Tbilisi Residential Real Estate – February 2024

Number of transactions
In Feb-24, the number of sold apartments in Tbilisi stood at 3,444 units, up 0.9% y/y, after 6.3% y/y growth in Jan-24. This growth is solely attributed to increased transactions on the primary market (+11.8% y/y), while sales on the secondary market decreased by 7.5% y/y.

In Feb-24, real estate prices on the primary market continued to grow (+0.8% m/m and +16.5% y/y), while a reduction was recorded on the secondary market (-4.1% and -2.2% m/m, for new and old projects).

Market size
In Feb-24, the total market value of apartments sold in Tbilisi stood at US$ 258.8mn, up by 4.9% y/y. This growth was solely attributed to the primary market (+22.8% y/y), driven by combination of increased transactions and prices.

In Feb-24, price for renting an average apartment (50-60 m2) in Tbilisi stood at US$ 9.9 per m2 (-4.8% m/m). Notably, rents are down on a monthly basis in every district in Tbilisi.

Construction permits
In 2M24, 29 new permits were issued for residential projects, with the total living area of 200,445 m2 (+5.3% y/y).

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