Minsk vs Dubai: Prices, Mortgages, Payback Period

29/12/2025, 11:41

Reading time: 8 minutes

#Buying and Selling Property #Investments

What do you get for your money when choosing between buying an apartment in Dubai or in Minsk? We decided to analyze these two markets and compare them by the following criteria: housing prices, mortgage rates, taxes, purchase timelines and process, as well as long-term investment return (ROI). Based on this, you can draw your own conclusion: where it makes more sense to buy real estate for living, and where — for investment.

Important Disclaimers

On exchange rates

All calculations in USD depend on current exchange rates. As of December 2025:

1 USD = ~3.20 BYN (range 2.87–3.20).
1 USD = 3.67 AED (pegged, stable rate).

When planning investments, use more conservative rates and recalculate monthly.

On regional differences in Dubai

The prices given in this material are typical for mid-level areas (JVC, Dubai Silicon Oasis, Arjan). Premium areas are 1.5–2.5 times more expensive. Budget areas are 20–40% cheaper.

On buyer status in Dubai

Your status (UAE citizen, resident, non-resident) affects mortgage rates and the required down payment. To obtain resident status, 1–2 years of work or a contract is often required.

On 2026 forecasts

The forecasts are based on current macroeconomic data, political situation, and monetary policy of the central banks of both countries. Any significant changes in these factors may shift the forecasts.

Now, let’s proceed with our comparison.

Real Estate Prices: Minsk vs Dubai

Minsk (December 2025)

According to the Pro-N.by portal, the cost per square meter in the Belarusian capital at the beginning of December 2025 was $1784. Over the year, from January to December, prices grew by 16.5%, from $1530 to $1784.

On the secondary market, average prices by apartment type:

One-bedroom: $1880/m².
Two-bedroom: $1920/m².
Three-bedroom: $1850/m².

Absolute purchase prices:

One-bedroom: $75,000–92,000 (varies by district: from $70,000 in remote areas to $100,000+ in the center).
Two-bedroom: $79,000–108,000.
Three-bedroom: $95,000–150,000.

In the third quarter of 2025, new buildings were valued on average at $1883/m², which is $99 higher than the secondary market.

Dubai (December 2025)

The average price per square meter in Dubai depends on the area and calculation methodology. According to the latest data, it ranges from AED 17,500 to 20,700 (approximately $4770–5640 at the rate of 3.67 AED/USD).

Price ranges by area:

Mid-segment (JVC, Dubai Silicon Oasis):

1-bedroom apartment: AED 700,000–1,200,000 (~$191,000–327,000).
2-bedroom apartment: AED 1,600,000–2,500,000 (~$435,000–681,000).

Premium areas (Downtown Dubai, Dubai Marina):

1-bedroom apartment: AED 1,200,000–2,200,000 (~$327,000–599,000).
2-bedroom apartment: AED 1,900,000–3,200,000 (~$517,000–871,000).
3-bedroom apartment: AED 2,500,000–4,500,000 (~$681,000–1,224,000).

From Rent to Groceries. How Much Does It Cost to Live in Dubai

Comparison of the two cities:

Characteristic	Minsk	Dubai (mid-segment)	Difference
1-bedroom	$70,000	$327,000	4.7 times more expensive
Price per m²	$1784	$4770–5640	2.7–3.2 times more expensive
Growth over the year	+16.5%	~20%	In Dubai, it’s higher by 3.5%

Mortgage: Rates and Conditions in Both Cities

Minsk (December 2025)

Belarusbank extended the promotional rate of 13.75% per annum (refinancing rate + 4 points) for new buildings until December 15. After that, standard rates depend on the developer type: 16.65% for commercial developers, 15.25% for state developers, 13.25% for small settlements.

On the secondary market, rates are higher:

Most banks: 17–18.5%.
MTBank: 16.5–17.91%.
BelVEB: 17.9%.

Dubai (December 2025)

The UAE Central Bank’s 25 basis point rate cut (from 3.90% to 3.65%) led to record low figures:

Residents with salary transfer: from 3.70% (fixed for 3 years) or 0.65% + EIBOR.
Non-residents: 0.5% higher — from 4.19%.
Residents without salary transfer: 4.0–4.5%.

Reference: current 3-month EIBOR used in variable rates is ~3.70–3.75%.

Rate difference: 4.5–5 times in favor of Dubai

This is not a typo. Minsk rates are 4.5–5 times higher than Dubai’s. Such a gap is the result of different macroeconomic conditions and monetary policy.

Loan parameters:

Parameter	Minsk	Dubai (resident)	Dubai (non-resident)
Down payment	20–30%	20–30%	35–50%
LTV (maximum)	80%	80%	50–65%
Maximum term	20 years	25 years	20–25 years
Typical rate	17.5%	3.70%	4.19%

Monthly Payment Calculation

We compare payments when buying a one-bedroom apartment in Minsk for $70,000 at 17.5% per annum for 15 years and in Dubai for $327,000 for 25 years.

