Houses In Belarus: Affordable Or A Stretch?

Belarus has a range of housing options, from apartments in the city centre to detached houses in rural areas. The cost of real estate varies depending on location, with the highest prices found in the capital, Minsk, where a square meter of property is valued at an average of €1,500. In contrast, the cities of Grodno and Vitebsk offer more affordable options, with average prices per square meter ranging from €500 to €800.

The country's real estate market has been affected by political and economic crises, Western sanctions, and the migration of IT professionals and other specialists. This has led to increasing supply and decreasing prices, even in Minsk. Foreign exchange market instability has also impacted sales, with sellers reluctant to reduce prices in dollars.

Despite these challenges, Belarus's real estate market remains attractive to domestic buyers and foreign investors from post-Soviet countries, as well as Belarusians living abroad.

Average house prices in Belarus

The average price per square meter for real estate in Belarus varies across the country. The capital, Minsk, has the highest property prices, with an average of €1,500 per square meter. In premium new-build properties in the city, prices can be twice as high.

In the cities of Grodno and Vitebsk, property is more affordable, with average prices ranging from €500 to €800 per square meter.

For those seeking more exclusive properties, unique manors and estates are available, often located in picturesque settings. These properties can be found in areas such as the Myadel district and Svir village.

When it comes to detached houses, prices typically start at $150 per square meter. It is important to note that the real estate market in Belarus is dynamic, and prices are subject to change.

Foreign citizens are allowed to purchase real estate in Belarus without restrictions, except for land plots. Land is leased from the state for a period of ninety-nine years.

The best regions in Belarus in terms of quality of life, wages, and property prices are the Minsk and Brest regions. Minsk, in particular, stands out as the most promising city for investment, offering a range of benefits such as quality medicine, prestigious education, and profitable employment opportunities.

Cost of living in Belarus

The cost of living in Belarus is relatively low compared to other countries. According to one source, the cost of living in Belarus is $564, which is 1.94 times less expensive than the world average. Belarus ranked 170th out of 197 countries by cost of living and 80th as the best country to live in.

The average monthly costs for a family of four are estimated to be 6,543 BYN (Belarusian Ruble) or 1,636.6$ without rent. For a single person, the estimated monthly costs are 3,224 BYN or 460.7$ without rent.

Rent in Belarus is significantly lower than in the United States, with an average of 79.3% lower prices. The highest real estate prices in Belarus are in the capital, Minsk, where the average cost per square meter is €1,500. In new premium-class buildings, prices are often twice as high.

Some examples of costs in Belarus include:

• A fast-food meal costs around 10 BYN.
• A liter of milk costs around 500 BYN.
• A kilogram of apples costs around 250 BYN.
• A domestic beer in a supermarket costs around 1.5$ or 0.5 l for 16 oz.
• A movie ticket costs around 4000-5000 BYN.
• A simple haircut costs around 1000-2000 BYN.
• A monthly gym membership costs around 30 BYN.

The average salary after taxes in Belarus is $483, which is enough to cover living expenses for approximately 0.9 months.

Foreigners buying property in Belarus

Foreigners can freely purchase property in Belarus, with the exception of land plots, which can only be rented. The process for buying property is almost identical to that for residents of Belarus. However, there are some key differences and requirements that foreigners must be aware of.

Who Can Buy Property?

Any foreign citizen or legal entity can acquire, own and sell property in Belarus. This is guaranteed by the Constitution and the Civil Code of the Republic of Belarus. Foreign citizens and stateless persons have equal rights to fulfil their duties as Belarusian citizens when it comes to property ownership.

Documents Required:

• Completed application form from the Local Agency of State Registration and Land Cadastre.
• Passport or other identification documents, including a notarised translation into Russian or Belarusian.
• Documents confirming the foreigner's legal status in Belarus, such as a temporary stay or residence permit.
• Certificate of state registration of the legal entity if it is part of the contract.
• Passport or identification documents for the authorised representative of the legal property.
• Employment contracts and confirmation of legal powers if a company is involved in the sale or purchase.
• Power of attorney if the representative is acting as a proxy.
• Three copies of the sale-purchase agreement, signed by both the seller and the buyer.
• Receipt confirming the registration fee payment.

