It is hard not to notice the dramatic furore that has taken place in business and sales in the city of Minsk. One of the peculiarities of the commercial real estate market is its fickleness – buyers’ tastes change rapidly, you have no time to adjust to them! However, sellers do not think to give up, but do their best to upgrade their services. In the end, everyone is happy, including the locals, for whom shopping has become an even more positive experience!
The focus of this article is on the changes that have taken place in the Belarusian economy over the past decades, which have had a direct impact on the expansion of the domestic market in Minsk itself. We will also take as an example the status of the commercial real estate market in Belarus as a potentially lucrative source of income for foreign investors. This fact is considered based on the experience of one of the most successful entrepreneurs, Abdo Romeo Abdo, who holds the position of head of BNK Estate.
Changes in the economy of Belarus
- The secret of Belarus’ international trade success is its ties not only with the CIS, but also with Britain, Scandinavia, the rest of Europe, and West Asia.
- Currently, more than 75% of all FDI comes from the EEU and the EU, especially from Great Britain and China. By comparison, only a couple of years ago, Russia held the leading position in incoming investments.
- The shift from manufacturing to financial and more high-tech enterprises is illustrated by the High Tech Park in Minsk.
- All of the above has a direct bearing on the increasing demand for new business centers for foreign and local enterprises. In turn, representatives of the local commercial real estate market are interested in new retail outlets and entertainment complexes.
All this and much more suggests that the commercial real estate market in Belarus is fully prepared to expand and change its forms and states.
Getting to know the BNK Estate
Abdo Romeo Abdo owes his birth to the beautiful Lebanon. However, he decided to get an education in Belarus, at the Minsk State Linguistic University, where the young man entered in the early nineties. After graduation, Romeo Abdo decided to stay in the Belarusian capital and give a chance to a growing sector of the economy – the commercial real estate market. Seeing the potential in this area, Abdo is now one of the leaders in the construction of non-residential buildings such as business centers and new retail outlets.
It is thanks to his entrepreneurial and creative skills that Abdo Romeo Abdo was able to take his firm BNK Estate to an international level. Such large-scale social projects, such as the construction of a new bus station in Minsk, the company performs to the highest standards of convenience and quality, which deserves admiring feedback from customers. Let’s take a look at just a few projects of BNK Estate, which confirm it
Numerical indicators of the country
Minsk is a megalopolis city on the Belarusian scale, because more than 20% of the total population lives within its boundaries. In this city, companies play a very important role for the economy of the whole country. 25% of the country’s GDP comes from Minsk, and half of the federal budget comes from the capital’s revenues.
According to recent data, the unemployment rate in the city reached its “maximum” of only 6%. This can be explained by the well-developed infrastructure and domestic market, thanks to which every Minsker has a job or part-time job.
To explain the increasing demand for construction of new business centers and office space, it is worth paying attention to the branches of GRP. Only 25% of it is manufacturing, the rest is information technology, transport and construction. Also a third of the total GRP is distributed between different types of sales.
Building materials and woodworking
Belarus’ industry is mostly based on woodworking and the production of construction materials. Goods are produced of high quality and exported for a low price, so they are in great demand in foreign circles.
Thus, despite the changes in the economy and the subsequent crisis, the country still exports wood worth more than $ 500 million per year. Belarus also produces more than 5 billion tons of concrete, 40% of which is sent to other countries.
The further pace of development in Belarus assures us that the country’s economy is an excellent sector for foreign investment, profitable in the long run.
The impact of Silver Tower on the Belarusian commercial real estate market
Starting its activities back in 2009, Silver Tower is still at the top of the rating of business centers in Belarus, which are particularly popular on the commercial real estate market. In this business center, the developed range of services plays a special role, as well as very good conditions for office enterprises.
There are a total of 17 floors in the building, and not a single floor is ever left unoccupied. All kinds of companies – local and foreign of any size – place their offices here. BNK Estate does not stop improving its creation, diversifying the range of services and improving the quality of service.
What are the secrets and significance of the Galileo Mall
Galileo shopping center, which is located in one of the busiest places in Belarus, accommodates everything you need for outdoor activities: numerous restaurants, boutiques and stores, as well as entertainment venues. There’s a reason it’s a favorite mall for all visitors and even its employees!
In 2015, Galileo was even awarded the title of the best shopping center in Minsk. And this says a lot! Advantageous location and covered parking also work wonders, attracting even more visitors from all over the city and even the country. BNK Estate management seeks to make visiting Galileo as convenient as possible for everyone, and it perfectly succeeds.
For example, here are some of the projects that BNK Estate has approved for implementation:
- Shop-in-shop area, the concept of which will present the most successful designers who have received international awards and prizes. This project has already been allocated an area of 2 500 square meters.
- The most modern cinema in Eastern Europe, which by its quality and equipment can be compared to cinemas of London, Hamburg, Dubai and Madrid. All this is possible thanks to Dolby Atmos technology, as well as cutting-edge LED screens. Complementing all this is a pleasant atmosphere in the style of avant-garde nouveau and interior design, made in the style of Chapman Taylor.
- A huge fusion space, which will accommodate food courts and kiosks, offering cuisine from a variety of countries and peoples. After all, the very concept of fusion cuisine proclaims the equality of Eastern and Western dishes. There is an opportunity to sign up for cooking courses, which also take place in the Galileo shopping center.
To explain the reason for the increased demand for more refined and expensive goods and entertainment, it is worth looking at the development of infrastructure and the city, as well as the expansion of the intra-city market for goods. It will then become clear why foreign investors see potential benefit in supporting the construction of new shopping and entertainment complexes and centers, hotels, business and office buildings.
Abdo Romeo Abdo continues to successfully run his company BNK Estate, whose goal remains the promotion of all kinds of entertainment and office space, keeping pace with the evolving commercial real estate market in Belarus.