Published on and written by Cyril Jarnias
Belarus is no longer merely a “transit country” squeezed between Russia and the European Union. Driven by a surge in tourism—cultural, medical, business, and ecotourism—and proactive public policies, its real estate market is undergoing a profound transformation. From Minsk to regional cities like Brest, Grodno, or Vitebsk, the growing influx of visitors, visa waiver regimes, and the massive development of tourism infrastructure are resulting in a new map of prices, rental yields, and urban projects.
Several dynamics must be considered: the growth of tourism, the rise of seasonal rentals, heritage valorization, the evolution of laws for foreign investors, and urban transformation linked to economic development.
A Country in Transition: Demographic, Economic, and Tourism Context
Belarus is a Central and Eastern European country covering 207.6 thousand km², whose capital, Minsk, concentrates a large part of the population and economic activity. The country consists of six regions (Brest, Vitebsk, Gomel, Grodno, Minsk, and Mogilev) and enjoys a temperate climate, with relatively mild and humid winters and warm, humid summers. This geography, combined with significant forest cover and several national parks, provides an ideal base for tourism with a strong natural and cultural component.
Belarus’s GDP reached $81.5 billion in 2024.
Demographically, the country is aging and depopulating, with a long-term declining population, a fertility rate below replacement level, and strong urbanization (over 75% urban population, nearly 2.1 million inhabitants in Minsk). This context could dampen real estate demand, but it is partially offset by urbanization, job concentration in a few hubs, and the arrival of foreign capital, notably through tourism and real estate investment.
A Surge in Tourism
Tourism in Belarus does not carry the weight of a Mediterranean giant, but the figures show a robust dynamic. According to recent statistical data, inbound tourist trips increased from about 3.6 million in 2020 to 6.6 million in 2024. Domestic trips jumped from 12.2 million to nearly 19.8 million over the same period. Concurrently, the number of tourists served by tourism organizations rose from 911,100 to over 2.7 million, and the value of packages paid for by tourists multiplied fivefold, from 374.5 to 1,890.4 million Belarusian rubles.
Tourism revenue reached $295 million in the first nine months of 2025, up 128.4% from pre-Covid levels.
The number of jobs related to the sector is estimated at nearly 229,000 people in 2024, representing 5.5% of the active population. To this is added the indirect activity generated in construction, transportation, hospitality, and services—sectors all closely linked to real estate demand.
Tourism Infrastructure: A Direct Driver for Construction and Renovation
One of the major levers connecting tourism and real estate lies in infrastructure policy. Between 2021 and 2024, Belarus completed 116 major tourism infrastructure projects, adding over 1,000 new accommodation units nationwide. These achievements include new hotels, leisure centers, health resorts, and visitor facilities in the regions.
Hotels, Sanatoriums, and Collective Accommodations
Statistics show a clear increase in the collective accommodation sector. The total number of collective establishments (hotels, sanatoriums, holiday centers, etc.) stands at 1,096, with a capacity of about 41,000 rooms. Between 2020 and 2024, the number of overnight stays offered by these structures increased from 8.8 million to 14.5 million, while accommodation revenue tripled, from 428.5 to 1,333.9 million Belarusian rubles.
Hotels and similar structures constitute a particularly interesting segment for the real estate market:
| Indicator (Hotels and Similar) | 2020 | 2024 |
|---|---|---|
| Number of Establishments | 613 | 618 |
| Rooms | 20,319 | 20,127 |
| Guests Received (Thousands) | 1,071.1 | 2,468.5 |
| Accommodation Revenue (Million BYN) | 131.6 | 484.8 |
| Average Occupancy Rate | 18.8% | 37.3% |
The increase in the occupancy rate, from less than 20% to over 37%, illustrates both the return of tourist demand and more efficient use of the existing stock. The presence of 64 star-rated hotels (including 32 five-star) demonstrates an upscale trend, likely to attract higher-spending clientele, notably business or medical tourists.
