Apartment sales pace in Belarus: A swift overview
Article:
Selling an apartment is a significant step, often with a longer timeline than expected. Over the past two years, analysts at Kufar Real Estate have examined over 30,000 concluded deals to ascertain the average duration of the housing sales process in various cities, considering the apartment's size, number of rooms, and age. This data sheds light on the current market reality and helps set more realistic expectations.
Apartment Sales Duration in Regional Centers
Kufar Real Estate's analysis reveals that the duration of apartment sales in Belarus' regional centers varies significantly. Minsk, the nation's capital, boasts the shortest selling time, averaging 22 days with over 3500 deals finalized. The high market activity and a large buyer pool contribute to this speedy turnaround. Meanwhile, apartments in Gomel take approximately 30 days to sell, with over 2600 successful transactions. Mogilev and Grodno follow with a median of 32 days, while Vitebsk lags slightly behind with 34 days. The longest sales duration is observed in Brest, where the average deal is closed in 42 days. This delay may be due to high housing prices following those in Minsk.
Regional Sales Duration Excluding Minsk
By excluding Minsk from our analysis, we find that apartments in Brest and Vitebsk regions take the longest to sell, on average 37 days. These regions are also home to the most sold apartments - over 4300 in Brest and over 5400 in Vitebsk. In comparison, apartments in Gomel and Grodno regions sell faster, in about 33 days. The Minsk region records a duration of 34 days, while the Mogilev region sees an average sales period of around 35 days. The difference in sales duration between regions is minimal, with all regions demonstrating similar duration rates.
Sales Duration of Apartments of Different Types and Sizes
The duration of sales varies depending on the size of the apartment and the number of rooms. One-bedroom apartments find buyers in an average of 27 days, while two-bedroom apartments, the most common category, account for 34% of successful deals and take approximately 32 days to sell. Larger apartments with five or more rooms take the longest to sell, averaging 61 days, with only 35 such deals in two years.
Apartments around 20-39 square meters sell in an average of 27 days, while objects 40-59 square meters sell in 32 days and have the highest number of deals, with over 13,000. Larger apartments over 80 square meters take longer, averaging 54-56 days.
Impact of Year of Construction on Sales Duration
Apartments in buildings from the 1970s and 1980s sell the quickest, with averages of 35 and 33 days respectively, and are the most popular choices. Apartments from the 1950s take longer, around 43 days, while units from the 2000s take around 36 days to sell. The year of construction has less impact on sales duration compared to the size and number of rooms.
Conclusions
The analysis indicates that the duration of real estate sales is dependent on the location, size, and condition of the apartment. Minsk boasts the most dynamic market with swift turnover, while regional deals take longer. Smaller apartments and those in older buildings find buyers more quickly, while larger, newer apartments take more time. Successful sales necessitate considering these factors and developing a strategy based on current market trends.
-— Real EstateMyfin.byEditorial —
Enrichment Data Insights:
- Regional Variation: Apartment sales duration varies significantly between major cities like Minsk and smaller towns or rural areas due to differences in demand, infrastructure, and economic opportunities.
- Market Conditions: The Belarusian real estate market is affected by government policies, such as plans to develop rental housing sectors and incentives for citizens in small towns to buy homes after a certain period. These policies indirectly affect sales duration by impacting demand in targeted regions.
- Factors Influencing Sales Duration: Besides location and government policies, apartment pricing relative to the local market, apartment size, and market demand and supply influence sales duration in Belarus.
- The analysis reveals that the duration for investing in real-estate, specifically apartments, varies significantly across regions in Belarus, with Minsk having the shortest selling time of 22 days, while Brest exhibits the longest with an average of 42 days.
- In terms of finance, the size and number of rooms in an apartment can significantly affect the duration of the selling process. For instance, one-bedroom apartments find buyers in an average of 27 days, while larger apartments with five or more rooms take the longest to sell, averaging 61 days.
