«In the real estate market, there is a declining trend in sales,» Levan Elizbarashvili, founder of the real estate company ELP, says.
He emphasized that «the decline and negativity in the real estate market are much more pronounced than it may appear at first glance.»
According to Elizbarashvili, the trends observed throughout the year persisted into the summer: The downward trend we witnessed in the real estate market continued, with a reduction in volume of about 10%.
The company founder identifies the rise in prices as the primary cause, stating: "I don’t believe anything will change this situation. Particularly considering that the cost per square meter is increasing, which clearly contributes to a decline in sales volume."
According to him, the new constructions have given precedence to the secondary market: “It is particularly noteworthy that the new housing stock have favored the secondary market, where current housing sales comprised a larger share than in previous periods.”
Statistics show that the share of new apartments in August decreased by 2%. “The share of new apartments sold in August declined by 2%, attributed to the price disparity between old and new apartments,” explains Elizbarashvili, adding, “In reality, the downturn and negativity in the real estate market are significantly more pronounced than they initially seem.”
