Published on and written by Cyril Jarnias
Commercial real estate in Belarus is increasingly attracting the attention of foreign investors seeking higher yields than in Western Europe, but who are prepared to accept a higher country risk. Between infrastructure modernization, preferential tax regimes, the growth of special economic zones, and Minsk’s transformation into a regional hub, the country offers a spectrum of opportunities ranging from offices to hotels, logistics, retail, and mixed-use complexes.
To invest effectively, it is crucial to understand the market structure, identify truly promising niches, be aware of available public incentives, as well as the legal and geopolitical constraints specific to the country.
A Structured Legal Environment but with High Political Risk
Belarus has established a clear legal framework for investments, centered around the “On Investments” Law (No. 53-Z) of 2013, regularly updated, including in 2024. This law establishes essential basic principles for a foreign investor: rule of law, equal treatment for domestic and foreign investors, protection of property, freedom of investment, and the possibility of recourse to the courts.
Belarus has established a National Investment and Privatization Agency as a one-stop shop and a consultative committee involving foreign companies, authorities, and academics. Internationally, the country has joined MIGA and the ICSID Convention, and has concluded about 60 bilateral investment protection agreements and over 60 double taxation treaties to ensure minimal legal security.
In practice, however, the country risk remains high: the “country risk premium” was around 25% in early 2024, a level qualified as a “default zone” by analysts, whereas it was only 8% in 2020. The Fragile States Index stands at 68.7, and Western sanctions have significantly hardened access to external financing. Sovereign credit ratings (S&P “B” with negative outlook, Fitch in the B category) reflect this contrast well: a formally protective legal framework, but a very unstable geopolitical environment.
For a commercial real estate investor in Belarus, yields are significantly higher than in neighboring EU capitals, competition remains limited, and public authorities are multiplying incentives. However, the probability of regulatory shocks, exchange restrictions, or targeted taxation is real, especially for nationals of states deemed “unfriendly” (United States, Canada, the vast majority of the EU).
What Foreigners Can – and Cannot – Own
The ownership framework is a central element for any commercial real estate investment. The rules are clear:
Foreigners (individuals or companies) can freely purchase apartments, houses, and commercial properties (offices, premises, hotels, warehouses…). However, direct ownership of land is in principle prohibited: they must use a long-term lease (up to 99 years) for non-agricultural land. An important exception exists in the China-Belarus Industrial Park “Great Stone”, where foreign individuals can, under certain conditions, acquire full land ownership.
Since 2023, relaxations of the Land Code have allowed foreigners to access land ownership on a case-by-case basis (e.g., through inheritance or buying a house with its land), but these are not yet mainstream avenues for large-scale commercial projects.
In practice, the vast majority of structures are therefore set up via:
Two main approaches are used by foreign investors to acquire commercial real estate in Belarus. The first involves purchasing the commercial building, while the underlying land remains publicly owned and is leased by the investor. The second, more complex strategy involves establishing a local company, often a Belarusian Limited Liability Company (LLC). This company then becomes the legal holder of the real estate and directly signs land lease contracts (emphyteutic leases) with the relevant public authorities.
For investors originating from countries classified as “unfriendly”, specific restrictions apply: to sell a property, special authorization from the authorities is required, and a fee of at least 25% of the market value at the time of transfer must be paid. Legislation also allows, in theory, for the seizure of assets belonging to owners from these countries, and the dividends they receive often must pass through special accounts.
The following table summarizes the main outlines of real estate ownership for a foreign investor:
| Element | General Rule for Foreigners |
|---|---|
| Purchase of apartments / houses | Permitted |
| Purchase of commercial properties | Permitted |
| Land ownership | Prohibited in principle, except specific cases (e.g., Great Stone) |
| Land lease | Up to 99 years for non-agricultural land |
| Visa / residence permit | Not required to purchase, but temporary registration mandatory |
| Sale by “unfriendly” investors | Special authorization + fee ≥ 25% of market value |
Structuring Your Investment: Local Companies, Investment Agreements, and PPPs
Belarus allows foreigners to create commercial companies under the usual forms: unitary enterprise, LLC (Limited Liability Company), Closed Joint-Stock Company (CJSC) or Open Joint-Stock Company (OJSC). For an LLC, no minimum capital is required, while amounts are modest for joint-stock companies (approximately €1,230 for a CJSC and €4,920 for an OJSC at the current base rate). Creation generally takes two to three weeks, registration is with the regional executive committees or the Minsk City Executive Committee, and legal personality is acquired from the date of registration in the register.