Indicator	Minsk	Dubai (resident)	Dubai (non-resident)
Payment	$882	$1029	$1043
% of income	71%	21%	~21%
Overpayment over the term	$103,000	$79,800	$95,200

Purchase Costs: From Down Payment to Registration

Minsk:

Expense item	Amount
Registration fees	0.3–0.5%
Notary services (if required)	0.3–1%
Total at purchase	1–2%

Additional costs upon sale (for non-residents): 13% capital gains tax.

Example: a one-bedroom for $70,000.

Purchase costs: $700–$1400.
Sale costs at $85,000: $1950 (capital gains tax).

Dubai:

Expense item	Amount (USD)
DLD fees (4% + AED 580)	$13,080
Registration fees (~AED 5,400 + VAT)	$1470
Property valuation + VAT	$1090
Bank fee (1% + VAT)	$2270
Mortgage registration	$650
Agency commission (2%, if buyer pays)	$6540
Total at purchase	~$25,100 (7.7%)

Upon sale: 0% capital gains tax (fully tax-free profit), but the DLD transfer fee (4% of the amount) is paid by each party. When selling for $400,000, this will amount to ~$16,000 total ($8000 seller + $8000 buyer).

For a long-term investor, the Dubai option becomes more advantageous. You pay more at purchase but save on taxes upon sale and throughout the ownership period (no annual property tax for individuals).

Example:

Bought an apartment in Dubai for $327,000 (purchase costs: $25,100).
10 years of ownership (0 income tax, 0 property tax).
Sold for $400,000 (0% capital gains tax, but DLD transfer fee ~$16,000).
Calculation: $400,000 – $327,000 – $25,100 – $16,000 = $31,900.
Net profit: $31,900.

In Minsk, the same scenario:

Bought for $70,000 (costs $700–$1400).
10 years of ownership.
Sold for $85,000 (capital gains tax $1950).
Net profit: $13,000 (after taxes).

Purchase Process: From Search to Registration

In Minsk, the process looks simpler:

Apartment search: 1–4 weeks.
Signing the sale-purchase agreement: 1–2 days.
Payment or deposit: 1–3 days.
Registration with the Registration Service: 3–5 working days.
Obtaining the ownership certificate: 1–2 days.

Average time: 2–4 weeks. Documents: passport, tax number.

In Dubai:

Preliminary mortgage approval (if needed): 2–3 days.
MoU and deposit (5–10%): 1–2 days.
NOC from developer (for new builds): 2–3 days.
Mortgage registration: 3–5 days.
DLD registration: 2–3 days.
Final registration: 1–2 days.
Connecting utilities (DEWA): 2–3 days.

Average time:

Cash purchase: 3–5 weeks.
With mortgage: 4–8 weeks.
For non-residents: +1–2 weeks (source of funds verification).

Dubai requires more documents, checks, and verifications, but the process is well-established.

Tax Regime

Direct comparison:

Tax	Minsk	Dubai
Income tax	13%	0%
Capital gains tax (resident)	0% if owned >5 years; 13% if <5 years	0%
Capital gains tax (non-resident)	13% on profit (regardless of term)	0%
Annual property tax	Exists (low)	0% on personal property
Rental income tax	13% income tax	0% tax, but 5% housing fee
VAT on services	20%	5%

Impact on net income

Minsk (resident): if owning an apartment >5 years, capital gains tax = 0%; if <5 years = 13% on profit.

Dubai: salary $5500 → minus tax 0% = $5500 net.

The absence of income tax increases purchasing power by 13% in Dubai. Even if not everyone earns $5500 (average income is lower), even at $3000, the difference is significant.

Cost of Living and Utilities

Monthly maintenance costs in Minsk:

Service	Range (USD)
Building maintenance	$35–50
Electricity	$17–33
Heating (6 months)	$17–50
Water and sewerage	$10–27
Total during heating season	$79–160
Total in the summer months	$62–110

In Dubai:

Service	Range (USD)
DEWA (electricity + water) winter	$200–400
DEWA summer	$350–700
Internet	$27–54
Housing fee (5% of rent/valuation)	$27–82
Total in winter	$280–600
Total in summer	$430–900

Key difference — seasonality

In Dubai, summer electricity bills can be 2–3 times higher than in winter due to air conditioning. In Minsk, the difference is smaller thanks to the heating season.

Conclusion: In summer, Minsk is cheaper on utilities ($80–110), and in winter, costs are roughly equal ($200–250). In Dubai, summer utilities will cost $430–900, and in Minsk, in summer, $150–250.

