Besik Ortoidze, head of Developer Company Arsi predicts that prices for residential real-estate will increase further. According to Geostat, residential real estate prices increased by 10.1% in Q2 compared to the same period of the last year. Prices are up by 18% on the private houses, while the growth amounts to 7.5% on apartments.
The CEO of the company "Arsi" names grown prices on the construction materials as one of the reasons and says that in the last 6 months, prices for products have increased by 30-35% and the situation has not yet stabilized.
“Price increase on the market is logical and it is caused by several factors. If we look at the trend over the years, real estate prices are constantly rising, just a pandemic has slowed down the process a bit. However other factors are involved here, these are the regulations that the government enforces. We have adopted several new regulations in the past years that are directly related to cost growth. The second, important factor is the increase in prices for materials, construction materials have risen in price by 35% in 6 months. This affects the selling price and moreover, the price will increase further by the end of the year,” said Besik Ortoidze.