The sanatorium sector, with about 480 establishments, saw its accommodation revenue increase from 296.9 to 849.1 million rubles between 2020 and 2024. This growth is driven by the increase in overnight stays and the influx of 165,000 foreign patients in 2024, from 157 countries. This medical tourism, often medium or long-term, generates specific demand for housing (apartments or small houses) near treatment complexes.
Real Estate Projects Directly Linked to Tourism
Several emblematic projects illustrate how the state and regions use tourism as a trigger for real estate development:
Several projects illustrate the valorization of heritage properties into tourism infrastructure in the Gomel region. In Kalinkovichi, a 588 m² brick building is being transformed into a multifunctional hotel complex. In Khalch, an 18th–19th century property is becoming a museum center integrated into regional tourist routes. In the Chechersk district, the former Chernyshevs-Kruglikov palace is being converted into a complex with a hotel and café. Finally, the former Doria-Dernalovich estate in the Kormyansky district now hosts the “Stefanovo” cultural and educational complex with a hotel, restaurant, museum, and spa.
All these projects follow a similar pattern: valorizing a historical or scenic heritage by turning it into a tourism product, systematically integrating accommodation and dining functions. For real estate investors, this translates into opportunities in localities that were once less dynamic but are now integrated into thematic tourist circuits.
The Short-Term Rental Boom: Airbnb, Local Platforms, and Yield
One of the most spectacular changes in the Belarusian real estate market is the rise of short-term rentals, especially in Minsk and regional tourist centers. The growth of platforms like Airbnb or local portals like Realt.by has profoundly altered how owners and investors use their residential stock.
Minsk: The Engine of Short-Term Rentals
Minsk concentrates about 60% of the country’s real estate investment volume. In terms of tourism, the capital alone attracts 40% of foreign visitors. The city’s historic districts – old streets, renovated Soviet-era buildings, Stalinist buildings, and modernist ensembles – have become hotspots for daily rentals.
Average price per square meter in downtown Minsk, in US dollars.
This combination – high daily rates, good occupancy, rising price per square meter – creates a powerful attraction effect for investors, both local and foreign. Gross rental yields in Minsk are relatively attractive in a European context:
| Rental Type in Minsk | Estimated Gross Yield |
|---|---|
| Long-Term Rental | 5 – 6.5% |
| Short-Term Rental | 6.5 – 9% |
For an investor specifically targeting the tourist market (short-term), the yield gap compared to traditional rental can reach 2 to 3 percentage points. This explains the growing number of apartments acquired and then furnished for seasonal rental, often in post-2000 buildings (over 25% of Minsk’s residential stock) or in renovated Soviet apartments, highly sought after by young professionals and visitors seeking modern comfort at a moderate price.
Digital Platforms and Market Structuring
Beyond Airbnb, which popularized home-sharing, the Belarusian market relies on local players like Realt.by or the international platform Realting, which offer daily rentals and multilingual services for foreigners. This diversity of channels reduces entry friction for owners and increases property visibility, supporting occupancy rates.
The success of rental platforms has increased competition in Minsk, where housing supply has grown due to sustained construction. In some segments, particularly on the periphery of the center, a decrease in rents in dollars is observed, due to the depreciation of the Belarusian ruble (–10 to –14% over five years) and demand sensitivity.
A Regulatory Framework Under Construction
The legal framework for short-term rentals in Belarus remains evolving. Rules differ by locality, and the need to register activities, declare rental income (tax rate of 13% for residents, 15–20% for non‑residents), and comply with safety standards can be complex. This legal uncertainty is a risk factor for investors, but it has not so far hindered the sector’s growth, especially as the state sees it as a growth relay for tourism.
Visas, Access, and Tourist Flows: Levers Impacting Real Estate
One of the most powerful factors behind the rise of tourism in Belarus is the relaxation of entry conditions. For real estate owners, these measures translate directly into an increase in the number of potential clients for their rentals.
