There is a boost in new mortgages issued in last seven days as of 15th July, with YoY growth reaching 30% adjusted for FX for the period, whereas compared to Jan-Feb average, the growth totaled 28%.
According to TBC Capital, the issuance of subsidized loans started from 6 th July in TBC and as of 15th of July, 26% of mortgages issued in this period benefited from the government program.
The effect of subsidy is evident in growth of incoming mortgage applications,which turned positive already in the beginning of the month, stood at 28% YoY as of 14th of July, with growth even higher in past days. Majority of these new applications are yet to be approved, signaling the future growth in new mortgages.
The 7 day moving average of the transaction registration in Tbilisi remains stable at -26% YoY, depicting a time lag in NAPR registrations.
