Key regions: Germany, Europe, Asia, United States, United Kingdom
The Residential Real Estate Transactions market in Georgia has been experiencing steady growth in recent years.
Customer preferences: Customers in Georgia have shown a strong preference for residential properties, with a particular focus on urban areas. This is driven by the increasing urbanization and the desire for convenient access to amenities such as schools, healthcare facilities, and shopping centers. Additionally, there is a growing demand for modern and well-designed properties that offer a comfortable living experience. Customers are also increasingly looking for properties that are energy-efficient and environmentally friendly.
Trends in the market: One of the key trends in the Residential Real Estate Transactions market in Georgia is the rise in demand for affordable housing. With the growing population and limited supply of housing, there is a need for more affordable options to cater to the middle-income segment. Developers are responding to this demand by constructing more affordable housing projects in both urban and suburban areas. Another trend in the market is the increasing interest in luxury properties. Georgia has seen a rise in high-net-worth individuals who are looking for luxurious and exclusive properties. These properties often come with premium amenities such as swimming pools, gyms, and concierge services. The demand for luxury properties is fueled by the country's growing economy and the desire for a high standard of living.
Local special circumstances: One of the unique aspects of the Residential Real Estate Transactions market in Georgia is the presence of historical properties. The country has a rich cultural heritage, and many buyers are interested in owning historical properties that have been well-preserved. These properties often have unique architectural features and are located in desirable locations, such as the historic districts of Tbilisi. The demand for historical properties adds an additional layer of complexity to the market, as buyers may need to navigate through regulations and restrictions related to preservation.
Underlying macroeconomic factors: Several macroeconomic factors have contributed to the development of the Residential Real Estate Transactions market in Georgia. The country has experienced stable economic growth in recent years, which has boosted consumer confidence and increased disposable income. This, in turn, has led to an increase in demand for residential properties. Additionally, the government has implemented policies to attract foreign investment, which has further stimulated the real estate market. Overall, the Residential Real Estate Transactions market in Georgia is driven by customer preferences for urban living, affordable housing, and luxury properties. The presence of historical properties adds a unique element to the market, attracting buyers who appreciate the country's cultural heritage. The stable macroeconomic conditions and government policies aimed at attracting foreign investment have also contributed to the growth of the market.
Data coverage:
Figures are based on total and average revenue of residential real estate transactions (sales).Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.
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