Increases in real estate prices is not something negative - first of all, it indicates economic growth, Beso Ortoidze, CEO at the Arci development company, says.
In Beso Ortoidze’s words, EU candidate status for Georgia will positively affect the country's real estate sector and will boost interest in the Georgian market.
“If we look at the trends on the real estate market, it is very sensitive at any important stage and reflects the development of the country. In case of Georgia, a question arises of how long real estate prices will rise. Increases in the real estate prices don’t cause negative consequences as price hikes for consumer goods, food and fuel. Rising housing prices show that the country is developing. I believe that after granting candidate status for EU membership, prices will further increase. There is nothing new here - many countries have gone through such processes,” he said.
Beso Ortoidze adds that history also shows that joining the European Union led to the rise in real estate prices
in EU member countries due to a growing interest in such countries.
“When demand for real estate increases, real estate prices will also soar. The standards we started working on several years ago will also increase, after we signed the Association Agreement with the EU. After that, almost every year we get new regulations to follow in a bid to improve quality,” Beso Ortoidze concludes.
