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Decrease in apartment prices in Georgia not expected - analyst

Business Materials 16 April 2021 17:40 (UTC +04:00)
Decrease in apartment prices in Georgia not expected - analyst

BAKU, Azerbaijan, April 16

Tamilla Mammadova – Trend:

Despite expectations, apartments prices will not decrease in Georgia, said David Kenchadze, CEO of DK Capital company, Trend reports via Georgian media.

“Due to COVID-19 pandemic, there is a very high level of uncertainty in society and people don’t know the optimal price to sell apartments for,” said Kenchadze.

According to him, there are various expectations in the market - many are sure that prices will definitely fall and an apartments can be bought at a very low price.

“Proceeding from the crisis, everyone is looking for real estate at the lowest price. However, building materials have risen in price by about 30 percent, if the fittings price before the pandemic cost $600, now it costs $800. All these excess costs are included in the cost of real estate, and prices will not decrease,” he notes.

Kenchadze added that if the economic situation in the country does not improve within a year, there will be such a crisis that no one will remember about real estate at all.

“The situation in the secondary housing market is similar, many want to buy cheap apartments for investment purposes, so they are looking for old apartments, but apartment owners prefer not to sell at all, rather than sell at a low price,” he explains.

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