Georgia sees increase in prices of real estate for rent in suburbs

Business Materials 4 July 2020 14:11 (UTC +04:00)
Georgia sees increase in prices of real estate for rent in suburbs

BAKU, Azerbaijan, July 4

By Tamilla Mammadova – Trend:

Rental prices have risen drastically in Georgia, amid high demand, Trend reports via Georgian media.

According to the director of Georgian Myhome agency Madona Kachkachishvili, demand has grown compared to last year due to the coronavirus pandemic. In parallel with the growth of demand, the growth of supply in the market was also recorded.

“The cost of renting varies depending on the location and conditions in the house but, compared with the last season, prices rose by an average of 10 percent, ”she explained.

Director of Georgian Remax company Mariam Asatiani also talked about an increase in rental prices for suburban real estate.

At the same time, Asatiani notes that many homeowners who previously rented their homes in the summer season, now live there themselves because of the pandemic and a decrease in supply resulted in higher prices.

"Due to the pandemic no one can go abroad that also caused price hikes and many of those who rented houses live there themselves,” she says.

According to the data of real estate agencies, in the summer of 2020 several holiday villages in the vicinity of Tbilisi are very popular and prices range from 2,500 lari ($818.33) to 6,000 lari ($1,963.99) per month.


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