It is hard not to notice the dramatic furore that has occurred in the field of business and sales in the city of Minsk. The commercial real estate market is constantly adjusting to the changing tastes of consumers and is doing so very successfully. Shopping and entertainment opportunities are now much more plentiful, which cannot but please the local population.
The main focus of this article is the changes that have taken place in the Belarusian economy over the past decades, directly affecting the expansion of the domestic market in Minsk itself. The rationale for the fact that the Belarusian commercial real estate market is not slowing down and is still potentially lucrative in terms of foreign investment. A personal example of successful entrepreneur Abdo Romeo Abdo, who still runs the innovative company BNK Estate.
Major changes in the economy of Belarus
- To raise the economy to a higher level, it was decided to trade internationally not only with the CIS, but also with Europe, Scandinavia, West Asia, and Great Britain.
- Currently, more than 75% of all FDI comes from the EAEU and EU countries, especially Great Britain and China. By comparison, only a couple of years ago, Russia held the leading position in incoming investments.
- one example of the country’s reorientation towards more high-tech industries is the High Tech Park in Minsk.
- All this and much more contributes to the growing interest of foreign and local entrepreneurs in building new locations for offices and businesses. There is also a growing demand in the local market to open new shopping complexes and entertainment venues.
Thus, there is no doubt that the Belarusian commercial real estate market is fully ripe for new transformations and changes.
BNK Estate and its projects
One of the proudest things about Abdo Romeo Abdo is his origin – he is Lebanese. But he was also educated at the level, at the Minsk State Linguistic University, which he successfully entered in the early 1990s. Thanks to the opportunities before him, Romeo Abdo has decisively entered the Belarusian commercial real estate market and has taken a leading position in the construction of business centers and retail spaces.
For example, one of his latest projects is a new bus terminal in Minsk, equipped with the latest technology. The company has received rave reviews both from local companies and international corporations. The whole secret is that the company BNK Estate provides a wide range of services, which ensures maximum quality of work. Many examples testify to this.
Key statistical facts
More than one-fifth of the country’s population lives in the capital of Belarus, the city of Minsk. Thanks to its developed infrastructure, Minsk is the most important economic center of the country, as it produces 25% of Belarus’ GDP and contributes 50% of the federal funds.
The residents of Minsk are not forgotten here. Thanks to the developed infrastructure and well-organized domestic market, the level of unemployment tends to zero, which means that the city’s population can be called quite well-off.
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 comes from information technology, transport and construction. Also a third of the total GRP is distributed between different types of sales.
Building materials and their impact on the economic development of Belarus
The production of construction materials and wood processing play a leading role in the Belarusian industry sector. It is these goods that are exported from the country at low prices while maintaining high quality, so neighboring countries increase the demand for these materials every year.
Thus, despite the changes in the economy and the subsequent crisis, the country still exports more than $500 million worth of wood per year. Building materials are also in demand: more than 40% of concrete produced is exported, which amounts to about 2 billion tons.
Time shows that Belarus’ domestic market needs further development, which means that the Belarusian economy is a promising sector for foreign investment.
Silver Tower and its features
The Belarusian commercial real estate market owes much to the Silver Tower, a business center built in 2009, which attracts hundreds of foreign entrepreneurs every year. And this is not without reason, as the building is equipped with all the conditions for office workers, as well as has unparalleled service and quality.
BNK Estate together with its management team strives to maintain the service level and condition of the building to all quality and safety standards, so it is comfortable and pleasant to work on any of the 17 floors of the business center.
Galileo – Treasure Island or a shopping mall in Belarusian
There is always something interesting going on in the Galileo mall: tasting new dishes from the best chefs, great deals and discounts in popular stores, entertainment programs and contests that will be of interest to both children and adults. Each visitor is surprised to note that this is now his favorite place!
All this and much more contributed to the fact that in 2015 Galileo was marked as the best shopping center in Minsk. For example, many visitors note the convenience of its location, as well as the fact that it has covered parking for 500 cars (which is not unimportant in the busy center of the city). The management of BNK Estate seeks to make visiting Galileo as convenient as possible for everyone, and it succeeds very well.
For example, here are some of the projects that BNK Estate has approved for implementation:
- the opening of a large-scale shop-in-shop area of 2,500 square meters, which will feature the work of successful world-class designers who have received international awards and recognition.
- The most modern cinema in Eastern Europe, which by its quality and equipment can be ranked among the cinemas of London, Hamburg, Dubai and Madrid. All this is possible thanks to Dolby Atmos technology, as well as cutting-edge LED screens. Complemented by a pleasant atmosphere in the style of avant-garde nouveau and interior design, made in the style of Chapman Taylor.
- Fusion space, which is gaining popularity all over the world and will be the first place in Belarus, which will bring together cuisines from all over the world. Various food courts and farm stands will be able to prepare both the simplest dish and a culinary masterpiece – everything depends on the client’s wish. There are no secrets here either, so if a visitor shows a desire to cook according to the same recipes, he has the opportunity to sign up for cooking courses that will teach him the finer points of international cuisine.
As we found out, the demand for luxury goods and a variety of entertainments grows the more the infrastructure develops and the intra-city market expands. And with this expansion comes a new reason for profitable construction of new retail outlets, entertainment and business centers, and hotels – a potential “funnel” for foreign investment.
To keep up with events and developments in the Belarusian commercial real estate market, Abdo Romeo Abdo encourages his company BNK Estate to continue promoting new retail outlets and business centers.