A decline has been observed in October in Georgian real estate market for the first time in recent months. According to official data, in October the number of transactions in the real estate market totaled 41796 compared to the previous month which is a 34% decrease compared to September.

Official data shows that decline was observed in both the primary and the secondary transactions. Real estate expert Giorgi Barvenashvili explains "Commersant" that after the change of the government the market is in the standby mode and that is why we have such data.

In his words, the changes are not expected in the following months, as the market freezes at the end of the year and in the spring of next year the sector and prices increase is expected. According to him, the real estate market will be able to stabilize and government should not interfere. However, the expert claims that the volume of the property taken away in exchange for debt remains high in the number of transactions.

Source: www.commersant.ge