Housing square meter price in Brest surpasses the $1000 mark.
Here's Brest's Sizzling Real Estate Market in May
May witnessed some thrilling action in Brest's real estate market, with an impressive 190 deals registered by mid-June, as per wikidom.by. The BTI is yet to process the remaining data, but the numbers are expected to hit around 200. Compared to the months of April (187 deals) and May 2024 (201 deals), the current results are right in the middle for the Brest housing market.
Ready-Built Apartments Shining Bright
Let's zero in on ready-built apartments. They accounted for 12% of the total deals in May, a whopping 2.5 times more compared to April. These properties are creating a stir in the market.
The main focus? Apartments in the "Severny Bulvar" and "Chayka" residential complexes.
Brest Breaks the Barrier: $1,017 per Square Meter
The average price per square meter in the city jumped by $32 in May, reaching an astounding $1,017. For the first time in Brest's history, residents have surpassed the $1,000 per square meter mark.
Despite earlier expectations of a hesitant demand, the current market trends have proven otherwise.
Segment Breakdown:
Secondary housing – $1,010/sq.m (+$27);Ready-built apartments – $1,069/sq.m (+$41).
The demand for both segments appears to be on the rise, with ready-built apartments experiencing more rapid growth.
Why the Fuss About Ready-Built Apartments?
The thriving market today is being driven by ready-built apartments. The reason? Some buyers are switching from the primary market to already completed houses given favorable dollar exchange rates and the use of mortgage programs. It's a smart move indeed!
Interestingly, sales in the primary market in the construction phase are currently on a downswing.
Pricing by Apartment Types
Almost all apartment types saw a price increment except for four-room apartments:
1-room – $1,049/sq.m (+$11);2-room – $1,025/sq.m (+$58);3-room – $934/sq.m (+$20);4-room – $720/sq.m (-$138).
Two-room apartments also breached the $1,000 per square meter mark, while four-room apartments have made a correction after last month's disproportionate increase.
Elite Deals and Market Structure
Luxury apartments ($1,000 and above per square meter) accounted for approximately 3% of May's transactions, amounting to six properties. Notably, these sales were scattered across different regions.
Two-bedroom apartments dominated the market, making up 45%, while there was a decrease in demand for one-bedroom and three-bedroom apartments.
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**Why are Ready-Built Apartments in Demand? (Enrichment Data)The demand for ready-built apartments in Brest's real estate market is rising primarily because of:
- Growing industrial and regional developments
- Government support for housing and workforce stability
- Increased economic growth and investment appeal
Together, these factors contribute to the booming ready-built apartment market in Brest.
Enrichment Data
Expanding Industrial and Regional Developments growing investment in industrial parks and infrastructure, like those in Baranovichi and Pinsk, attract businesses and a growing workforce. New residents require immediate housing solutions, particularly ready-built properties.
Government Housing and Workforce Support Belarusian government policies link employment to housing provisions, especially for key workers and vulnerable groups. Such strategies not only serve social objectives but also fuel demand for existing apartments as businesses seek convenient housing solutions for new hires.
Economic Growth and Investment AppealBrest (Similar to Minsk) continues to be a preferred destination for both domestic and foreign investors, with real estate being a key sector. Business representatives are already expressing interest in new industrial parks, contributing to sustained economic activity and investor confidence, which in turn drive the demand for ready-built properties.
- In the middle of Brest's sizzling real estate market, ready-built apartments recorded a significant surge, accounting for 12% of the total deals in May, with prices touching an average of $1,069 per square meter.
- The escalating demand for ready-built apartments can be attributed to various factors, including the city's growing industrial and regional developments, government support for housing and workforce stability, and increased economic growth and investment appeal, as foreign investors continue to find attractive opportunities in Brest's real estate sector.