An Extended Visa Waiver Regime
Belarus has instituted a visa-free stay regime for citizens of 38 European states, extended until the end of 2026. Citizens of Poland, Lithuania, and Latvia can stay up to 90 days per year, while those from 35 other European countries enjoy 30 consecutive days, within a limit of 90 days per year. These visa-free travels are possible via road, railway border points, and Minsk National Airport.
The special tourist zone “Brest–Grodno” offers a 15-day visa waiver to citizens of over 70 countries. These two cities, already strategic for logistics and historical heritage, thus benefit from a targeted influx of tourists. This dynamic stimulates accommodation demand, including in residential sectors not traditionally oriented towards tourism.
Finally, a 30-day visa-free regime via Minsk Airport has existed since 2017, and over 54,000 foreigners used it in the first year. E‑visas complete the system, further facilitating access to the country.
Effects on Border Cities and Local Markets
The visa relaxation quickly produced concrete effects, especially in border regions with Poland, Lithuania, and Latvia. Since 2022, over 1.26 million European residents – mostly from these three countries – have entered Belarus without a visa. Many come for short stays: shopping, medical tourism, cultural visits, or sanatorium vacations.
Average price per square meter in Brest, lower than in Minsk, supported by demand for housing from mobile workers and professionals in logistics, commerce, and technology.
Grodno, also close to Poland, benefits from cross-border tourism and the appeal of its historic center and canals like the Augustow. Real estate prices there are rising, driven by demand from cross-border workers and tourists, while the city positions itself as a major tourist hub, supported by projects to restore its medieval castle.
Heritage Assets and Ecotourism: Sources of Real Estate Value
Belarus is not just betting on Minsk to attract tourists. Its natural and cultural heritage constitutes a strong foundation for developing high-value niches, with obvious spillover effects on residential and tourism real estate.
UNESCO Sites and Built Heritage
The country has four properties inscribed on the UNESCO World Heritage List: the Belovezhskaya Pushcha National Park, the centuries-old natural fortress; Mir Castle; the Architectural, Residential and Cultural Complex of the Radziwill Family at Nesvizh; and several Belarusian points of the Struve Geodetic Arc. These sites are natural hubs for hotel projects, guesthouses, museums, and visitor infrastructure.
Many Belarusian historical monuments (fortified churches, castles, urban ensembles) are the subject of restoration programs. Work on sites like the castles of Lida, Golshany, Kossovo, the Gomel ensemble, or St. Sophia Cathedral in Polotsk is often accompanied by real estate rehabilitation in city centers: conversion of old buildings into boutique hotels, creation of view apartments for short-term rental, and transformation of ground floors into cafes or shops.
Ecotourism and Rural Development Opportunities
With over 1,350 protected natural areas, including four major national parks (Narotchansky, Pripyatsky, Braslav Lakes, Belovezhskaya Pushcha) and the Berezinsky Biosphere Reserve, Belarus has considerable ecotourism potential. The government encourages stays in “agro-estates” and eco-farms, where visitors discover nature and local traditions.
To leverage demand for rural ecotourism, valorize assets like small rural houses, land near forests, lakes, or rivers, and renovate old estates into lodges, campsites, or leisure complexes. Rural ecotourism, officially defined by accommodation on eco-farms and heritage discovery, encourages the creation of small-scale reception infrastructure. These projects are often driven by local entrepreneurs or investors attracted by higher yields, away from the saturated markets of big cities.
In some regions, this dynamic helps slow rural depopulation, even though the overall demographic trend remains an exodus to urban centers. In terms of prices, these areas remain very affordable, but the prospect of regular tourist flows improves rental profitability prospects.
The Real Estate Market: A Structure Influenced by Tourism, but Not Only
While tourism is a significant driver, it is not the only parameter shaping the Belarusian real estate market. Urbanization, public housing policy, financing capacity, foreign investment flows, and income evolution interact with tourist demand.
Minsk: Between Price Stability and Market Segmentation
The real estate market in Minsk is characterized by moderate price growth but strong heterogeneity between neighborhoods and property types. Annual increases in recent years were around 4–6%. In 2023, the median apartment price reached about $1,540 per m², with a higher level for new construction (about $1,630/m²). In 2024, average prices per m² ranged between $1,400 and $1,600, with peaks at $3,600/m² for some luxury apartments.
