BAKU, Azerbaijan, May 5
By Tamilla Mammadova – Trend:
After growth in January 2020 (+0.9 percent year-on-year) and February 2020 (+7.7 percent year-on-year) from last year’s low base, apartment sales suffered in March (-7.7 percent year-on-year) in Georgia, Trend reports citing Georgian investment company Galt & Taggart.
Notably, sales were up in the first half of March 2020, but plummeted in second half of March 2020 due to COVID-19, showing 37.6-percent decline in second half of March compared to first half of March.
Suburban districts continued to dominate sales in March 2020, representing half of sales. Out of the top 5 districts by sales, four suburban areas – Gldani, Samgori, Isani, Didi Dighomi – accounted for 49.9 percent of total residential sales in March 2020.
"We expect that mortgage regulations and strengthening purchasing power of consumers to further lift share of suburban sales in the nearest future," the report said.
New apartment prices were up 1 percent month-on-month in US terms and 3.8 percent month-on-month in lari terms. However, prices were still down by 5.4 percent year-on-year compared to March 2019.
Old apartment prices were up 1.9 percent month-on-month in USD terms and 6 percent month-on-month in lari terms, reflecting lari depreciation effect on prices in local currency.
Price volatility was higher in central districts, while remained relatively stable in suburbs in March 2020.
Weighted average selling prices were up in Vake to $1,102 (+14 percent year-on-year), Mtatsminda to $ 1,040 (+9 percent year-on-year), Didube to $793 (+8 percent year-on-year), Gldani to $537 (+7 percent year-on-year), Didi Dighomi to $530 (+5 percent year-on-year).
---
Follow the author on Twitter: @Mila61979356