Belarus, a beautiful country in Eastern Europe, is a landlocked nation with large expanse of marshy lands. Half of the land in this country is covered with forests and comprises of almost 11 thousand lakes.
The real estate in Belarus is considered to be the last untouched and unexplored market in the continent of Europe. Yet, there are numerous obstacles in the way of foreign investors looking to buy property in Belarus. According to Belarus laws, foreigners and foreign legal entities are not allowed to invest in real estate in Belarus. However, there are ways around everything and people invest in Belarus real estate through Belarusian companies indirectly. The entire land area in Belarus is owned by the government. Even the citizens of the country who want to buy residential or commercial Belarus properties receive a 50 year term lease on their properties.
Since the country is also experiencing a growth spurt in terms of its economy, it is also witnessing a Belarus bubble with the prices rising at the rate of 25 to 20 percent every year. It is expected to follow the same path in the future. The amount of quality property available is quite limited in comparison to the rising demand for these properties, thus ensuring a positive outlook. All transactions that involve a property valued more than or equal to 150 thousand dollars have to be personally approved by the President of the country. This bureaucratic process takes up a lot of time due to substantial delays, particularly for the western investors and companies who want to make a quick buck in this lucrative market.
A shocking turn of events was the permission that the President of the country gave to US property experts to open up international offices in Minsk. This was considered to be a ploy to attract foreign investors to the country, who would surely feel a lot safer knowing that other international real estate companies are already operating there. The residential Belarus properties in the city of Minsk are available for a price range of about $2000 for every square meter. The prices also vary depending on the number of rooms in the property, with the bigger units being costlier than smaller ones. The fierce rise in the competition for housing supplies is mainly due to the rising incomes of the residents of the country and the increase in the number of foreign buyer looking to invest in international real estate.
Though the in Belarus has not been the easiest property market to deal in, but it is sure to become better due to the signs of weakening grip of the President on the same. Once foreign investors get a foothold in the country, more relaxations in the regulations are expected.