«A two-room apartment in Shabany was listed for 98 thousand dollars, and sold for even more». What's happening with apartment prices?

«One of the striking examples is the sale of a two-room apartment in Shabany. The owner planned to sell the apartment for 98 thousand dollars, but the deal price was 105 thousand,» recalls Tatyana Pavlovskaya, a realtor at Fattoria real estate agency, about a recent deal. Realt inquired with several agencies about what is currently happening with apartments and their prices.

Prices increased by 25% over the year

— Since the beginning of this year, a dissonance continues in the real estate market: amid sharp price increases, there is a shortage of offers. Of course, this situation is due to the records of 2025, — notes Tatyana Pavlovskaya, a realtor at Fattoria real estate agency. — Speaking about the secondary housing segment: the number of apartments listed for sale has decreased, creating a situation where demand is falling, but buyers also have practically nothing to choose from. As a result, we record that the owner is holding the price. Compared to the same period last year, the price has increased, on average, by 25%.

Still, some of the most relevant requests are for one-room and two-room apartments in a good location, and accordingly, the price here is above average. Due to increased demand, the owner holds the price and rarely bargains. The price often goes up.

One of the striking examples is the sale of a two-room apartment in Shabany just last week. The owner planned to sell it for 98 thousand dollars, but the transaction price was 105 thousand. The apartment was furnished and renovated, hence such a result, despite the fact that the location is not the most popular.

However, owners of three-room and four-room apartments are more amenable to negotiation and ready for dialogue. In this case, selling for a higher price is a rare phenomenon.

Among the main buyer requests, the same trend for one-room apartments is clearly visible: in 2025, they accounted for 44% of all deals. In May 2026, their share grew to a record 47%. At the same time, buyers are increasingly forced to acquire housing in the old housing stock, as modern apartments are becoming less and less affordable.

In new buildings, price growth was also most noticeable. In the first quarter of 2026, apartments in modern buildings rose in price by 9% compared to the end of 2025. The main target audience remains young families with a child and couples in the family planning stage.

Павялічыць

Buyers actively use lending, and the decrease in the refinancing rate and loan interest rates provides another impetus for increased demand, so a decrease in housing prices is not yet expected.

As a result, the Minsk real estate market is at a point of uncertainty, and the coming months will show which way the price pendulum will swing.

Excess of old apartments trying to sell at the price of modern ones

— Currently, the real estate market in Minsk remains quite active, but buyers have become much more selective, — says Ruslan Glukhov, head of the sales department at the "Kvadratny Metr" agency. — When it comes to the secondary market, quality apartments at market prices sell quite quickly, especially in good locations and in houses built in recent years. At the same time, overpriced properties can sit for months without real demand.

In the primary market, buyers carefully compare new buildings with secondary housing. In many cases, a ready-made apartment with renovations looks more attractive than a new building without finishing, where additional investments in repairs, furniture are needed, and completion of all works in the building must be awaited.

It is also noticeable that buyers have become much more careful in calculating the final transaction budget. Now, a "good apartment" is not enough — the ratio of price, house condition, infrastructure, transport accessibility, and the volume of future investments is important.

Павялічыць

The most deficient segment today is modern apartments with good renovations, which can be moved into immediately without additional costs. Especially high demand remains for two-room and Euro-three-room apartments in new buildings with normal layouts, a kitchen-living room, separate bedrooms, and developed infrastructure nearby.

Apartments in microdistricts with a good reputation — Lebyadziny, Novaya Borovaya, Mayak Minska, Park Chelyuskintsev, areas near parks and reservoirs — are also consistently in demand.

Currently, there is an excess of apartments with old, morally outdated renovations, especially if owners try to sell them at the price of modern properties. Large old-stock apartments with unsuccessful layouts, small kitchens, walk-through rooms, and houses without modern amenities are harder to sell.

Павялічыць

As for inflated prices, it is most noticeable in two categories. The first is apartments with a "fresh, but expensive for the owner" renovation, where the seller tries to fully recoup all investments regardless of the market situation. The second is outdated apartments in good locations, where owners believe that the area alone automatically makes the property premium.

Today, buyers are very well-oriented in the market, actively compare options, and quickly understand where the price does not match the quality. Therefore, overpriced properties often stay advertised for a long time and ultimately still sell only after a price reduction.

Sharp price decline is unlikely

— Spring 2026 became an important stage for the real estate market of Minsk and the Minsk region. Despite the weakening of the dollar exchange rate, the number of transactions in Minsk in April decreased by 4.5−7% compared to March, while the cost per square meter and the average apartment price reached historical highs, — believes Oksana Bigun, a realtor at the "7 Floors" agency.

The main factor slowing down market activity is the gradual decrease in housing affordability for some potential buyers.

In the first months of the year, real estate prices rose by approximately 8.8%, while the growth in household incomes remained significantly more moderate. This leads to a reduction in the number of buyers capable of purchasing housing without significant recourse to credit funds.

In the second half of May, the dollar exchange rate rapidly declined.

For buyers forming savings in foreign currency, this led to a decrease in their available budget in Belarusian rubles. However, it is worth noting that for buyers attracting credit funds in Belarusian rubles, this was not a limitation but a positive moment, as it contributed to an increase in their purchasing budget in dollar equivalent.

Павялічыць

After high activity at the beginning of the year, demand is gradually becoming more selective. Buyers pay more attention to the quality of properties, their location, condition, and compliance with the stated price. Liquid apartments and modern houses still find buyers in short periods, while overpriced properties remain advertised much longer.

A scenario of a sharp price decrease seems unlikely due to the limited supply and the continued availability of credit resources. However, the pace of real estate price growth may significantly slow down.

The main conclusion based on the results of spring is that for buyers, a period of more favorable conditions for negotiations is coming, while for sellers, it is time for an objective assessment of the market value of their properties. Thus, the market is gradually moving from a state of frantic demand to a more balanced development model.

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