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War hampers construction

Monday, September 15
Construction, together with tourism, was a leading branch of Georgian industry. But the Russian aggression has negatively influenced it. The construction business has practically shut down. Demand on real estate has decreased by about 80%. However it is a bit premature to talk about a crisis.

As soon as war broke out real estate sales decreased. Foreigners stopped buying. Certain projects were temporarily frozen, however the war did not last long and the companies are trying to recover quickly and meet their original timetables, through that keeping expenses low.

Construction business representatives hope that returning country to normal will reactivate the business and that a full recovery of the banking sector will facilitate its revitalization.