Coronavirus significantly affects real estate market of Georgia

Georgia Materials 28 March 2020 09:45 (UTC +04:00)
Coronavirus significantly affects real estate market of Georgia

BAKU, Azerbaijan, March 28

By Tamilla Mammadova – Trend:

Coronavirus has significantly affected the real estate market of Georgia, Trend reports citing Georgian media.

Reportedly, demand has dropped both for housing and commercial properties.

At this stage, there has not yet been a decline in prices, but there are expectations that if the situation is not resolved in a short time, then prices will certainly begin to fall.

According to the founder of the Kibe real estate agency Nelli Goguadze, the market is now completely stagnant.

“There is generally no movement, no purchase, no rent. Most deals are postponed, everyone is waiting for the crisis to end. No one buys either commercial or residential real estate, unless there is an extreme, vital need. In particular, everyone is afraid to rent commercial property, because everyone understands that today there is no way to pay the rent,” she said.

The real estate market is almost in complete stagnation, says the director of Remaks company, Mariam Asatiani.

According to her, the crisis also affected foreigners who rented real estate in Georgia, as most of them handed over facilities and returned to their countries.

“The sales market has also stopped. The crisis has not yet led to lower real estate prices, but if the situation is not resolved as soon as possible, then this will be inevitable. But there will not be a complete collapse in sales, as in crisis periods, the purchase of real estate for investment purposes is activated, as it is profitable because of lower prices, ”she said.


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