The article informs in detail about the current situation in the Belarusian commercial real estate construction sector, as well as tells about the prospects for investing in this area. We have tried as much as possible to disclose all aspects of the reorientation of the Belarusian economy, and on the example of the successful company Abdo Romeo Abdo told about the profitable opportunities available to every entrepreneur and investor.
Economic orientation of Belarus
For Belarus’ economy, which has been developing along the same lines for all the last decades, it is not easy to survive a huge reorientation. Here are the three main directions in which the transformation is taking place.
International Trade And Relations
For a long time, the main activity of the state of Belarus has been industrial production. Products produced by enterprises were intended for export to neighboring countries, such as the CIS countries and the Russian Federation. Currently, the reorientation has affected the profitable interests of the country, so almost 40% of goods for export are directed to neighboring European countries, with which close trade relations are planned to be established.
Foreign Straight Investments
The possibilities of Belarusian money receipts continue to increase at the moment. So, a couple of years ago, all receipts were accepted only from their eastern neighbor, Russia, but now there is an active attraction of other Western countries to invest and profitable long-term investments. Also a safety cushion for the Belarusian government are large international companies, which have offices in many cities in Belarus. It is also worth noting that at the moment, more than three-quarters of the funds come from other Western countries, as well as countries outside the EAEU (China and others).
Production vs Business Direction
As practice shows, for many years the majority of industrial production in Belarus was occupied by the development of high-tech goods such as optical and electronic devices. However, due to the reorientation of the economy, the main economic activity of the country is gradually shifting from industrial sectors to active entrepreneurial activity in all markets.
Recently, Belarusian companies have outlined their development prospects to shift from manufacturing to more high-tech products and services. Due to this, the economic sector of information technology is actively developing, as evidenced by the supply and demand in this area. For example, there are more than 250 enterprises in the High Tech Park alone, employing thousands of working citizens. The state is becoming more and more loyal to entrepreneurial activity every year, so it introduces additional tax benefits and visa-free entry opportunities for foreign specialists.
The Domestic Business Sector In Belarus
The economic growth of various Belarusian sectors contributes to the rapidly increasing demand for commercial real estate. This is especially felt in the capital of Belarus, Minsk, where offices of large international corporations and other businesses are concentrated. The demand for construction of commercial real estate continues to grow, including a variety of business centers and offices for a variety of businesses, especially those related to high-tech production.
The development of the country’s domestic market and the state’s economy itself are also increasing proportionately.
The active part of the country’s business population is most concentrated in Minsk. That is why it is here where the trends of the Belarusian economy are most developing. The number of commercial real estate buildings has increased sharply and continues to grow as the headquarters of high-tech enterprises has been actively expanding recently. In other words, at the moment the Belarusian commercial real estate market is fully prepared for an even more dramatic growth, which is expected in the near future. This is evidenced by the successful experience of entrepreneur Abdo Romeo Abdo.
Construction Of Commercial Real Estate In Belarus
In 1993, the Lebanese Romeo Abdo came to Minsk to enroll at the State Linguistic University. Full of youthful hopes, Romeo decided to open his own business in the field of commercial real estate construction, because he saw hidden potential in this business. Fortunately, there really was a gold mine, so Abdo decided to open another company, BNK Estate, which to this day is the leading builder of business complexes in the country. BNK Estate has such projects as the Silver Tower business center and the Galileo shopping center under its belt.
“Silver Tower”, which appeared just a short time ago in 2009, has long been considered the leader of Belarus for the most profitable commercial real estate and the terms of its lease. The building houses offices that are filled and fully ready for delivery, and there are 17 floors in total. Each enterprise of any scale and of any specialization can find here everything they need – comfortable office premises, advantageous location in the very center of the capital, Minsk, and convenient rental conditions. In a word, “Silver Tower” rightfully carries the title of a leader all over the country.
In 2015, this business complex was awarded the title of “best shopping center. There are a number of reasons for this, the main one being that this building has managed to attract the attention of more than a dozen office tenants and buyers of large office space to locate their outlets in a short period of time due to its advantageous location.
The economic and geographical location obviously plays a key factor in the successful development of Galileo. For example, the main railway station of the Belarusian capital is quite close, and in the shopping center itself visitors can find hundreds of stores for every taste and need, as well as countless catering facilities: restaurants, snack bars and others. The mall also has a covered parking lot with over 500 parking spaces. Galileo management has made it a priority to adjust to the changing expectations and needs of their customers and to new trends in fashion in order to always be the “best shopping center” for each of us.
The upper floors are dedicated to a huge gym with the latest fitness equipment and quality facilities. Also next to the gym found its place fusion cuisine corner. It is worth noting that this is the first catering facility in Belarus which combines oriental cuisine with the trends of European chefs. On the same level of the mall premises are also allocated for an extravagant cinema, which meets the principles of avant-garde and nouveau.
Eight years have already passed since the construction of Galileo, and now it’s time for a grandiose renovation. All the work is supervised by the director of the BNK Estate construction company, Abdo Romeo Abdo. And this means that the transformation of the mall will be made with all the needs of a changing society in mind.