"The government will subsidize 4% of the interest rate on loan, i.e., the interest rate on mortgage loans in GEL will drop to about 7%. This is a record minimum,'' said Beka Liluashvili, Advisor of Georgian Prime Minister Giorgi Gakharia.
In Liluashvili's words, subsidization of interest rates will apply to mortgages of max 200,000 GEL.
The subsidy will continue for five years once a mortgage agreement is concluded.
"The Government of Georgia, National Bank, and development sector have jointly developed measures to support the sector," Liluashvili said, adding that the bodies agreed on the critical problem for the sector today is a drop in sales.
"The demand should increase in the development sector,'' Liluashvili said.
In his words, people will enjoy the availability to purchase apartments at an affordable price.
Bela Gelashvili
News Author