Maximum premium percentage for a property located 5-10 minutes’ walk from a metro station.
For investors, a significant share of buyers in Minsk (over 30%) are already investors, and over 20% of buyers nationally focus on investment rather than personal use. This profile aligns well with a strategy oriented towards long-term rental to professionals (IT, services, students) and seasonal rental for tourists.
Regional Cities: Brest, Grodno, Vitebsk, Gomel, Mogilev
Major regional cities offer different opportunities, often with lower entry costs and comparable, or even superior, rental yields:
| City | Average Price (approx.) €/m² | Long-Term Yield | Short-Term Yield |
|---|---|---|---|
| Minsk | 1,050 – 1,700 | 5 – 6.5% | 6.5 – 9% |
| Brest | 690 – 1,100 | 5 – 6% | 6 – 8% |
| Grodno | 630 – 960 | 4.5 – 6% | 6 – 7.5% |
| Gomel | 550 – 880 | 5 – 6% | 6 – 7.5% |
| Vitebsk | 600 – 930 | 4.5 – 5.5% | 5.5 – 7% |
Brest and Grodno, due to their border position and tourist dimension, benefit from strong demand for short-term rentals and housing for cross-border workers. Vitebsk, with its cultural festivals (like the “Slavianski Bazaar”), is developing an artistic scene that attracts visitors and artist residencies, feeding a market niche for characterful housing in the historic center.
In Gomel, cultural and hotel projects are developing around heritage conversion. In industrial cities like Mogilev, business tourism and events generate regular demand for hotel accommodations and furnished apartments.
Effects of Construction and Housing Policies
The Belarusian state continues to support housing construction, with plans for several million m² per year (4.3 million m² planned for 2023, 745,000 m² of targeted rental housing by 2024). New housing represents about 15% of the residential market. This additional supply helps contain price surges but also feeds the stock of properties potentially intended for short-term rental.
Subsidized mortgage loan policies, relatively low rates for certain programs, and support for first-time buyers promote homeownership, which can reduce pressure on long-term rents. But, simultaneously, they create a base of small owners likely to monetize their property via tourist rentals.
Foreign Investment: Tourism Opportunities, Legal Constraints
The Belarusian legal framework is relatively open to real estate purchases by foreigners, but with specificities that influence how tourism and real estate investment interact.
What Foreigners Can (and Cannot) Do
Foreigners have the right to buy apartments, houses, and commercial premises in Belarus. The purchase of land, however, is generally prohibited in full ownership, but very long-term leases (up to 99 years) are possible for non-agricultural land. Since 2023, the Land Code introduces some exceptions allowing land acquisition in specific cases (inheritance, joint purchase with a Belarusian spouse, etc.).
For investors in hospitality or tourism residences, the legal and land structure is crucial. The China-Belarus Industrial Park “Great Stone” illustrates this strategy by offering its residents enhanced land rights and a very advantageous tax status, making it an example of establishment in a special economic zone with a special regime.
Belarus does not currently offer a direct residency-by-investment program in real estate. Ownership does not, in itself, grant a right of residence, although it can facilitate obtaining a temporary permit within the framework of a professional or family project.
Regulatory Risks and Sanctions
Since January 2024, investors originating from countries deemed “unfriendly” are subject to specific restrictions: to sell a property in Belarus, they must obtain special authorization and pay a tax of at least 25% of the market value. Legislation also provides for the possibility of property confiscation in certain cases for nationals of these countries.
Currency controls, the risk of international sanctions, and the complexity of local law increase the legal risk for foreign investors, particularly Western ones. In parallel, Russian capital remains very active, with over 4,000 apartments purchased by Russian citizens in early 2024, supporting a 20% increase in transaction volumes over one year.
