“Rent prices for mid-range apartments have dropped by about 50%,” Geo Realty founder Maia Gamzardia states.
However, she notes that prices for budget and luxury apartments remained stable. As for mid-budget housing, Maya Gamzardia says that the migrant factor played a role here, and housing costing $800-1000 was once rented out for $2000, but now prices got back to their original level.
“In the case of residential real estate, rent has dropped significantly. But in a certain segment. For mid-budget housing prices dropped by 50%. Prices for commercial space rent have not dropped, they have been stable for 6 months. At most, it has dropped by 5%, in some places, on the contrary, an increase is observed. We no longer work with apartments in the low segment, although the price has remained the same in the range of $ 300. The same situation is with high-end apartments where rent starts from $ 3,000. This is a slightly different category and it has its own buyers. Prices also vary depending on the districts, the highest prices are in Vake, Saburtalo and Sololaki. The cost is different in the districts of Varketili, Gldani and Samgori. However, apartments located near metro are even more expensive,” says Maia Gamzardia.
When asked what caused the mid-priced apartment rents to halve, the founder of Geo Realty says: “The mid-priced budget includes residential properties with average rents of $1,000 to $2,000. When migrants entered the country en masse, an apartment priced between $800 and $1,000 was rented for $2,000. So, prices in this category are getting back to their original level,” Maya Gamzadia points out.
