Culture, History, and Business
Minsk is the capital city as well as the largest city of Belarus and is located on the Nyamiha and the Svislač Rivers. Being Belarus’s capital, the city is renowned as the administrative center of the country. As of January 2020, Minsk is occupied by about 2,028,000, making it the 11th most populous metropolis in Europe. The city is also the administrative capital of the Commonwealth of Independent States.
It is suggested that the city came into existence within the Principality of Polotsk in the 11th century. The settlement sprung up on the rivers. Furthermore, the city became a fraction of the Grand Duchy of Lithuania in 1242. Minsk is Belarus’s economic capital and a major industrial center. In 2018, Minsk contributed to 27% of the country’s GDP, the most substantial figure amongst all the states in Belarus. Also, the contributions form about 46% of the country’s budget.
After a steady decline in the real estate market for over a decade, the trend has started gaining stability recently. The decline was as a result of internal and external crises facing Belarusians’ purchasing power and the property market’s attractiveness. Real estate prices largely depend on the average salary in the country. Other factors that influence price are interest on credit rates, tax, etc. Since the ratio of apartment prices are greater than it was in the past decades, it implies that the apartments in Minsk are now relatively affordable. Presently the average price of apartments in the city is about $1133 per square meter. It is predicted that prices will move up in the years to come, but it will happen slowly.
The potentials offered by making real estate investments in Minsk are rich. This applies to residential as well as commercial real estate. So, the best time to opt-in is now, especially in the top neighborhoods.
If you wish to get more details about investing in the Minsk property market, follow our subsequent articles where we will be discussing more reasons why you should invest and the best neighborhoods to invest in.