Demand for real estate has fallen by 60% -70% due to coronavirus, - Malkhaz Kunelauri, executive director of RED-CO has told BM.GE. According to his assessment, this is a shocking situation and not logical. Malkhaz Kunelauri compares this to a sharp depreciation of the GEL exchange rate and says that just like a few days ago GEL was on an illogical benchmark and had no economic basis, the same condition is today in the construction sector.
“At this stage, prices are not adjusted, but development of these processes will show how the events unfold. We try not to give this crisis the opportunity to have a dramatic negative impact on business and our goal is to keep our employees and the face in general.
The current situation creates a kind of panic on the market, though it will stabilize over time. It will depend on how we manage the pandemic. Fortunately, we do not have any dead people today, and our country is more successful than some developed countries. This is one important key that will contribute to the stability of the economy and the real estate market”, said Malkhaz Kunelauri.
