Georgia experiences shortage of properties for rent

Georgia real estate agencies are not able to meet the demand for apartments to rent and rent on mortgage. Part of the agencies call the current demand "catastrophically high" and speak of low supply level.

In real estate agencies say that beginning with August supply of apartments on mortgage almost disappears, because the vast majority of students who come from regions, choose this form of rent.

In terms of purchasing and hiring apartments, the highest demand is for the city’s central areas, among them especially on Vake-Saburtalo, where the cost of a one-bedroom apartment in the so called "Khrushchevka"-type block of flats is up to 24-25 ths dollars, and the price of renovated apartments from 45 to 50 thousand.

However, real estate agents say that in 2011 the price of apartments in "Khrushchevka"-type blocks of flats fell compared to previous years, consumers have started to prefer apartments in new buildings.

Mainly one and two bedroom apartments are sold, the price for which is 60-70 ths dollars.
According to realtors, compared to 2011, demand for purchase, rent and rent on mortgage has increased, but periods of recession have also been observed.

Translation by BSN

Adapted from: Business Gruzija