Minsk flat for 500 thousand dollars goes down in price by 100 thousands

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Realty experts think that the prices of flats that were incredibly overpriced have decreased. The notorious three-room flat in Yuanka Kupala Street has not been sold for over six months.
ERB informed that a flat in the centre of Minsk was being sold for 500 thousand dollars. Having sold it the owner could buy a villa in the Caribbean, in Montenegro or in Brussels. We wondered whether anyone had bought it and it turned out that it was still for sale. However, the agent told us a new price:

“She will sell it for 450, or even 400 if there is a real person who can buy it”.

The situation on the housing market is similar to the flat’s issue.

“Speaking about real deals, the prices for three-room flats have dropped by 10 or 15 thousands if the flat was really overpriced”, - says the head of the agency “BelTsTN” Mikalai Prastalupau.

According to the expert, the prices dropped by 15 thousands during the past two months if the flats were overpriced.

Moreover, the information about Minsk flats sales slowdown is not true.

“There were about 600 purchase and sale deals in Minsk in October; about 400 of them were performed in realty agencies”.

An expert of the internet portal REALT.BY Alyaksandr Martynenka thinks that the housing prices will either increase or remain the same during the next several years. “We are not expecting the housing prices to go down”, - he says:

“Nothing has become cheaper. The price has been stable for 1.5 months – it is not increasing and it is not dropping. The construction and furnishing price is growing and the dollar is becoming cheaper in comparison to euro. We cannot expect the realty prices to go down”.

Martynenka added that cases when the price for flats dropped by 25 thousand dollars were rather rare. People set unreasonable prices from the start because they were afraid to make a mistake about constantly growing housing prices:

“When they to sell it quickly they decrease the price. It may go down by 35 thousands depending on how much the flat costs. There are flats costing 500 thousands and 25 thousands is not that significant for them”.