Investors then have several instruments to secure and optimize their commercial real estate projects:
Three main schemes offering tax and customs benefits for investment projects in priority sectors.
For projects > 40 million Belarusian rubles. Benefits: tax stabilization (5 years), corporate profit tax exemption (5 years), and exemption from customs duties/VAT on imported equipment.
For import substitution projects. Includes benefits of the standard agreement and can guarantee government procurement without competitive bidding.
For priority regional projects without a national agreement. Exemptions from property tax, land lease fee, and customs duties on certain equipment.
Alongside these instruments, the country has established a framework for concessions (infrastructure operation, subsurface resources, etc.) and for public-private partnerships (PPPs), governed by a specific law. In these structures, the investor can benefit from land allocation without auction, risk-sharing with the state, and even tripartite agreements with banks to secure loans.
For commercial real estate, these schemes are particularly relevant for: investors, real estate developers, asset managers and occupiers.
– parking facilities, convention centers and MICE infrastructure,
– logistics complexes and multimodal platforms,
– hotels integrated into public tourism or regional development programs.
Taxation: A Heavy Standard Regime, but Powerful Special Regimes
Under the general regime, a commercial real estate project carried by a Belarusian company faces a relatively significant tax burden:
– corporate profit tax at 20% (25% beyond a certain profit threshold);
– standard VAT at 20% on goods and services (with some reduced rates);
– property tax at 1% per annum on the value of buildings and structures, with a reduced rate (0.2% to 0.8%) for new buildings during their first years of operation;
– annual land tax on plots, with a scale depending on soil category and zone.
The standard tax regime can be significantly modified to favor investment in specific zones or sectors. This includes special economic zones, industrial or technology parks, small towns and rural areas, as well as projects covered by investment agreements or dedicated regimes like the Bremino-Orsha one for logistics. This architecture explicitly aims to incentivize investors to locate their projects in these targeted territories.
The table below provides a comparative overview of some major preferential regimes particularly relevant for commercial real estate.
| Regime / Zone | Corporate Profit Tax | Property Tax | Land Tax / Land Lease Fee | Other Key Benefits |
|---|---|---|---|---|
| General Regime | 20% (25% beyond a threshold) | 1% (reduced rate for new) | Standard scale | No special benefits |
| Free Economic Zones (FEZ) | Exemption on export profits / sales to other residents | Exemption 3 years, then if export / sales to FEZ | Exemption during construction (up to 5 years), then if export | Customs free zone, regime stability for several years |
| “Great Stone” Industrial Park | 0% for 10 years, then 9% until 2062 | 0% until 2062 | 0% at least until 2026 | 0% VAT on sales, customs exemptions, reduced PIT rate (9%), long-term stability |
| Bremino-Orsha SEZ | 0% for 9 years | 0% for 20 years | Very favorable conditions | 0% VAT on sales for 15 years, 0% tax on dividends for 5 years |
| Small Towns / Rural Areas | 0% for 7 years | 0% for 7 years | Partial exemptions | Exemption from duties on certain industrial equipment |
For an office, hotel, or logistics project, the impact on the income statement is massive: a well-chosen location in a special zone significantly reduces the break-even point and shortens the investment payback period, especially as market rents remain relatively high compared to construction costs and local average income.
Office Market: Minsk, a Market That Has Become “Owner-Dominant” Again
The office real estate market in Minsk developed late – starting from 2008 – but experienced very rapid growth, with an average annual increase of 23% in the supply of tertiary space (offices, retail, logistics) in the Minsk region during the following decade. Today, modern office infrastructure represents about 1.12 million m² spread across 111 buildings of different classes, supplemented by a significant stock of public administrative buildings and lower-quality space.
