Have you wondered if it was possible to sell your property in Belarus fast at a good price? Yes, certainly. While Belarus is an emerging economy, which is still finding its feet after being a part of the Soviet Union for several decades, things are certainly improving here.
There are many foreign investors who want to buy property in Belarus online. It is not easy to buy property in Belarus though; all land here is owned by the government. This means private property owners can only get a 50 year lease on the land. Any transactions that are over $150,000 should be approved by the President of Belarus.
This really sounds strange in the international property market. Foreigners cannot buy properties in Belarus directly, but they can acquire leases on properties here through companies that are legally registered in Belarus.
As Mikhail Gradovich managing director of Colliers International Belarus says in an interview with the New York Times, "Everyone has their own strategic plan to participate in projects in different sectors here."
There is a strong demand for commercial properties in Belarus, such as hotel, restaurants, rental properties and office complexes. Foreign investors are interested in them as they are available at dirt cheap prices. Many private investment funds from Europe have been showing interest in Belarus these days.
Of particular interest is the capital city of Minsk. This is where all the action is, says Kevin Smith, owner of Belarus Trade House. He says, "Prices have been going up rapidly. Minsk is still fairly cheap compared to many other cities in the region."
"The country seems to be opening up much more to the U.S. and Europe over the last year than they have done previously," Mr. Smith adds.
He says that the demand for properties in Belarus has increased in recent years, after the country ended its long standing dispute over oil with Russia in 2007. Now there are a number of foreign oil companies that are investing in the oil fields in Belarus. Naturally, these companies will want a place to stay for their executives and are big buyers of luxury properties in Belarus.
Of course, the term “luxury property” does not make sense in the context of the overseas property market, as there are very few properties in Belarus that can be considered to belong to international standards. Most foreign investors prefer to lease land at dirt cheap prices and build their own homes or commercial establishments, as they see fit.
Russians are the biggest buyers of properties in Belarus and it really makes sense for them. After all, Russia has a long history with Belarus as they are both a part of the Soviet Republic. There are many cultural similarities between the two nations and most people in Belarus are favourably disposed towards Russians. There is also no official border between the two countries – Russians can come and go as they please.
But there are problems with buying property here which need to be ironed out, as Mr. Smith says: "Working in this region, there are always hoops there that you weren't quite aware of. It's easy to fall down holes, but if you know they are there, it's easy to avoid them."