BELARUS NEWS AND ANALYSIS
DATE:
12/01/2011
Property in Belarus
Belarus is a country with rapidly developing real estate market. In 2007, the price per square meter for apartments and houses located in the center of Minsk, the Belarusian capital, cost $2000 - $2500. It is 300% higher compared to property prices that were 5 years ago. Since 2005 prices has increased on average by 50% per year. The real estate market is developing, but under the law foreigners can not invest in it. Of course, this list does not include all foreigners: Russians and Belarusians have equal rights to purchase property.
In Minsk everyone wants to buy property. However, in this country there are also other minor cities - Brest, Grodno, Vitebsk, Gomel and Mogilev. Real estate prices in these centers are significantly lower than in Minsk. Average price per square meter in Grodno is approximately $ 1000. As for small towns, they are called dachas. Usually they are located in wonderful places, close to lakes or rivers or near the forest. In general, the choice is wide enough, if you suddenly decide to buy a cottage. The only problem is that if you're not Russian, then you have no right to buy property in Belarus. However, you can always rent the land. The Belarusian government plans to sell its land to private individuals. The only thing that is possible is the acquisition of house, villa or apartment without the right of land ownership.
To purchase real estate in Belarus, or loan it for a long time, if you're not Russian, you must obtain a residence permit in that country. And if you are the owner of a local firm, you may also be an indirect owner of the property in Belarus. However, in this case, the status of your company is important. All subsidiaries of foreign companies located on the territory of Belarus never appear on the real estate market as a buyer, just as a tenant. In this case the owner must be registered as a company and not a private person.
Along with brokers in Belarus there are also two other no less important structures. They are also involved in purchasing real estate. These structures are notaries and state registration agencies. The notary checks the sales contract. And state registration agency checks papers and ensure state registration of real estate. Services of such agencies are cheap. The cost of one registration there is 10 000 rubles, or about 3 euros.
Brokers asked for their services much more as in Belarus there are no rules that regulate their rewards. Broker in Minsk asks $ 2000 for finding an apartment here. The buyer pays the money if he bought an apartment. If the buyer and the seller are already familiar and they need only to sign the contract, broker's fee for the services is about $500. In Minsk there is a large organization of selling real estate, which is called "Real estate". This organization ensures the quality of services by its rules. When you look for housing with the help of only one person there is a certain degree of reliability of the order. More information can be found on the public web site of real estate www.nb.by.
Currently, foreigners can not yet buy property in Belarus. Otherwise, you may have difficulty with inheritance.
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