Visas and Long-Term Residence

Minsk

Foreigners can freely buy apartments in Belarus, but this does not automatically grant visa or citizenship rights. For long-term residence, you need to:

Obtain a visa separately.
Work or study in the country.
Invest about €170,000+ to obtain long-term status (check the possibility of such a procedure with immigration authorities).

Dubai

The UAE provides several options:

Visa type	Investment	Term	Features
Golden Visa	AED 2 mln ($550,000)	10 years, renewable	Family, children sponsorship
5-year visa	AED 1 mln ($272,000)	5 years, renewable	Mid-range option
2-year visa	AED 750,000 ($204,000)	2 years, renewable	Most accessible

You can obtain a Golden Visa by investing in property from AED 2 million. No profession restrictions, no additional work conditions.

Investment Payback Period (ROI) in Both Cities

The difference in rental yield is one of the main factors of long-term payback.

Metric	Minsk	Dubai (mid-segment)	Advantage
Average rental yield	5–7%	6.5–7.9%	Dubai +0.5–2.9%
City center / premium	5.5%	7.0–7.9%	Dubai +1.5–2.4%
Occupancy rate	88%	85–90%	Comparable
Annual rental income ($70k Minsk / $327k Dubai)	$3,850–4,900	$22,890–25,800	Dubai

10-year investment outlook

Scenario 1: one-bedroom apartment in Dubai (mid-segment, JVC)

Indicator	Value
Initial investment	$327,000
Annual rental income (7% p.a.)	$22,890
Total rental income over 10 years	$228,900
Capital appreciation (4% p.a., conservative)	$485,000 → $717,000
Gross profit before costs	$618,900
Minus purchase costs (6.5%)	−$21,255
Minus DLD transfer fee on sale (2% + 2%)	−$26,140
Net profit	$571,505
Average annual ROI	9.2%
Total ROI over 10 years	175%

Scenario 2: one-bedroom apartment in Minsk (secondary market):

Indicator	Value
Initial investment	$70,000
Annual rental income (5.5% p.a.)	$3850
Total rental income over 10 years	$38,500
Capital appreciation (4% p.a.)	$103,500
Gross profit	$72,000
Minus capital gains tax (13%, non-resident)	−$9,360
Minus 13% PIT on rental income (adjusted)	−$5005
Minus registration costs (1.5%)	−$1050
Net profit	$57,585
Average annual ROI	5.2%
Total ROI over 10 years	82%

What in the end

Dubai provides a higher annual ROI, which, when investing $327,000, means an additional $20,000–25,000 of income per year. This difference grows as the ownership period increases due to compounding.

Minsk allows entry into the market with 4–5 times less capital ($70,000 vs $327,000), which may be more accessible for building an initial portfolio, although the absolute profit will be more modest.

2026 Forecast: What Awaits Both Markets

Minsk

High mortgage rates (17–18.5%) on the secondary market are becoming a demand brake. Prices began to adjust already in Q4 2025, although official statistics do not fully reflect this.

It makes sense to wait for stabilization of rates or at least their reduction, and also monitor the pace of new apartment commissioning (if there are many completions, prices will fall more).

Dubai

In the mid-segment (JVC, Dubai Silicon Oasis, Arjan), a 5–15% correction is expected due to the planned delivery of 150,000+ units of housing. The premium segment (Downtown, Marina, Palm Jumeirah) will remain more stable.

Final Comparison

Let’s present the data in a summary table:

Criterion	Minsk	Dubai	Advantage
Average 1-bedroom price	$80,000–85,000	$327,000	Minsk (3.8–4.1x cheaper)
Mortgage affordability	71% of income	21% of income	Dubai (better affordability)
Mortgage rate	17–18.5%	3.70–4.19%	Dubai (4.5–5x lower)
Income tax	13%	0%	Dubai
Tax on sale	13% (non-resident)	0%	Dubai
Purchase costs	1–2%	6–7%	Minsk (lower at purchase)
Sale costs	High (tax)	Low	Dubai
Visa opportunity	No	Golden Visa (10 years)	Dubai
Purchase speed	2–4 weeks	4–8 weeks	Minsk (faster)
2026 growth forecast	3–8%	0–5% (or correction)	Roughly equal chances
Estimated 10-year ROI	≈ 5–6% p.a. (80–100% total)	≈ 6–8% p.a. (100–130% total)	Dubai (higher long-term return)

The article is based on data from Pro-N.by, Dubai Property Finder, official websites of Belarusian and UAE banks, DLD (Dubai Land Department), EIBOR, and exchange rates as of December 2025.

Author

Yuliya Yanukovich

Editor-in-chief

I am responsible for editorial work. I write expert interviews and guides.