Transaction Costs and Profitability
Transaction costs remain moderate compared to many European countries: notary fees between 0.5% and 1% of the price, no transfer tax for individuals, various fees and commissions typically resulting in total costs of 2–5% of the purchase value. Annual property tax for individuals is approximately between 60 and 120 euros, while rental income is taxed at 13% for residents and 15–20% for non‑residents.
These parameters, combined with gross rental yields of 5–7% in large cities and the possibility of operating the property as a short-term rental, make tourism-oriented real estate investment potentially attractive, provided country risk and regulatory constraints are accepted.
When Tourism Rhymes with Urban Transformation
Beyond the numbers, the impact of tourism on real estate in Belarus is measured in the transformation of urban spaces, lifestyles, and expectations regarding the built environment.
Soft Gentrification of Historic Centers
In Minsk, Brest, Grodno, or Vitebsk, historic districts, long marked by old and poorly renovated residential fabric, are experiencing revalorization. Renovated apartments in Soviet or pre-Soviet buildings attract young professionals, IT workers, and tourists. ” Move-in ready” properties sell 20% faster than those needing renovation, and professionally staged homes sell 25% faster.
Neighborhood revitalization stimulates commerce and renovation but leads to rent increases that can displace long-term residents, despite levels still lower than in major Western metropolises.
Pressure on Infrastructure and Seasonality
As elsewhere in the world, the rise of tourism can put pressure on local infrastructure: transportation, roads, waste management, public services. The Belarusian government is investing in transport modernization (metro, electric buses, trams) and major road arteries, as well as renovating train stations and freight terminals, which increases accessibility and land value in affected areas.
Seasonality remains pronounced: tourist peaks coincide with summer, major Orthodox holidays, and major events (festivals, conferences, sports competitions). For owners operating short-term rentals, this means managing longer vacancy periods in the low season, hence the interest in targeting both tourists and business travelers (conferences in Minsk, regional congresses, sanatorium stays).
Towards More Sustainable and Dispersed Tourism
Government strategies, formalized in programs like “Hospitable Belarus” or sectoral plans for resilient tourism, increasingly emphasize the notion of sustainability: multipolarity of destinations (to avoid saturating Minsk), valorization of regions, ecotourism, energy renovation, better building accessibility for the elderly or people with reduced mobility.
For the real estate market, this means growing interest in:
– small accommodation projects in rural areas, near natural parks;
– renovation rather than demolition-reconstruction in historic centers;
– the construction of more energy-efficient buildings, in line with the national ambition to increase the share of renewable energy (target of 40% of electricity from renewable sources by 2030).
In the medium term, these orientations could strengthen the value of well-located, renovated, and environmentally compliant buildings, while penalizing older buildings not adapted.
A Two-Way Relationship: How Real Estate, in Turn, Shapes Tourism
If tourism strongly influences real estate, the reverse is equally true. The availability, quality, and diversity of real estate offerings condition the appeal of Belarus for different visitor segments.
The hotel stock offers varied categories for all budgets, from budget visitors to premium or business tourists. Many daily rental apartments, well-connected to public transport as in Minsk, offer flexibility and authenticity. Projects converting historic estates into boutique hotels, museum-hotels, or spas create unique experiences, strengthening the destination’s attractiveness on the international market.
Structuring real estate investments – major urban developments in Minsk like “Minsk World”, the development of special economic zones, extension of the third metro line – facilitate hosting conventions, trade shows, and sports or cultural events, which in turn generate additional tourist flows.
The development of infrastructure and the real estate stock attracts visitors, who in turn make this stock profitable and drive its evolution. The future challenge is to manage this growth to avoid imbalances (prices, accessibility, heritage, environment) and to regulate seasonal rentals and foreign investments while preserving the country’s attractiveness.
What is certain is that the impact of tourism on the Belarusian real estate market is now tangible, measurable, and structuring. For investors, it offers a territory still relatively unsaturated, with decent yields and appreciation potential linked to the destination’s growing prominence. For public authorities and residents, it represents both an opportunity and a challenge: inventing a growth model where visitors sustainably contribute to improving the living environment, rather than its degradation.
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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.
