"If the current developments in the Middle East drag on, they will inevitably affect the Georgian real estate market as it was during the Russian-Ukrainian war," Nato Bochorishvili, Director of the "Gumbati Holding" says in an interview with radio "Commersant."
As she points out, the situation in the market is stable for now, with no noticeable increase in demand due to migration and current events. Still, if the conflict continues, the sector is expected to experience growth.
As a rule, real estate is a less flexible sector that requires demand accumulation. We are currently observing developments and most likely expect an increase in demand.
The war between Russia and Ukraine was a very different scenario during which the Georgian real estate market grew drastically. We can only hope that the conflict we are observing will not escalate to such an extent.
In general, recently published international statistical data is proving very helpful to our market. For instance, maps have appeared that position Georgia as a safer country compared to our neighbors, affecting the . This means the greatest potential for an increase in those looking to acquire assets will focus on our country. If this process finishes soon, it won't have much impact. However, if it lasts several months, significant changes will inevitably be seen in Georgia's real estate sector. Initially, if demand isn't sharply high, it won't greatly affect prices," says Nato Bochorishvili.
She stresses that non-residents mainly purchase real estate for investment purposes, which explains the higher popularity of the Adjara region. The countries interested in Georgian real estate are primarily our neighbors, as well as Israel and the Gulf states , where interest is periodically seen and increasing.
