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Real Estate Trends in Belarus in 2017

EEA Real Estate Forum & Project Awards 2017 — the Forum and the Award for projects in the real estate to countries of Eastern Europe which is going to be held on November 23 in Kyiv, Ukraine.

CBW had an interview with one of the speakers of forum Mr.Andrey Aleshkin – COLLIERS INTERNATIONAL IN MINSK, Partner and Director of CRE Department.

– What are the main real estate market trends in Belarus? (2-3 major)

When talking about retail market, it is certainly Inditex entrance. The company presented all of their store brands in one of the Minsk shopping malls. Moreover, the opening of large shopping malls like Dana Mall and Galleria Minsk attracted significant number of popular brands and as a result their expansion within the market, namely Gloria Jeans, Koton, Reserved, House, Cropp, Mohito, Sinsey, Intimissimi, Calzedonia, Finn Flare, Pandora, Quiksilver and others.

The offices face tremendous demand from IT companies which absorb almost all vacant areas. This is because the government has created very attractive conditions for doing business in the IT cluster. The increasing of IT industry causes the growth in rental rates and insufficient supply. Accordingly, the construction of high-quality office projects is expected.

– How Belarusian companies follow new trends of real estate market and how they respond to new challenges?

Some older shopping centers initiated reconception to meet new market demands. They try to engage new brands, where the last ones need large modern stores. Furthermore, Inditex group entrance triggered particular interest from new brands that are still not presented in the country.

– What are your expectations of participation in the EE Awards 2017? How do you assess the role of such an event in the development of real estate market within the region?

First and foremost, it is networking opportunities and a new fresh look from the other side to neighboring markets, new projects, trends, experience. I am sure that this platform will be useful for all professional market players (bankers, investors, retailers, developers, international real estate consultants etc.) both in terms of experience exchange and networking. It is no secret that the commercial real estate market of Belarus is still evolving and those tendencies that exist in neighboring markets are likely to come to Belarus. Even more important, we can take into account the mistakes and make the industry flawless.