In 2Q20, real estate fundamentals were negatively affected by Covid-19 with double digit contraction in GDP in April-May, weakening GEL and inflationary pressures. Apartment sales contracted sharply in April and May, however with lockdown measures being lifted reduction slowed in June, highlighting first signs of recovery. Importantly, drop in sales was more pronounced in new apartment category as market was waiting for government’s mortgage interest rate subsidy program, which became effective from July 2020.
Please see the full note here, which brings together real estate sale and price analytics for 2Q20, Covid-19 impacts and other statistical information available in the real estate market.
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