02.Nov .2022 13:00

Apartments Became More Expensive In Mtatsminda And Vake - G&T

Apartments Became More Expensive In Mtatsminda And Vake - G&T
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Galt&Taggart economist Lasha Kavtaradze declares, that the large flow of migrants entering the country and the high demand for apartment rentals have increased the sale price of residential apartments.

Lasha Kavtaradze talks about the need to take precautionary measures in case the influx of migrants continues and notes that the prices of apartments in Mtatsminda and Vake have increased the most.

"When the first wave of migrants entered the country, the main impact was on rent prices. The increased demand in foreign currency increased the rent by about 70%. The increase in the price of rent led to the increase in the prices of residential real estate.

According to Geostat, apartment prices increased by 10.7% in the third quarter, and the prices of private houses - by 10%. In the previous quarter, there was a decrease in this regard. Comparing 2021 and 2020, the weighted average price increased by about 18%.

This year, the quarterly growth is noticeable, and in this regard, there are no signs of overheating, and if the influx of migrant flows continues, then it is possible to take precautionary measures. The highest growth was recorded in Mtatsminda and Vake. In Mtatsminda the price increased by GEL 840 per square m, in Vake - by GEL 500, and in Saburtalo by GEL 150," said the Galt & Taggart economist.