After a demand crisis in 2015-2016, a rebound in 2017-2019, then a new low in 2021-2022, the market entered, from the second half of 2023, a phase of high and stable demand. Local analysts describe a “stabilized” market in 2024: vacancy hovers at just over 7% of stock, a level typical of mature markets, and new quality space finds takers relatively quickly.
This movement is explained by several combined factors:
The establishment of large Russian groups like Tinkoff, which leased 10,000 m² in a Minsk business center, illustrates a market dynamic. This is accompanied by growing demand for large spaces (+1,000 m²) dedicated to services, back-offices, and IT platforms. Simultaneously, quality ‘turnkey’ offices are becoming scarce and renting quickly, pushing some new tenants, particularly Russian ones, to opt for shell spaces to fit out themselves.
Rents, now expressed exclusively in Belarusian rubles (the law has prohibited explicit indexation to a foreign currency since 2024), are nonetheless still negotiated mentally in dollar equivalents by local players. Advertisements illustrate a market level relatively high compared to local incomes: offices rent, for example, for 23.97 BYN/m² per month in central addresses, or even over 26 BYN/m² in premium locations, excluding service charges.
For an investor, several trends emerge:
Height in meters of the future Gazprom Center tower in Minsk, a flagship project contributing to the city’s repositioning.
One point to watch is the forced “de-dollarization” of rents: if income is in rubles, financing and valuation for an international investor often remain calibrated in foreign currency. The 10 to 14% depreciation of the ruble over five years, combined with high political risk, requires anticipating potential exchange rate shocks on the real value of rental cash flows.
Retail and Shopping Centers: A Market Still Growing, Driven by Domestic Consumption
Retail real estate played a key role in the rise of Belarusian commercial real estate. Major national chains (Korona, HIPPO, Euroopt) were among the first to develop modern large-format stores, often owning their buildings or acting as tenant-developers in mixed-use projects.
In Minsk, the stock of modern shopping centers already exceeded 550,000 m² of leasable area around 2015, with a vacancy rate of around 3%. Rents in shopping centers vary significantly by typology: a food hypermarket could pay between €7 and €12/m² per month, or a percentage of turnover (2-7%), while fashion retailers paid from €10 to €30/m² for medium-sized spaces, and up to €55/m² for small boutiques in prime locations.
Prior to recent geopolitical shocks, high rents were the main obstacle to development for international brands in Belarus, ahead of even the limited purchasing power of part of the population. In contrast, Belarusian domestic players were more willing to expand, including outside major cities.
The most emblematic example of the recent period is arguably the “First National Shopping Center” in Minsk, a vast complex of over 140,000 m², including 52,000 m² of retail space, opened in late 2023 on a site that had lain fallow for many years. The project illustrates several trends:
The shopping center attracts approximately 20,000 visitors per day thanks to a competitive rent policy and an offering anchored in national identity.
For a private investor, this case also shows that the state remains a decisive player, both as a property owner and as a developer and prescriber of major commercial projects. The most accessible opportunities are therefore more likely to be:
– in medium-sized regional centers, where the modernization of retail is still ongoing;
– in retail parks and galleries adjacent to hypermarkets or logistics projects;
– in mixed-use operations combining offices, retail, and residential, particularly in integrated urban projects like “Minsk World”.
Hotels and Hospitality: An Under-Qualified Sector, but Full of Potential
The Belarusian hotel stock remains limited relative to the country’s tourist and MICE potential. In mid-2016, there were 383 hotels and hotel complexes, supplemented by 156 other accommodation structures (motels, guest houses, campsites). Yet, only 56 hotels were officially star-certified, with just three five-star and five four-star hotels.
This under-qualification is even more pronounced outside Minsk, where the majority of establishments remain state-owned or majority state-owned, with occupancy rates sometimes below 30%. Conversely, well-positioned private hotels can achieve occupancy rates of 45 to 50%, and some small niche establishments reach up to 70%.
Minsk concentrates the high-end supply: 25 certified hotels operated there, including three five-star hotels. The structure of supply in the capital illustrates well the gap between available product and regional standards:
– approximately 6.4% of rooms in five-star hotels, 8.5% in four-star hotels, 27.7% in three-star hotels, and nearly half of establishments without certification;
– a total capacity of 4,790 rooms for 3-5* hotels in Minsk, a figure higher than Vilnius, but well below Riga or Tallinn.
