Apartment prices in "Minsk World" are falling, but in Minsk — growing. Sad prospects for the district?

City within a city

The average cost per square meter in the capital continues to rise. According to data from Realt.by, as of September 20, a square meter in Minsk is offered for $2525.

However, an interesting trend is observed — prices for apartments in "Minsk World", on the contrary, have been falling throughout September. In the last week alone, the price per square meter there decreased by 3.2%.

Meanwhile, overall across Minsk, prices in listings rose by 1.5% during this period.

In parallel with the decrease in prices per square meter in "Minsk World", the number of offers in this area is growing. In a short period, the number of apartments for sale increased by a third.

Why is this happening and what to expect next?

The main reason why prices in this microdistrict started to fall may indeed be an increase in offers after the commissioning of subsequent buildings.

If the number of people willing to buy housing there remains stable, while the number of people willing to sell an apartment grows, then according to the law of supply and demand, prices must go down, as sellers have to compete for buyers.

Павялічыць

Given that "Minsk World" is still under construction, although approaching completion, the trend of price reduction may continue.

Many bought and continue to buy apartments in "Minsk World" as an investment, not as housing where they plan to move themselves. Against the backdrop of square meter prices in Minsk rising and breaking records in recent years, buying an apartment at the construction stage as an investment indeed seems like a profitable idea.

However, in the case of "Minsk World", the number of potential investment apartments in the area is large. And considering that prices are currently at their peak, many may rush to sell an apartment at a high price, which also affects the number of offers.

Separately, we can highlight the resale of business apartments — a new legal format of housing for Belarus, which is in fact ordinary apartments with the cheapest square meter, but with nuances that many were not prepared for. These include higher utility bills than in regular apartments, as well as difficulties with erecting walls and other changes that initial buyers were not ready for.

This could also become an additional incentive to put an apartment (business apartment) up for sale. Nasha Niva previously wrote in detail about this real estate format.

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