Lost property alarming statistics

5,927 families were left without accommodation or real estate in 2013-2014 by the banks or microfinance organizations for not paying loans. The statistics are as such: 2007-136 families lost properties, 2008-273, 2009-587, 2010-710, 2011-1,377, and 2012-1,503. The figure decreased in 2013.

18.7% of the properties were sold by various banks, 16.49% by microfinance organizations. However, the greatest portion of the sold properties is on private moneylenders. The figure is alarming. The field of private moneylenders is legitimate in Georgia. However, it lacks regulation. Certain regulations have been established since 2014 that concern private moneylenders. They are obliged now to confirm their deals through the notary service. The upper limit of the loan was also specified (3.68% monthly). Stricter regulations are possible in the near future.