Georgian Real Estate Company plans to conserve certain hotel construction projects amid the pandemic, the company’s annual report reads.
TBC Capital points out that the cost of rent is a precursor to a change in the sale price of an apartment, which raises expectations for the housing prices to continue to fall.
Although the Coronavirus pandemic has had a significant negative impact on various sectors, demand for purchasing land plots has increased.
It is planned to open a hotel under construction by GDG + at Kutaisi International Airport at the end of the year.
Apartment prices are expected to decline by 15%-20%, the resident real estate market survey by Cushman & Wakefield consulting company reads.
Foreign investment of 15 million euros will be spent on the first innovative hotel of "Green Architecture" standards in Tbilisi.
Apartment sales have shrunk by 37.6% after announcement of the state of emergency, the Galt-&Taggart report reads.
How much does the square meter of an apartment cost in Tbilisi, due to Districts and how have these prices changed in the first quarter?