baltic states and belarus real estate market review - Colliers

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elarus REAL ESTATE market REVIEW 2011 Accelerating success.
GOOD SIGNS FOR THE REAL ESTATE MARKET There appeared to be little activity on the Belarusian real estate market in. But it is not as it seems. The beginning of the year was a period of pessimistic outlook, with the ongoing effects of the crisis still very much apparent. At the beginning of 2010 as was the case in 2009, had the investors aimed to seize opportunities to acquire distressed assets for resale or development. To pay debts some of the developers were ready to sell their projects at only its cost price. In the second half of 2010 the availability of bank finance to developers for their projects was a reason behind a revival in the market. By the end of the year several banks announced that they would become partners in some major mixed-used projects. Andrey Pavlyshko Partner, Managing Director Colliers International, Belarus By the end of the year ongoing demand for quality premises appeared in every segments of the commercial real estate market. It became obvious that the real estate market is in need of experienced developers who can build objects of high quality to meet this demand in the near future. At the same time, foreign investors significantly changed their view on Belarus when the Government announced that for the first time in the history of Belarus a land plot in the centre of Minsk for was sold into private ownership to the foreign investor for construction of a mixed-used project. This trend is certainly a good sign for the commercial real estate market in Belarus. 2010 was the year of long-hoped stabilization and optimistic views. The entry into the market of foreign developers and major tenants who are in need of quality premises in Minsk as well as other centres of Belarus can indeed be seen as a positive trend for the real estate market. Andrey ALESHKIN Partner, Director CRE Department, Belarus
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