EU Candidate Status Could Boost Real Estate Market by 10-15%, Says Industry Expert

Zurab Eristavi, founder of Eristavi Estates, in a conversation with Business Partner, indicated that achieving EU candidate status could potentially lead to a 10-15% surge in the real estate market.

Eristavi explained that this pivotal status, which will shape the country's trajectory, is likely to bolster confidence in the business sector, particularly impacting real estate positively.

"With the anticipated positive recommendation, we're expecting an upbeat sentiment, which invariably influences real estate prices favorably. While it's challenging to predict the exact scale of the price increase, the mere expectation can lead to significant outcomes. We're looking at a possible 10-15% rise. This will strengthen faith in the market, enhance the perception of real estate, and consequently, boost demand," Eristavi elaborated.

It's noteworthy that the European Commission has recently proposed to the European Council that Georgia be granted candidate status for the European Union. This announcement was made at a joint briefing by Ursula von der Leyen, President of the European Commission, and Oliver Varhey, European Commissioner for Enlargement.

The final decision on awarding Georgia candidate status is expected from the European Council in December.