Price increases in Georgia: the latest news
The real estate market in Georgia remains stable. This is the latest news from the real estate world. Such satisfactory data have also been encouraged by other sectors, such as the rapidly expanding tourism sector.
But how did real estate in Georgia develop during the year? And above all, why has demand increased despite a limited supply?
Let's start from the background of last year, present in Georgia. During 2018 and up to the first quarter of 2019, the average price of apartments increased by 7.1%.
The decisive element was the presence of this increase, throughout the nation. On the surface the whole would seem to be a factor far from any positive forecast. Instead, according to what is instead represented by the main statistical institutes, the increase in prices has simply contributed to the speeding up of the national economy and the introduction of new foreign capital in the country.
Among the main districts that have recorded a positive price quotation, we recall:
- Samgori (24%)
- Krtsanisi (16%)
- Chughureti (15.1%)
- Gldani (14.1%)
- Didube (13.4%)
- Isani (12.1%).
- Nadzaladevi (10.1%),
- Saburtalo (10%),
- Mtatsminda (7.5%)
- Vake (6.7%).
The improvement in the real estate sector, therefore, will probably spill over into the banking sector, which will see a disproportionate increase in customers as regards the demand for loans and mortgages.
From 2018, in fact, the economy in Georgia has grown by 4% and will probably expand even by the end of this year, with the achievement of unprecedented high levels.
A factor that contributed to this positive wave was also represented by the introduction, for foreigners, of the possibility of buying real estate, both residential and commercial (with the exception of agricultural land).
But what are the sales volumes?
In 2018, sales volumes in the capital amounted to 34,591 units, for a total of 4 billion GEL. 31% more than a year ago. But we see the difference between the new apartments and the existing ones.
In the first case, the total sales increased by 23% compared to 2018. For the new ones, the total increased by 50%, still in the same period.
Despite everything, however, the construction sector is still falling. This phenomenon does not yet have accredited causes. Government policies probably do not particularly encourage the sector.
But falling mortgage rates allow the real estate in Georgia to remain at the highest level.
For the future, there is no reliable data. Obviously both economists but also industry experts seem to be more than optimistic. The only problem is the absence of an 'offer such as to satisfy an increasingly growing and positive demand.
It is hoped that this forecast will have the desired results. For the moment, we invite you to stay updated on our portal, for all the news on the world real estate market!
But how did real estate in Georgia develop during the year? And above all, why has demand increased despite a limited supply?
Let's start from the background of last year, present in Georgia. During 2018 and up to the first quarter of 2019, the average price of apartments increased by 7.1%.
The decisive element was the presence of this increase, throughout the nation. On the surface the whole would seem to be a factor far from any positive forecast. Instead, according to what is instead represented by the main statistical institutes, the increase in prices has simply contributed to the speeding up of the national economy and the introduction of new foreign capital in the country.
Among the main districts that have recorded a positive price quotation, we recall:
- Samgori (24%)
- Krtsanisi (16%)
- Chughureti (15.1%)
- Gldani (14.1%)
- Didube (13.4%)
- Isani (12.1%).
- Nadzaladevi (10.1%),
- Saburtalo (10%),
- Mtatsminda (7.5%)
- Vake (6.7%).
The improvement in the real estate sector, therefore, will probably spill over into the banking sector, which will see a disproportionate increase in customers as regards the demand for loans and mortgages.
From 2018, in fact, the economy in Georgia has grown by 4% and will probably expand even by the end of this year, with the achievement of unprecedented high levels.
A factor that contributed to this positive wave was also represented by the introduction, for foreigners, of the possibility of buying real estate, both residential and commercial (with the exception of agricultural land).
But what are the sales volumes?
In 2018, sales volumes in the capital amounted to 34,591 units, for a total of 4 billion GEL. 31% more than a year ago. But we see the difference between the new apartments and the existing ones.
In the first case, the total sales increased by 23% compared to 2018. For the new ones, the total increased by 50%, still in the same period.
Despite everything, however, the construction sector is still falling. This phenomenon does not yet have accredited causes. Government policies probably do not particularly encourage the sector.
But falling mortgage rates allow the real estate in Georgia to remain at the highest level.
For the future, there is no reliable data. Obviously both economists but also industry experts seem to be more than optimistic. The only problem is the absence of an 'offer such as to satisfy an increasingly growing and positive demand.
It is hoped that this forecast will have the desired results. For the moment, we invite you to stay updated on our portal, for all the news on the world real estate market!
