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Prices For Residential Real Estate Will Rise Even More – Construction Company

Natia Taktakishvili
09.06.22 14:00
Ilia Tsulaia, founder of construction company Archi declares that rising prices for construction materials and inflation are pushing up apartment prices, and at this point if the cost is increased by 15-17%, the rate will rise further.

"Unfortunately, construction materials have become more expensive all over the world, including in Georgia. Therefore, the cost of construction has increased by at least 25-30%, so we have increased apartment prices by 15-17%. We have no other way. Otherwise the developer will not be able to build the house, he will go bankrupt and will leave the market,” said Ilia Tsulaia.

According to him, if this trend continues in the market, the price for future projects will increase by an additional 10-15%. "And if the trend goes up, of course, we will get even more growth, and this process is inevitable, because everything is chained together," said the founder of the company Archi.