The hotel sector in Belarus is experiencing significant development, marked by the arrival of major international chains like Marriott, Hilton, Radisson Blu, Hyatt, Novotel, Mercure, and Holiday Inn. These investments, including a Marriott complex in Minsk financed by Qatar (approximately $200 million), are often driven by major events (e.g., 2014 Ice Hockey World Championship) and national tourism promotion programs, with strong growth in 3 and 4-star hotel projects.
Despite these efforts, operational indicators remain modest: in 2015, the average hotel occupancy rate in Minsk was only 29%, far below Vilnius (over 65%) or Warsaw (70%). Standard room rates, however, remained high in regional comparison:
– around €58 for a standard room in a three-star hotel in Minsk, €98 in a four-star, and €146 in a five-star,
– whereas in neighboring capitals the ranges were more like €22 to €45 for a three-star, €37 to €70 for a four-star, and €83 to €110 for a five-star.
The hotel sector in Belarus faces high prices, low occupancy rates, and an unfavorable tax framework (absence of a reduced VAT rate unlike other European countries), impacting profitability. However, this situation creates opportunities for investors capable of leveraging these conditions.
– reposition existing poorly managed assets (many state-owned hotels);
– develop targeted concepts: economy hotels in regional cities, “business” hotels near transport hubs, spa-hotels, or resorts in national parks and protected areas;
– align with public tourism promotion programs (“Belarus Hospitable” 2021-2025, Sustainable Development Strategy 2040 aiming for 5% tourism contribution to GDP).
The potential also lies in the expected rise in tourist flow: projections indicate an increase from about 13 million visitors in 2023 to nearly 15 million by 2028, representing annual growth of 2.1%. This is supplemented by a 30-day visa-free regime for nationals of 80 countries, the existence of four UNESCO World Heritage Sites, and over 9% of the territory covered by protected natural areas.
For a hotel investor, Belarus thus presents itself as a market undersupplied with standardized products of international quality, especially outside Minsk, with significant public support but a fiscal and regulatory environment still needing improvement.
Logistics and Industrial Real Estate: A Major Strategic Axis
Among commercial real estate segments, logistics stands out for its stability and alignment with national priorities. Belarus is located at the intersection of major trans-European corridors (West-East axis and North-South axis) and serves as a natural corridor for flows between Russia, China, eastern Ukraine, and Baltic ports (Klaipėda, Ventspils, Kaliningrad). Nearly 76% of the country’s freight transport is in international traffic.
Transport infrastructure is diverse: over 5,500 km of railways, 11,800 km of pipelines (including the Druzhba oil pipeline and Yamal-Europe gas pipeline), a very dense road network, seven airlines operating international routes (including five cargo), and a main airport, Minsk National, undergoing modernization. Rail transport handles about 75% of freight and over half of passenger traffic, while road transport accounts for the majority of passenger trips.
The market for warehouses and logistics platforms remained the most solid segment of the real estate sector in the first half of 2023. Demand levels, vacancy, and rents remained remarkably stable despite economic shocks. E-commerce, particularly via major Russian marketplaces OZON and Wildberries, is now the main driver of demand for modern warehouses, with an active search for sites for sorting and distribution centers.
Local real estate market specialists
In 2022, over 151,000 m² of new modern warehouses were brought to market in Minsk and its periphery, but no new additions occurred in the first half of 2023, helping to maintain rents at a high level. Inventory levels of stored goods remain substantial (over 100% of one month’s production in Minsk), sustaining relatively high capacity utilization.
Major structuring projects further reinforce this dynamic:
This is the number of residents from 15 different countries already established in the China-Belarus Industrial Park “Great Stone”.
The combination of multimodal infrastructure, heavily reduced tax regimes (notably at Bremino-Orsha and Great Stone), and the geographical transit position offers particularly favorable ground for investment in Class A warehouses, logistics parks, light assembly or packaging zones (pharmaceuticals, cosmetics, electronics).
