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