Revenues of the construction company "Terrace Group" increased by 57% in 2020 compared to 2019. The value of apartments sold in 2019 amounted to USD14 million 151 thousand, while in 2020 this figure exceed USD 22 million. As for 2021, the company's commercial director Tako Gaprindashvili told bm.ge that last year they were able to maintain the 2020 index.
"Demand for real estate has sharply increased amid the pandemic. The reason for this is that real estate is the least risky and reliable investment. At the same time, our ongoing construction projects were not hampered," said Terrassa Group's Commercial Director.
According to Tako Gaprindashvili, in the last two years, prices for Tbilisi projects have increased by 18%.
“Rising prices for building materials alone do not determine our pricing policy. Price adjustments were also affected by the changed regulations from 2019 and the tightened permit requirements.
The price increase has been gradual for two years and we have not had a dramatic instant increase. However, today we have already made quite a big difference”, he said.