Special Economic Zones and Parks: Laboratories for Commercial Real Estate
Belarus has made special economic zones a central element of its development strategy. Six free economic zones (FEZ Brest, Vitebsk, Gomel-Raton, Grodnoinvest, Minsk, Mogilev) cover barely 0.11% of the national territory, but concentrate:
– over 400 resident companies from more than 30 countries,
– about 136,000 jobs,
– over $7 billion in cumulative investment,
– 5.3% of GDP, 18.6% of industrial output, and nearly 22% of goods exports.
For a commercial real estate investor, these FEZs represent first a reservoir of potential rental demand (production, logistics, service companies) and a highly competitive tax environment: exemption from corporate profit tax on export sales and sales to other residents, exemption from property tax and land tax for several years, free customs zone regime.
Two special zones are identified as privileged grounds for the development of specific projects such as offices, warehouses, business hotels, or service centers.
– The “Great Stone” Industrial Park: it combines benefits rarely seen in the region. Residents benefit from 0% corporate profit tax for 10 years, then a rate of 9% (half the standard rate) until 2062, full exemption from property tax and land tax until that date, 0% VAT on their sales, and reduced PIT rates (9% for employees until 2027). Initial investments must reach $5 million (or $500,000 for certain projects or R&D), but special visas and the possibility for foreign individuals to acquire land enhance the site’s attractiveness for integrated real estate projects (offices, R&D centers, hotels, logistics).
– The Bremino-Orsha Special Economic Zone: focused on logistics, wholesale trade, and e-commerce, it offers 0% corporate profit tax for 9 years, 0% property tax for 20 years, 0% VAT on sales for 15 years, and 0% tax on dividends for 5 years. The possibility to lease land for up to 99 years under negotiated terms and to build to foreign standards increases flexibility for developers of warehouses, business parks, and e-commerce hubs.
This is the monthly salary exceeding this amount (in dollars) that IT professionals earn in Belarus’s Hi-Tech Park.
Urban Development and Landmark Projects: Minsk as a Showcase
The Belarusian commercial real estate market remains concentrated in Minsk, which captures nearly 60% of investment volumes. The capital is undergoing a vast urban redevelopment program, with the “Minsk World” project as the centerpiece: on over 300 hectares, the former Minsk-1 airport is being transformed into a gigantic mixed-use complex combining housing (over 2 million m²), shopping centers, offices, hotels, and public facilities, with a total cost exceeding $3 billion.
In this type of mega-project, commercial real estate investment can take several forms:
The acquisition of office or retail space in VEFA (Sale in Future State of Completion) for subsequent leasing, the development of hotels or serviced residences for local company employees, business visitors, or tourists, and the establishment of headquarters or service centers for foreign companies attracted by a new and well-served urban environment (metro, roads, amenities).
Other large-scale projects, such as the multifunctional complex developed on Pobediteley Avenue (with a five-star hotel under the Marriott brand, a shopping center, sports facilities, cinemas, a wellness center, and parking, for an investment of around $200 million), illustrate the increasing involvement of Gulf or Asian capital in high-end commercial real estate.
Successful projects in Belarus often follow a pattern combining a foreign investor, an experienced local partner (consulting firm or developer), and strong involvement from the authorities (land facilitation, advantageous tax regimes, infrastructure development). For an investor willing to work in close coordination with the state apparatus and with good local connections, barriers to entry can thus transform into a competitive advantage.
Yields, Financing, and Risks to Manage for an Investor
Gross yields on real estate in Belarus generally fall within a range of 3 to 5.7% for residential, and often higher for well-positioned commercial assets. In some regional cities or growing logistics zones, yields in the range of 6 to 9% are not uncommon, particularly on long-term leases of warehouses or retail spaces.
The counterpart is a more complex financing environment for foreigners:
Bank loans for foreign investors in Belarus are difficult to access, with interest rates often above 15% and equity contributions required of at least 40%. The disconnection of the banking system from Western circuits complicates account opening and international financing for North American or European investors. Furthermore, foreign exchange control rules, although allowing settlements in foreign currency, can be tightened by the government through restrictive measures.
In practice, many foreign investors therefore favor all-equity transactions or mixed financing with local banks or development institutions.
