All land in Belarus is publicly owned - even Belarusians who buy homes or commercial buildings usually receive only a 50-year lease on the land. And all transactions involving state property valued at more than the equivalent of $150,000 must be approved personally by President Alexander Lukashenko.
Neither foreigners nor foreign legal entities are allowed to buy properties, although it can be done indirectly through Belarusian companies. "Everyone has their own strategic plan to participate in projects in different sectors here," says Mikhail Gradovich, managing director of Colliers International Belarus.
