BAKU, Azerbaijan, Mar. 16
Amid the hostilities between Russia and Ukraine and the economic consequences that follow them, the demand for real estate in Georgia’s capital of Tbilisi increased by 50 percent over the past 20 days, Trend reports via Georgian media.
According to Besik Kavtaradze, a member of the governing council of the Georgian National Real Estate Association, the demand is mainly for the central districts of Tbilisi, such as Vake, Saburtalo, and Chugureti.
Along with the increase in demand, the prices have increased by about $100 per square meter in the central districts, he said.
Kavtaradze added that there is no sharp increase in demand for commercial space at this stage. The cost of commercial real estate in Vake and Saburtalo districts ranges from $12 to $17 per square meter, he said.
However, he noted that there is an expectation that interest in Georgia’s real estate will increase even more, which may affect the commercial real estate rental prices as well.
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