are predicting that prices in the affordable housing market will continue to rise. Since November 2022, apartment prices in Minsk have jumped by 15%, reflecting the high demand and limited supply.
The availability of affordable housing units is shrinking, which is pushing prices even higher. This scarcity, coupled with the strong interest from first-time buyers, has created a competitive market environment.
Sources: Aparthotel, Charter97
11) Minsk's growing student population will boost demand for affordable rentals near universities
The growing student population in Minsk is driving up the demand for affordable rentals near universities.
In 2024, Belarusian State University had nearly 39,000 students, all looking for places to live. This surge in student numbers means more young people are on the hunt for housing options close to their campuses.
The government is stepping in with projects to boost housing construction, like the 228 single-family houses in Novaya Okolitsa. This effort is part of a broader plan to tackle the shortage of affordable housing, a challenge often highlighted in the media as students struggle to find suitable places to stay.
Minsk's youthful vibe is growing, with a metro population of over 2 million as of 2025. This means more students are in need of housing, and the real estate market is responding. There's a noticeable shift towards smaller, budget-friendly apartments, which are perfect for students wanting to live near their universities.
These smaller apartments are not just a trend; they're becoming a necessity. As the student population swells, the demand for these budget-friendly rentals is expected to rise, making them a hot commodity in the real estate market.
With all these factors in play, it's clear that the student housing market in Minsk is on the rise, driven by the increasing number of young people flocking to the city for education.
Sources: EduRank, Belarus.by, Macrotrends
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12) Virtual property tours will gain popularity in Minsk, simplifying remote property viewing for buyers
In 2023 and 2024, we saw a significant increase in internet penetration and smartphone usage in Belarus. This trend has made it much easier for people to access and engage with virtual property tours. As more people have the necessary technology at their fingertips, exploring properties remotely has become more convenient.
The global real estate market has also embraced virtual reality technology, with the market for AR and VR in real estate expected to reach $2.6 billion by 2025. This growth indicates that virtual reality is becoming a standard tool for property viewing, making it easier for buyers to explore multiple properties without leaving their homes.
Consumer surveys have shown that 75% of prospective buyers use virtual tours as a key decision-making tool. This strong preference for remote property viewing options highlights the demand for virtual tours, as they allow buyers to make informed decisions from the comfort of their own space.
In Minsk, the number of real estate agencies offering virtual tours has been growing. This trend is driven by the benefits of virtual tours, such as increased accessibility and engagement, which make them an attractive option for both buyers and sellers.
Sources: PhotoUp, Proven Reality, LLC Buddy
13) Stricter building codes in Minsk will raise construction costs, affecting property prices
Stricter building codes in Minsk are set to push up construction costs, which will likely affect property prices.
We've seen this happen in places like New York City. The Pathways to Carbon-Neutral NYC study showed that meeting new building standards required significant investments, leading to higher construction costs. This pattern is not unique to New York.
Take San Francisco, for example. There, tough building regulations have been linked to rising property prices because of the increased costs of construction. When regulations get tougher, the costs to comply go up, and these costs often end up being passed on to those buying properties.
Experts, including those from Deloitte, have pointed out that new efficiency standards and safety enhancements can drive up expenses for construction companies. This includes adding smart technology to building designs, which, while beneficial, adds to the overall cost of construction projects.
In Minsk, as these stricter codes come into play, expect to see a similar trend. Construction companies will likely face higher expenses as they work to meet these new standards, and these costs could trickle down to property buyers.
So, if you're considering buying property in Minsk, keep an eye on how these changes might affect prices. Understanding the impact of these regulations could be crucial in making an informed decision.
14) Smart home technology will be a major selling feature for new residential properties in Minsk
Smart home technology is becoming a key selling point for new residential properties in Minsk due to several compelling reasons. First, the market for smart home devices in Belarus has been on the rise, with significant growth projected in the coming years. This trend is driven by advancements in IoT technologies and increasing consumer awareness, which have fueled the adoption of smart home systems.
Moreover, the Smart Home market in Belarus is expected to grow by 10.82% from 2025 to 2029, reaching a market volume of US$97.9 million by 2029. This growth indicates a strong demand for smart home features among consumers. Additionally, real estate listings in Minsk are increasingly highlighting smart home features such as remote control, energy-saving capabilities, and enhanced security, which appeal to tech-savvy buyers.
Furthermore, government initiatives in Belarus are promoting digital infrastructure and smart city projects, supporting the integration of smart technologies in residential properties. These policies provide incentives for the development and adoption of smart home systems, making them more accessible to potential buyers.
Sources: 6Wresearch, Statista, Statista
We made this infographic to show you how property prices in Belarus compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
15) Better road infrastructure in Minsk will increase property interest in suburban areas
Improved road infrastructure in Minsk is set to boost property interest in suburban areas for several reasons.
First, the Belarusian government's investment of over $200 million in a new ring road around Minsk demonstrates a strong commitment to enhancing connectivity and reducing travel times. This new road, which is 85 km long and designed for a maximum speed of 120 km/h, is expected to significantly cut down travel times from suburban areas to the city center, making these areas more attractive to potential residents.
Additionally, as seen in other cities, improved infrastructure often leads to rising property prices in suburban areas. This trend is likely to occur in Minsk as the new road diverts traffic away from the city center and improves overall connectivity. Real estate market reports already highlight increased transactions in suburban areas, driven by factors like improved infrastructure and job opportunities.
Moreover, media coverage frequently emphasizes the benefits of living in suburban areas with better access to the city, such as reduced travel times and enhanced living conditions. This positive portrayal contributes to growing interest in suburban properties.
Sources: World Highways, Aparthotel, EBRD
16) Minimalism will drive demand for smaller, efficient living spaces in Minsk
The trend towards minimalism is shaping how people in Minsk choose their living spaces. In recent years, there has been a noticeable rise in the demand for smaller apartments. This shift is partly due to a growing awareness of environmental issues and a desire for simpler living. For example, the First National Shopping Center in Minsk, which opened in December 2023, has seen steady customer traffic, reflecting a preference for compact and efficient living spaces.
Another factor driving this trend is the increasing sales of multifunctional furniture. This type of furniture is designed to serve multiple purposes, helping to reduce clutter and make the most of available space. This trend is not just local to Minsk but is seen globally, as people aim to maximize their living space while minimizing unnecessary items.
Consumer surveys in Belarus and Minsk have shown a growing preference for minimalist lifestyles. These surveys reveal that more individuals are valuing simplicity and sustainability over material possessions, which in turn fuels the demand for smaller, more efficient living spaces. Additionally, the popularity of tiny houses and micro-apartments is on the rise in Minsk. These compact living spaces are designed to be energy-efficient and promote a simpler way of life, appealing to those who wish to live with fewer possessions.
Sources: Belarus.by, Fine Creek Realty
17) Minsk's luxury property market will slow down amid ongoing economic uncertainties
The luxury property market in Minsk has been thriving in recent years, but there are signs that it might slow down due to economic uncertainties. One of the main reasons is the declining foreign investment in Minsk's real estate market. Economic sanctions and political challenges have made foreign investors cautious, which could lead to a decrease in investment.
Another factor is the reports of economic instability affecting consumer confidence. The IMF has projected an inflation rate of 35.0% over the next five years, averaging 7.0% per year. This high inflation rate poses a challenge for long-term stability in property investments, making people hesitant to invest in luxury properties.
Additionally, government reports on economic challenges or policy changes are adding complexity to real estate transactions. New policies require foreign investors from certain countries to get approval before selling property, which could deter potential buyers and slow down the market.
Sources: Aparthotel.com, Aparthotel.com
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.