Skyrocketing apartment costs within Grodno's city center are causing a commotion.
In the heart of Grodno, the historic city centre is witnessing a significant change. The cheapest one-bedroom apartment, requiring major repairs, is currently selling for $50,000, with a price per meter of $1,405. This marks a stark contrast to the past, when a square meter in Grodno averaged around $740 before the full-scale war.
The surge in demand and rental prices, largely driven by tourism, has prompted many city dwellers to invest in apartments for short-term rent. One such interviewee, who owns two apartments for rent and is looking for a third, bought an apartment in the centre for renovation for $27,000 in 2024.
The increase in prices began in the fall of 2024, with apartments in the historic centre rarely going for less than $40-45,000. In fact, from the second half of 2016 to the fall of 2022, the price of a square meter in Grodno remained stable and fluctuated between $700-$750. However, since then, the average cost per square meter has surpassed $1000 for the first time in over 10 years.
The rapid price increase has been so significant that from April to October, apartments in the centre have almost 100% occupancy, and bookings are usually made 2-4 weeks in advance. Most tourists book their accommodations through 'suotno.ru', and Belarusians who haven't booked a place a week or two before their trip may find there's no room, forcing them to leave or go home.
If an apartment in the centre is in good condition, a night's rent can go for $50 on average, and up to $100 in peak days. On the other hand, a two-bedroom apartment of 45 m2 with a view of the Farny Church is selling for $82,000, or over $1,800 per meter. A two-bedroom apartment of 50 square meters, located near Soviet Street, is priced at $75,000, or $1,500 per meter, but requires significant investments for living or renting.
In comparison, the increase in Minsk was 17%, a lower rate than in Grodno. A two-bedroom apartment of 53 m2 with a fresh designer renovation and a view of the Dramatic Theater is priced at $149,000, or $2,800 per meter.
Despite the continued price increase, demand remains high for apartments in Grodno, indicating a sustained interest in the city's historic centre. The owner's name offering two apartments for rent in the historic centre of Grodno, who reports that a one-bedroom apartment with major renovations could be bought for $20-25,000 four or five years ago, is not publicly available.
This rapid rise in property prices in Grodno's historic centre is a testament to the city's growing popularity among tourists and investors alike. As the tourism industry continues to thrive, it remains to be seen how this trend will shape the city's real estate market in the future.
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