After “Archi Group”, the construction company M2 is the second development company in the Georgian market started selling apartments in GEL due to the national currency’s depreciation.
Those who wish to purchase an apartment in the company’s residential complex can take the mortgage loans in the lari. The company negotiated with the banks, who will issue mortgage loans in GEL to the clients interested in purchasing new homes built by the company.
What are other construction companies going to do and how they respond to the current crisis?
In a few days the construction company “Dirsi” will submit a new offer to the clients. At the end of the week the Board of Directors meeting focused on the issue and alternative versions will be held in Azerbaijan, the company says.
“Dirsi” does not rule out they start selling the apartments in the national currency, however, first market should be studied. There is another way, which provides a new mortgage product for the customers. The company says that the new product will be long-term with the minimal participation.
“Axis” is not going to change its strategy. According to the company’s CEO George Kapanadze , theoretically they are already selling flats in GEL , because the clients pay in dollar or equivalent in lari.
George Kapanadze expects that the company, which will sell the homes in lari, will have to change the price daily at the exchange rate what “Axis” is already doing.