Georgia sees growth in mortgages
BAKU, Azerbaijan, Aug. 7
By Tamilla Mammadova - Trend:
There is a boost in new mortgages issued in last seven days as of July 15 in Georgia, Trend reports with reference to TBC Research Group at Georgian TBC Bank.
As reported, year-on-year growth reaching 30 percent adjusted for foreign exchange (FX) for the period, whereas compared to January-February average, the growth totaled 28 percent.
According to TBC Capital, the issuance of subsidized loans started from July 6 in TBC and as of July 15, some 26 percent of mortgages issued in this period benefited from the government program.
The effect of subsidy is evident in growth of incoming mortgage applications,which turned positive already in the beginning of the month, stood at 28 percent year-on-year as of July 14, with growth even higher in past days. Majority of these new applications are yet to be approved, signaling the future growth in new mortgages.
The seven-day moving average of the transaction registration in Tbilisi remains stable at -26 percent year-on-year depicting a time lag in National Agency of Public Registry of Ministry of Justice of Georgia (NAPR) registrations.
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