The pandemic grew demand for private houses in Georgia

The pandemic grew demand for private houses in Georgia

access_time2020-08-03 14:00:57

“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.

“Those  with  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.


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