November sales showed 14% decrease in sales activity as the month ended with 200 less sales than in October. However disappointing may be the slowdown, November results still surpassed those of one year back by 70%. On the other side, it exceeded the prewar July 2008 results only by 8%. In other words, though the real estate market has made significant progress over the last year, the achievements are modest since the pre-war times. The major problem with the market remains decreasing number of luxury property sales or lack of high sum transactions. In November, the slowdown in activity was most apparent for the residential market as the number of sales for flats decreased by 21%. Surprisingly, there was an increase in demand for land parcels by 13% reaching highest number of sales since January. Commercial properties also held strong against the overall decrease in activity losing only 2% of sales. The results were unfavorable for under construction flat sales that lost 27%.
As for the sales of completed flats, according to the public registry information, the flats sold over $50,000 represented only 9% of all completed flat sales in November.
Samgori (197), Gldani (167), Vake (143), Saburtalo (134) remain as four most active districts with the highest number of sales for completed flat sales.
If we look at November last year, the sales in November were level compared to October 2008 but increased sharply, almost by 26%, in December. If the pattern of the last year persists, it is possible to see an increase in sales toward the end of this year.
