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Sale transactions in Georgia's real-estate sector may drop in Jan.-Feb. 2021

Construction Materials 18 January 2021 16:24
Sale transactions in Georgia's real-estate sector may drop in Jan.-Feb. 2021

BAKU, Azerbaijan, Jan. 18

By Tamilla Mammadova – Trend:

Sale transactions will drop in Georgian real-estate sector from January through February, if the government does not continue subsidizing interest on mortgages, Trend reports via the report of Cushman & Wakefield Georgia consulting company.

Market players of the sector noted that subsidizing interest on mortgages assisted them to overcome the 2020 crisis.

Irakli Gogolashvili, general director of Anagi construction company notes that if the government does not continue support of the real-estate sector, demand will be down on the real estate market.

“If the government does not continue subsidizing interest on mortgages into 2021, that will cause difficulties in this sector. Demand on the real-estate market will drop and as a result the volume of construction will also decrease,” said Gogolishvili.

Irakli Kilauridze, director of the Real Estate Agency Colliers International Georgia, thinks that the first quarter of 2021 will be difficult for the construction sector.

Kilauridze believes that it would be good if any financial support from the state continues in the current situation.

"Subsidizing mortgages has played an important role - it has been reflected in the numbers. In addition to the financial effect, it also had a psychological effect because the trust in the sector was not lost, which is the most important," he said.

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