Demand Exceeds Supply On The Housing Market - Solo Realtor
In 2022, almost one-fifth of the real estate sold in Georgia accounts for foreign citizens. Namely, 10,600 people with foreign citizenship bought 15,000 apartments in Georgia last year. Russian citizens bought the most apartments amounting to 6,062.
The director of real estate agency Solo Realtor says that property owners' approaches have changed in recent months. According to Eka Alania, recently they refrain from selling or leasing apartments due to 2 main reasons.
"We have cases when the owners refrain from selling the apartment, because considering the past months, they thought that the price of a square meter would reach its peak, but it didn't happen, so they refrained. On the other hand, they are unable to find an alternative space.
For example, if they want to buy some premises and rent out part of it, they cannot achieve this goal, because we have very limited real estate. Despite the fact that constructions are actively going on in the country, the country is still limited in this direction. We are often not able to give an appropriate answer to the request," says Eka Alania, director of Solo Realtor.