Real Estate

BelTA

10.07.2012 / 15:23

Belarus May Sell Abandoned Property for a Song

Now one may buy a historical site for $12.

The Ministry of Culture has prepared a decree that will allow investors to buy abandoned historical buildings for one base amount (at present it equals Br100,000) if there is no demand for them from bidders. Such a move by the Culture Ministry aims to stimulate investors’ interest in renovation of old houses, first of all, ancestral estates.

Belarus has compiled a list of ancestral estates to be sold to investors at reduced price. It is planned that after renovation businessmen will use these homes for tourism purposes. At present about ten of such ancestral homes have been given to investors.

Previously, the Ministry of Sport and Tourism supported the initiative to hand over abandoned manors that are out of use or are misused to investors. In April 2012, the Deputy Minister of Sports and Tourism Cheslau Shulha noted that there will be one precondition for such a handover: estates must be used for tourism purposes for at least five years.

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