The construction of business and shopping centres continues to be a profitable enterprise in Belarus. In this article, we shall briefly review the factors that create the demand for further development of the real estate sector in that country. Abdo Romeo’s successful involvement in business property construction in Minsk shows that this sector now provides optimal conditions for lucrative investments and virtually unlimited expansion.
Current Economic Situation in Belarus
Three recent changes in the Belarusian economy seem to account for the country’s continuous need for further development of its commercial real estate sector.
Until recently, the Belarusian production industry had worked mainly for export to its Eastern neighbours. Ex-Soviet republics consumed most of the country’s export commodities, turning Belarus into a significant workshop in the Commonwealth. In the last few years, however, Belarus seems to have expanded its foreign markets, the latter now including several Western European countries too.
An identical change has recently occurred in the country’s relationships with its foreign investors. Whereas Russia used to prevail in the Belarusian foreign investment sector until recently, Belarus now receives a lot more FDI from the European countries, and China has become considerably more prominent on the Belarusian financial market too.
Shift from Industry to Business
The production of high-tech products for foreign markets continues to lead the country’s economy and remains one of the main contributors to its federal budget. Nevertheless, Belarus has recently undergone a noticeable reorientation from the industrial to the entrepreneurial activity, with its high-tech focus intact.
The most significant development has taken place in the country’s IT market, of which the Hi-Tech Park in Minsk is a good example. It provides a platform for over two hundred businesses in the Belarusian IT sector, employing several thousand workers thereby. Besides, IT specialists from other countries enjoy lenient taxation and immigration policies too.
Domestic Market in Belarus
As a direct result of these trends in the Belarusian economy, the country’s domestic market has exhibited noticeable signs of progressive development. That, in turn, has significantly increased the demand for business centres and other commercial property.
As a centre of the country’s entrepreneurial activity, Minsk provides the best opportunities for further growth of the commercial real estate market to accommodate the rapidly growing big international and local businesses alike, particularly in the high-tech business sector.
Furthermore, the expansion of the Belarusian domestic market necessitates an increase in shopping centres and entertainment venues since people now need more restaurants, shops, gyms, movie theatres, and the like. Abdo Romeo’s experience in Minsk confirms that the Belarusian commercial real estate sector has become ready for lucrative investments in its active development.
Commercial Real Estate Construction in Belarus
Many years ago, Abdo Romeo came to Belarus from his home country of Lebanon to study at the Minsk State Linguistic University. Since then, he has been actively involved in constructing business and shopping centres in that city.
Galileo Shopping Centre
Being one of the first shopping centres in Minsk, Galileo has since become very popular among local visitors, office tenants and tourists alike. In 2015, it was even recognised as the best shopping mall in the city. Galileo enjoys a convenient location in the city centre, which ensures never-ending traffic of customers. Yet, it constantly renovates its interior and upgrades its services to remain in touch with modern trends and keep its customers satisfied.
Eight years after its construction, Galileo offers plenty of shops, offices, restaurants and a 500-vehicle parking zone. The centre continues to evolve under Abdo’s effective management. It is currently preparing a large shopping area to represent world-famous fashion designers, a spacious gym and an ultramodern cinema.
Silver Tower Business Centre
The leader in the local commercial real estate market, Silver Tower is famous for its excellent office conditions and the numerous services the centre provides for its tenants.
The commercial real estate market in Belarus continues to grow and offer excellent opportunities for profitable investment. The population’s demands and expectations develop in the meantime too. Fortunately, companies like Abdo Romeo’s BNK Estate seem willing and able to meet people’s needs with the constant innovation of shopping and entertainment experiences in Belarus.