Apartment prices began to fall in major cities. What's happening?

Price growth stopped in Minsk

Over the past few years, real estate prices in Belarus have been rising. In Minsk, the square meter offered exceeded $2500, and even in the cheapest regional center — Vitebsk — the offered meter surpassed the $1000 mark.

Prices were rising so fast that now the average cost per square meter in Minsk is $1000 higher than it was at the beginning of 2025.

But September broke this trend. For the first time in a long while, prices in Minsk for actual transactions remained at the previous level. And in October, the offered square meter even started to get cheaper, decreasing by 0.6% over the last week.

What about the regional centers?

The square meter was rapidly becoming more expensive not only in Minsk but also in other major cities. Moreover, the growth rates in some regional centers almost did not differ from those in the capital. However, the results for September show that after reaching a peak, real estate prices in almost all regional centers have already started to decline.

Павялічыць

For example, in Grodno, the average cost per square meter for actual transactions fell by 5.6% in September, rolling back to the level of March 2026.

At the same time, offered prices remain high and have decreased by only 0.1% over the last week.

In Brest, where the square meter is traditionally the most expensive among all regional centers, September also proved to be a turning point. For the first time in a long time, the average cost per square meter for actual transactions did not increase during the month but, on the contrary, decreased by 0.7%.

In terms of offers, the meter in Brest became 0.5% cheaper over the last week.

Павялічыць

In Gomel, the offered meter became 1.5% cheaper over the last week. At the same time, the number of apartments for sale, on the contrary, increased.

September for Vitebsk, which is the cheapest regional center, can be called ambiguous. There, the average cost per square meter for actual transactions continued to grow and reached $990. But at the same time, the number of transactions was 8% lower than in August and 21% lower than in September 2025.

As for offered prices, they rose by 0.6% over the last week.

In Mogilev, prices, one might say, froze in place, and offered prices increased by 0.2%.

What to expect next?

The situation cannot be called the beginning of a real estate price collapse in Belarus, as there are no objective prerequisites for this. But this does not mean that a slight decrease in prices cannot continue. Real estate market experts are increasingly leaning towards the idea that price growth has already stopped and a smooth correction will occur in 2027.

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