Apartments in Minsk on the secondary market became 27% more expensive since the beginning of the year
In the capital's apartment market, 6244 deals were registered in the first half of the year, which is 17% less compared to the same period last year. At the same time, the average cost per square meter in the secondary market increased by 27%, writes Office Life.
Apartment prices continue to rise amid limited supply. The market is currently experiencing an imbalance between the number of apartments offered and what buyers are willing to purchase.
The average cost per square meter in the "secondary market" increased by 420-470 dollars in the first half of the year, depending on the number of rooms. As experts note, several factors influence price growth: an increase in population income by 7.9%, affordable loans after the refinancing rate reduction, and a stable exchange rate of the Belarusian ruble.
The reduction in supply also influenced price growth. Over the year, the number of apartments in the secondary market decreased from 6.8 thousand to 4.5 thousand.
In total, from January to June of this year, buyers paid 689.8 million dollars for apartments. This is 5% more than a year earlier. At the same time, the total area of purchased housing decreased by 17% and amounted to 325.6 thousand sq. m.
As noted by the National Cadastral Agency, in the first half of the year, demand for housing in modern buildings constructed after 2020 noticeably decreased. Their share in transactions decreased from 30% to 25%. In the primary market, the usual level returned – 9-12% of the total number of purchase and sale operations.
As for the structure of the capital's housing market, in the second quarter, 44% of transactions in the "secondary market" accounted for one-room apartments, 35% of operations were registered with "two-room" apartments, and 18% with three-room apartments. A similar situation was observed in January-March.
However, in the primary market, 77% of transactions in April-June were for one-room apartments. True, their number decreased by 10% compared to the first quarter.
In the second quarter of this year, 13 apartments in Minsk were sold for more than 1 million rubles. The most expensive apartments in the capital were located on Vitalya Tsvirki, Griboyedova, Kirova, Kiselyova, Novovileyskaya, Ratamskaya, Smolyachkova, and Starozhovskaya streets.
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