“The coronavirus pandemic has increased
demand for private housing in the suburbs of large cities,” Mariam Asatiani, Director
of the RE/MAX real estate company, says.
According to Asatiani, interest in
agricultural land has also grown.
“The pandemic has revised some priorities -
the open space is in great demand – one can breathe the fresh air in terraces,
verandas, large balconies. All this has
grown the demand for private country houses, ”she notes.
Asatiani notes that the
pandemic did not reduce the demand for renting country houses, since due to the
closure of the borders, many were unable to go on vacation abroad, and now they
rent houses in summer cottages.
financial opportunities prefer to buy country
houses and live there on a permanent basis, ”she says.
According to Madonna
Kachkachishvili, director of the myhome.ge real estate agency, demand for
agricultural land has grown but only in April-May.
“By the summer when the pandemic threat weakened and
quarantine restrictions were lifted, demand returned to its usual levels. But
interest in buying and renting private houses is still high, especially in the
suburbs of Tbilisi near the city, ”she explains.
Prices for apartments and office spaces, contrary to
expectations, have not declined, as well
as sales have not drastically fallen.
“The demand from business
for office spaces remains stable and no serious fluctuations are observed,” Director
of the real estate company Kibe points out.
RE/MAX Director expected a decrease in property prices by an average of
40%, but in reality such dramatic changes were not registered.
“Compared to the pre-quarantine period, sales decreased by 30-35%, but during
the pandemic, sales fell by 80%. So the situation has improved compared with a few months ago, ”she says.
In Mariam Asatiani’s words, as soon as the quarantine was abolished, the
market recovered by 30-35%.
“Most likely the current situation will continue for a
couple of month and later further
developments will become clear whether the crisis will pass and what property
prices will be ,” Mariam Asatiani notes.
Asatiani believes that the current expectations cannot
last forever, and if real estate prices do not fall in the near future, buyers
will have to buy apartments at the current price.