Demand for private houses has increased, - Madona Kachkachashvili, head of the business department of Myhome.ge declares.
According to Geostat, real estate price is up by 10.1% in the second quarter of this year compared to the same period of the last year. Prices have increased by 18% for private houses and by 7.5% for apartments compared to the previous year.
Madona Kachkachashvili, since the beginning of the pandemic, the demand for private houses has been high, which has led to an increase in prices. In general, residential real estate has become more expensive due to the depreciation of GEL.
"In the second quarter, the exchange rate against the USD and the EUR was particularly high, and the change in the prices of construction materials also led to an increase in prices.
But the difference in prices with respect to the apartment and the private house is due to the change of consumer preferences. According to Myhome.ge, since the first half of last year, there has been an increase in demand for summer houses and cottages in the suburbs of Tbilisi, and this trend has continued this year. Therefore, the rise in prices for private houses has led to this.
"The direction of emigrants is very active, who have been making some savings over the years, and maybe this stage of the crisis has been perceived as a good stage for buying property and investing, therefore, this offset the demand," said Madona Kachkachishvili.
