Paper presents results of two-year study of a apartment market in Minsk, the 2-mln. capital city of Belarus. Every quarter, i.e. in April 1999, in July 1999, and in October 1999 as well as in January 2000 and in April 2000 cuts of the market were maid. From April 1999 till April 2000 an average price of 1sq.m of total area falls from USD429.1 to USD315.4. The growing of offer has form 23% at the decreasing of demand of 17%. This unprecednental fall of real estate market is characteristic for the whole country and is connected with a mutual impoverishment of populations. Trends gives a forecast of following falling of prices at least on the nearest half year.