“A two-room apartment in Shabany was listed for 98 thousand dollars, and sold for even more.” What’s happening with apartment prices?
Apartment prices in Minsk never cease to amaze. Today, to find a decent one-bedroom apartment cheaper than 80 thousand dollars, you'll have to try really hard. Due to increased demand, owners hold their prices until the last moment and bargain less often, and sometimes even bid up.
“One vivid example is the sale of a two-room apartment in Shabany. The owner planned to sell the apartment for 98 thousand dollars, and as a result, the transaction price was 105 thousand,” recalls Tatyana Pavlovskaya, a realtor at the Fatoria real estate agency, about a recent deal. Realt inquired with several agencies about what is currently happening with apartments and their prices.
“Price increased by 25% in a year”
— Since the beginning of this year, a dissonance has persisted in the real estate market: against the backdrop of sharply rising prices, there is a shortage of offers. Of course, this situation is due to the records of 2025, — notes Tatyana Pavlovskaya, a realtor at the Fatoria 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 owners are holding their prices. Compared to the same period last year, the cost has increased, on average, by 25%.
Still among the most relevant requests are one-bedroom and two-bedroom apartments in good locations; accordingly, the price here is higher than average. Due to increased demand, owners hold their prices and rarely bargain. The price often tends to increase.
One vivid example is the sale of a two-room apartment in Shabany just last week. The owner planned to sell it for 98 thousand dollars, and as a result, the transaction price was 105 thousand. The apartment was furnished and renovated, hence such a result, despite the location not being the most popular.
However, owners of three- and four-room apartments are more open to dialogue. In this case, selling for a higher price is a rare phenomenon.
Among the main buyer requests, the same trend for one-bedroom apartments is clearly visible: in 2025, they accounted for 44% of all transactions. In May 2026, their share rose to a record 47%. At the same time, buyers are increasingly forced to acquire housing in the older stock, as modern apartments are becoming less and less affordable.
Price growth was also most noticeable for new builds. 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 children and couples planning a family.
Buyers actively use lending, and the reduction in the refinancing rate and loan interest provides another impetus for increased demand; accordingly, a decrease in housing costs is not yet foreseen.
As a result, the Minsk real estate market is at a point of uncertainty, and the coming months will show which way the pendulum of prices will swing.
“An abundance of old apartments being sold at the price of modern ones”
— 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" (Square Meter) agency. — When it comes to the secondary market, quality apartments at market prices sell quite quickly, especially in good locations and houses built in recent years. At the same time, overpriced properties can remain on the market for months without real demand.
In the primary market, buyers carefully compare new builds with secondary housing. In many cases, a ready-to-move-in apartment with renovations looks more attractive than a new build without finishing, where additional investments are needed for renovation, furniture, and waiting for all work in the building to be completed.
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, condition of the house, infrastructure, transport accessibility, and the volume of future investments are all important.
The most scarce segment today comprises modern apartments with good renovations, ready for immediate occupancy without additional costs. Especially high demand persists for two-room and Euro-three-room apartments in new buildings with normal layouts, kitchen-living rooms, separate bedrooms, and developed infrastructure nearby.
Apartments in microdistricts with a good reputation are also consistently in demand — Lebyazhy, Novaya Borovaya, Mayak Minska, Park Chelyuskintsev, and areas near parks and reservoirs.
Currently, there's an abundance of apartments with morally outdated renovations, especially when owners try to sell them at the price of modern properties. Larger apartments from the older housing stock with poor layouts, small kitchens, walk-through rooms, and buildings without modern amenities are harder to sell.
Regarding inflated prices, they are most noticeable in two categories. The first comprises apartments with "fresh, but expensive for the owner" renovations, where the seller tries to fully recoup all investments regardless of the market situation. The second includes outdated apartments in good locations, where owners believe that the district alone automatically makes the property premium.
Today's buyer is very well-oriented in the market, actively compares options, and quickly understands where the price does not match the quality. Therefore, overpriced properties often remain advertised for a long time and ultimately still sell only after a price reduction.
Sharp price decrease is unlikely
— Spring 2026 became an important stage for the real estate market in Minsk and the Minsk region. Despite the weakening of the dollar exchange rate, the number of transactions in Minsk for April decreased by 4.5−7% compared to March, while the price per square meter and the average apartment price reached historical highs, — says 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 increased by approximately 8.8%, while the growth in household incomes remained significantly more modest. This leads to a reduction in the number of buyers capable of purchasing housing without significant recourse to credit.
In the second half of May, the dollar exchange rate rapidly decreased.
For buyers saving in foreign currency, this led to a reduction in their available budget when converted to Belarusian rubles. However, it should be noted that for buyers using credit in Belarusian rubles, this was not a limitation but a positive development, as it contributed to an increase in their purchasing budget in dollar equivalent.
Under such conditions, many adopted a wait-and-see approach, awaiting the stabilization of the currency market. Simultaneously, some owners revised their price expectations, seeking to maintain the value of their properties at the usual level in currency terms.
After high activity at the beginning of the year, demand is gradually becoming more selective. Buyers are paying more attention to the quality of properties, their location, condition, and conformity to the declared price. Liquid apartments and modern houses still find buyers in short periods, while overpriced properties remain advertised for much longer.
A scenario of sharp price reduction seems unlikely due to the limited supply and continued availability of credit resources. At the same time, the rate of real estate price growth may significantly decrease.
The main outcome of spring is that a period of more favorable conditions for negotiations is approaching for buyers, while for sellers, it's time for an objective assessment of the market value of their properties. Thus, the market is gradually transitioning from a state of agitated demand to a more balanced development model.