According to TBC Research, the 7-day average YoY change in mortgages issued was down again, at -32% in the week of 21st June 2020. Spike here two weeks ago reflected a low base effect of Jun 2019.
The new mortgages issued remain down -16% compared to Jan-Feb 2020 weekly average, displaying a more stable recovery trend.
The 7-day average growth rate of residential property sales registration in Tbilisi also slightly improved, at -41% YoY as of 18 th of June up from -45% the week before. As for the change from Jan-Feb average, as of 18th June, it stood at -21%.
To note, from the next week, the Government support plan for the residential real estate sector should already be activated which will likely accelerate the recovery.
