Beso Ortoidze, General Director of "Arsi" said apartments in their projects were mostly bought for living until 2022, which was completely changed this year. According to him, 8 out of 10 apartments were bought for investment purposes.
While summarizing 2022, Ortoidze also noted that the market grew by about 30-40%, as for the price increase in 2023, the company predicted that the increase would be within 5-7%.
"The sector has already exceeded 2019 data. The increase was in both sales and prices. If before the pandemic, 8 out of 10 apartments were sold for the purpose of living or to improve conditions, today 8 out of 10 are bought for investment. Today, the most in-demand capital is real estate, and everyone is trying to buy it.
From 2023, I expect prices to increase less, but they will grow more steadily and naturally. What happened this year was not natural, there were several reasons, one is the pandemic, in addition to this, we had rather high inflation in the country, which played a role in the price increase, we had increase in the price of construction materials, and the number of migrants added to this, which affected the price. If inflation stabilizes, the rent price stabilizes, I think the price increase will be within 5-7%," Orthoidze said.
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