BAKU, Azerbaijan, October 19
By Tamilla Mammadova – Trend:
In September 2020, 3,121 apartment buy/sell deals were registered in Tbilisi, that is 11 percent greater than the previous year, Trend reports referring to the report of Canada-based Colliers International real estate services organization.
As for the market size, the figure stands at $134 million, reflecting a 8-percent increase compared to the same period in 2019.
The number of new apartment transactions is 18 percent greater than the same period in 2019, while the number of transactions registered on used apartments has modestly decreased by 2 percent and accounted for 962 units.
The number of transactions recorded on premium and medium new apartments is 20 percent and 19 percent less than the same period in 2019. As for the economy segment, as a result of the government subsidy project, the number of transactions increased by a massive 32 percent, amounting to 1,814.
The number of transactions recorded in Tbilisi in the first three quarters of 2020 has decreased by 24 percent compared to the same period in 2019. A dramatic fall (63 percent) was observed in 2Q2020.
"In the short-term, it is highly likely that the number of transactions will drop, especially in Batumi, Bakuriani and Gudauri. Approximately 11,500 transactions were recorded in Batumi in 2019, most of which were investment properties. Similarly, property transactions in Gudauri and Bakuriani have predominantly investment purposes.The market for investment/rental apartments will face challenges. Significant price reductions are expected for both rental and sale property. On the other hand, this reduction may inspire a new wave of speculative investors who are active during the crisis period," the reports said.
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