19.Aug .2022 10:00

New residential property sales 54% up in Tbilisi

New residential property sales 54% up in Tbilisi
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The dynamic in sales of ‘new vs old’ residential properties in Georgian capital in July 2022 remained the same as in the previous months – the demand improved more for newer apartments (permits issued since 2018), according to Monthly Watch of TBC Capital on Residential Real Estate in Tbilisi.

"About 800 new residential properties were sold in July 2022, which was by 53.6% more than in July 2021. In case of old apartments, the difference was more modest, with growth amounting 10% YoY. Furthermore, the share of new units in all sales increased from 17% in July 2021 to 22% in July 2022.

Considering the sales by size, the shares have been consistent, with small (<50) and mid-size (50-70) residential properties taking the majority, accounting for 36% and 33% of total sales respectively in July 2022.

The average asking sale prices were the highest for newly renovated apartments, followed by green frame. There was a YoY growth in sale prices observed for properties of all conditions. However, in MoM terms price increase was observed only for newly and old renovated properties," the report reads.