Coronavirus pandemic increases demand for private housing in suburbs of large cities in Georgia
BAKU, Azerbaijan, August 3
By Tamilla Mammadova – Trend:
The coronavirus pandemic has increased demand for private housing in the suburbs of large cities in Georgia, said Mariam Asatiani, Director of the RE/MAX real estate company, Trend reports via Georgian media.
According to Asatiani, interest in agricultural land has also grown.
"The pandemic has revised some priorities - the open space is in great demand – one can breathe the fresh air in terraces, verandas, large balconies. All this has grown the demand for private country houses," she notes.
Asatiani notes that the pandemic did not reduce the demand for renting country houses, since due to the closure of the borders, many were unable to go on vacation abroad, and now they rent houses in summer cottages.
"Those with financial opportunities prefer to buy country houses and live there on a permanent basis," she says.
RE/MAX director expected a decrease in property prices by an average of 40 percent, but in reality such dramatic changes were not registered.
In Asatiani’s words, as soon as the quarantine was abolished, the market recovered by 30-35 percent.
"Most likely the current situation will continue for a couple of month and later will become clear whether the crisis will pass and what property prices will be," Asatiani notes.
Asatiani believes that if real estate prices do not fall in the near future, buyers will have to buy apartments at the current price.
According to Madonna Kachkachishvili, director of the myhome.ge real estate agency, demand for agricultural land has grown in April-May.
"By the time the summer came when the pandemic threat weakened and quarantine restrictions were lifted, demand returned to its usual levels. But interest in buying and renting private houses is still high, especially in the suburbs of Tbilisi near the city, " she explains.
Prices for apartments and office spaces, contrary to onr would expect, have not declined, as well as sales have not fallen sharply.
"The demand for office spaces remains stable and no serious fluctuations are observed," director of the real estate company Kibe points out.
Follow the author on Twitter: @Mila6197935