Costs and Taxes

The real estate market in Belarus is reasonably priced and growing, with prices in the capital, Minsk, starting at $1500 - $2500 per square meter in 2014. In other minor cities like Mogilev, prices are significantly lower, with the average price per square meter at around $900.

Foreigners buying any property in Belarus must pay real estate tax. The annual land tax rate for businesses is 1% of the building or land value, while for individuals, it is 0.1%. The taxation period is one calendar year, and the tax can be paid annually or in quarterly installments.

Permanent Residency

Foreigners can obtain a temporary residency permit by owning residential premises in Belarus. Permanent residency is granted to foreigners who have invested the equivalent of 150,000 Euros or more.

Buying Land

Foreign citizens can only rent land in Belarus, with a maximum rental period of 99 years. They do not have the right to own land unless it is inherited. In this case, privatisation procedures must be followed, transferring the land to the state, which will then lease it to the foreign citizen.

Other Considerations

The presence of real estate in Belarus may make it easier for foreigners to obtain a long-term entry visa (type D). Additionally, if a foreign citizen invests at least 150,000 Euros in investment activities in Belarus, they will be issued a permanent residence permit.

It is important to note that when concluding a transaction, foreigners must have their passports translated and notarised, and a professional translator must be present if the foreign buyer does not speak the official languages.

Real estate market trends in Belarus

The real estate market in Belarus is currently experiencing a period of pause, with increasing supply and decreasing prices, even in the capital city of Minsk. This trend is influenced by the country's political and economic crisis, Western sanctions, and the migration of IT professionals and other specialists. Buyers are opting to save money due to the prevailing uncertainty in the market.

Property Types and Prices

In Belarus, foreigners can purchase any type of real estate except land plots, which can only be leased from the state for up to ninety-nine years. The cost of real estate per square meter starts from:

• Apartments: 200 USD
• Detached houses: 150 USD
• Commercial spaces: 30 USD

Regional Differences

The highest real estate prices in Belarus are found in Minsk, the country's capital, where the average cost per square meter is €1,500. Premium new developments in Minsk can be twice as expensive.

Grodno and Vitebsk offer more affordable options, with average prices ranging from 500 to 800 euros per square meter.

Investment Opportunities

The best regions in Belarus for real estate investment in terms of quality of life, wages, and property prices are the Minsk and Brest regions. Minsk, in particular, stands out as the most promising city for investment, offering liquid assets and access to quality services in medicine, education, and employment.

While the current market conditions may deter foreign investors due to political risks and economic challenges, local investors can benefit from stable rental income by investing in Belarusian real estate.

Cheapest places to buy property in Belarus

Belarus is a country located in Eastern Europe and is characterized by its plain relief, with rare elevations, and a temperate continental climate. The country has a well-developed agriculture and engineering sector, as well as a strong focus on public sector economics.

The real estate market in Belarus has seen a pause in sales, with increasing supply and decreasing prices, even in the capital, Minsk. This trend is influenced by the political and economic crisis, Western sanctions, and the migration of specialists.

Grodno and Vitebsk:

The average price per square meter for property in these cities ranges from 500 to 800 euros. This makes these cities more affordable options compared to the capital.

Minsk Region:

While Minsk, the capital, has higher real estate prices, the surrounding region offers more affordable options. The Minsk Region is known for its quality of life, wages, and competitive property prices.

Brest:

Brest is another city in Belarus that offers competitive property prices. While it may not be as affordable as Grodno or Vitebsk, it still presents better deals than the capital.

Rural Areas:

If you're looking for an even more affordable option, consider buying property in rural areas of Belarus. There are villages and towns with cozy cabins and houses available for purchase, often surrounded by picturesque nature.

When purchasing property in Belarus, it's important to note that foreigners are allowed to buy any type of real estate except land plots. Land can only be leased from the state for a period of ninety-nine years.

Additionally, the real estate market in Belarus is primarily focused on domestic buyers, as foreign investors may be deterred by political risks and economic uncertainties.

For those seeking to buy property in Belarus, it is recommended to stay updated with current property values, as prices are in constant dynamics.

Frequently asked questions