In June residential apartments have cheapened by 8% compared to January, TBC Capital research director Tornike Kordzaia told Business Morning TV Program.
TBC Research has published a new report on Georgia’s economic recovery.
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.