The main risks to be assessed in a realistic manner are:
Real estate investment in Belarus presents four main risks: legal and regulatory risk (sudden rule changes, restrictions on capital outflows, targeted tax adjustments); currency risk (ruble volatility and the practice of rents mentally indexed to the dollar); political risk (international sanctions, country isolation, and increased dependence on Russia); and operational risk (quality of local management, counterparty reliability, and market transparency).
The response for a serious investor almost always involves leveraging several tools:
– systematic use of independent local legal and tax advice;
– structuring projects within preferential regimes offering long-term tax visibility (Great Stone, FEZs, Bremino-Orsha, small towns);
– hedging, when possible, political risk via mechanisms like those of MIGA;
– thorough due diligence on asset quality (property titles, technical condition, compliance with health and construction standards, hotel certification).
Where Are the Real Opportunity Niches Today?
The cross-analysis of segments and territories highlights several pockets of opportunity particularly interesting in Belarusian commercial real estate.
1. Logistics and Class A Warehouses
The segment’s stability, Belarus’s central position on Eurasia-Europe transit axes, the growth of Russian e-commerce, and the deficit in ultra-modern space make logistics a prime target. Projects in or near the Bremino-Orsha zone, Great Stone, or regional FEZs combine:
– sustained rental demand;
– highly advantageous tax and customs regimes;
– tangible political support (infrastructure, land access, co-financing schemes for certain infrastructure).
2. Business and Midscale Hospitality
In Minsk, despite increasing openings, the supply structure remains polarized between high-end establishments and state-owned hotels of average or low quality. In the regions, modern supply is extremely limited while tourist flows (nature, heritage, medical or wellness tourism) and business travel are increasing.
The best niches combine:
– well-located 3-4* hotels in major regional cities (Brest, Grodno, Vitebsk, Gomel, Mogilev), often in partnership with local authorities within preferential investment projects;
– extended-stay hotels or aparthotels targeting long-term professional stays in industrial or logistics zones;
– spa-hotel and resort complexes in attractive natural areas, integrated into the national tourism development strategy.
3. Modern Offices and Service Centers
The growing demand for medium to large office space in Minsk, particularly driven by Russian companies and the IT sector, opens prospects for the modernization of old buildings, construction of new B+/A class buildings, and development of shared service centers (SSCs). Projects near the metro, in neighborhoods like the Pobediteley-Masherova corridor or within “Minsk World”, benefit from a value premium and rapid absorption.
4. Regional Retail and Retail Parks
While Minsk reaches a certain maturity in terms of shopping centers, many medium-sized cities still lack modern formats adapted to the new urban middle class. Retail parks combining hypermarkets, service galleries, and medium-sized chain stores can find very low vacancy rates there, especially when located near transport hubs or expanding industrial zones.
5. Integrated Mixed-Use Projects
Belarusian authorities favor integrated projects – combining housing, offices, retail, hotels, amenities – that transform brownfields or former industrial sites into new urban neighborhoods. For an investor comfortable with the complexity of this type of structure, these operations offer significant synergy effects: a captive clientele for shops and services, shared infrastructure, and more resilient income streams.
Conclusion: A Yield-Risk Arbitrage Market for Savvy Investors
Commercial real estate in Belarus is not a field for cautious investors seeking maximum legal security and political predictability. The country accumulates objective risks: sanctions, currency volatility, specific rules for certain foreign investors, the weight of the state in large projects.
Despite a context that keeps prices attractive and yields high, the country has solid structural assets: a mostly urban, educated population, developed transport infrastructure, a central geographical position, competitive tax regimes in special zones, and a political will to attract investment in logistics, IT, industry, and tourism, with vast segments still underexplored.
For those who accept this yield-risk equation, Belarusian commercial real estate thus offers a particularly rich palette of opportunities: Class A warehouses in multimodal hubs, hotels to reposition or create, modern offices for Russian and IT business flows, regional shopping centers, and large-scale urban redevelopment projects.
The condition for benefiting from it is clear: surround yourself with the right local partners, anchor in appropriate legal and tax regimes, and integrate from the outset into business models a conservative scenario on country risk and currency risk. Under these conditions, commercial real estate in Belarus can constitute, for a diversified portfolio, a niche allocation with high yield potential.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
