According to the real estate price index of the National Bank of Georgia, real estate prices are down in Georgia.
The index fell 9.9 points in August comparing to July and amounted to 424.6, while the real estate price index is 36.7 points down in the last four months.
Price decline is related to reduced demand amid coronavirus crisis.
According to the NBG’s Financial Stability Report, real estate price decline will continue in the future, but price adjustment will not be as sharp as it has been during the financial crisis of 2008.
“Real estate transactions are 65% down in Q2, 2020 in Tbilisi comparing to the same period of the last year. Transaction reduction was caused by the restrictions, introduced to curb the spread of the COVID-19 and devalued national currency. However, it is expected that demand for real estate will continue to grow after the reduction of uncertainty and elimination of the negative effects of the crisis. Sector recovery largely depends on the remediation of the epidemiological situation and the depth of the recession caused by the pandemic”, the NBG’s report notes.
See all the news
Kazakhstan’s Share of Bitcoin Mining Increases Sixfold Surging to Third Place Worldwide
Israel Bans Travel In Georgia From July 30
Novartis Prostate Cancer Drug Receives U.S. FDA Breakthrough Designation
Mymarket-ის აპლიკაცია ჩაშვებულია!
The Success of 5 Georgian Wines at Sommeliers Choice Awards 2021
მანინო უწერა - ახალი სასტუმრო რაჭაში
სილამაზის ინდუსტრიის გამოწვევები და #AVON-ის ფინანსური მაჩვენებლები
Investors in Georgia discover that Ease of Doing Business rankings can be deceptive
Baia Kvitsiani to Replace Mariam Kvrivishvili In The Parliament
Who Is Vazil Hudak?
PM Appoints Vazil Hudak As A Special Advisor on Attracting FDI
Exclusive Follow-Up/Interview with Selim Cakir, IMF Representative in Georgia
Czech Development Agency Delegation to Visit Georgia
GNCC demands reversal of a transaction on which they don’t have a jurisdiction - Law Professor
ფარმადეპო: „მედიკამენტები 1 ლარად“ - ქეთი კოზმანაშვილი ქალების ნარატივში
Georgia amends transfer pricing rules for APAs, reduces thresholds
We paid for 100% of shares of Caucasus Online in 2019 - NEQSOL Holding
“Only the courts have the right to determine the legality of the purchase of Caucasus Online", - NEQSOL Holding
Top-10 Major Commodity Groups by Exports – what does Georgia sell abroad?