Real estate agents are talking about the increase in demand on residential real estate. According to them, demand has increased by at least 50% in the last 20 days.
Besik Kavtaradze, a member of the Council Board of Georgian National Association of Real Estate declares that along with the increase in demand, prices have also been adjusted and the growth has made up USD 100 per square m in the central districts.
According to him, citizens from Russia and Belarus are looking for houses mainly in the central districts.
At the same time, Kavtaradze notes, that there is no sharp increase in demand for commercial space at this stage. However, he explains that there is an expectation that interest in the Georgian market will increase even more, which will grow the rental price of commercial real estate.
“The cost of renting a square meter of commercial space in Vake-Saburtalo totals to USD 12-17. No significant change in prices is observed at this stage. If there are inflow of foreign investments, the price will rise. Due to demand, the market cannot withstand and the price will rise. The price has increased for last 20 days, there are cases when the owners themselves are not willing to rent a living space. Demand for residential real estate has increased by 50%. The demand is mainly for the central districts: Vake, Saburtalo and Chugureti, "said Besik Kavtaradze, a member of the board of Georgian National Association of Real Estate.
