Apartment Sales Drop by 37.6% amid State of Emergency
Apartment sales have shrunk by 37.6% after announcement of the state of emergency, the Galt-&Taggart report reads.
Apartment sales were rising in January and February by 0.9% and 7.7% respectively, but March registered a 7.7% slowdown. According to the report, the growth was seen in the first half of March, however, a 37.6% contraction was recorded after announcement of the state of emergency.
“Real estate sales were growing in March 2020, before announcement of the state of emergency. The sales rose by 0.9% in January 2020 and by 7.7% in February 2020. The sales extremely plunged in the second half of March (-37.6%).
In March 2020, the sales were growing in suburban areas, including Gldani, Samgori, Isani and Didi Dighomi were leaders with a 49.9% ratio in total sales. We expect that sales to further grow in suburbs as a result of mortgaging regulations and declining solvency of our citizens”, the report reads.