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16 march 2017

Ekaterina Zabello spoke at the annual meeting of commercial real estate experts

VMP Vlasova, Mikhel & Partners acted as a partner of the 10th annual meeting of commercial real estate market experts, conducted together with the leading international consulting company in the field of commercial real estate Colliers International.

During the meeting partners of Colliers' Belarus office Andrey Pavlyshko, Andrey Aleshkin and Denis Chetverikov spoke about the situation in the commercial real estate market in 2016 and the its dynamics over the past 10 years. In 2016, all market participants worked in difficult conditions: the difficult situation in the country's economy continued, real incomes fell, which led to the reduction in consumer spending and a drop in retail turnover. There were also positive moments: stabilization and even growth of rent rates in the main market segments - office and retail real estate. The demand stabilized, and sometimes  exceeded the offer. In the trading segment, long-awaited large-scale objects appeared. For the first time after 2014 and the World Hockey Championship, a number of significant events took place in the hotel real estate market.

The invited foreign expert - managing partner of Colliers International for the Baltic States and Belarus Mikhail Morozov - compared the current situation in Belarusian market to the  similar markets in the Baltic countries.

VMP partner Ekaterina Zabello, Head of real estate practice,  has announced legal aspects and peculiarities of legal relations in the sphere of the commercial real estate market in Belarus, focused on the problems that impede the development of the market, such as:

  • Increase in the number of problematic facilities and problems associated with late launch of facilities into operation;
  • Appling sanctions to investors on previously concluded investment agreements;
  • Refusal by the parties to enter into a basic lease agreement if there is a prior agreement;
  • Unwillingness of landlords to revise the terms of previously concluded lease agreements;
  • Conflicts between several owners of real estate;
  • Restrictions on the possibility of disposing (transferring) of land rights;
  • Difficulties in attracting financing, problems with securing loans;
  • Potential problem of re-profiling and redevelopment.

The event was attended by more than 60 guests, representatives of leading development and construction companies,  retail chains, media, financial organizations.

    

Photo - www.realt.by