Mariam Asatiani, the founder of RE/MAX Capital declares, that Georgia had a sustainable real estate market between January -May, but uncertainty arose among both consumers and investors due to the ongoing political processes.
As Mariam Asatiani noted, interest from foreign investors in real estate has decreased, but international companies that hire offices in the country still remain.
"Now we are in a turbulent zone. It is a difficult time. Before that, we were going up, it was an extraordinary year from January, the market was very active. The effect of migrants was completely over, both price and demand had a growing trend. But, all of a sudden, we faced this problem, which was called the Law "On Foreign Influence". Both the population and our investors found themselves in uncertainty. Of course, foreign investors decide to postpone their plans at such time, as they can also make investments in different countries. As for the international companies that operate here, they still stay in the country.
As for residential real estate, the local consumers have a different motivation, they think the price will drop, but I think the price trend will not change, as it requires long-term stagnation. Now the sector is developing so healthy that I don't think it will happen in any case. Sales might reduce, but this will not affect the price", - Mariam Asatiani said.
