In August 2020, USD Average Sales Weighted Price (ASP) were flat YoY (669 USD/Sqm both in August 2019 and 2020) but up 1.8% MoM, while GEL ASP increased by 4.6% YoY (2,048 GEL/Sqm vs. 1,958 GEL/Sqm in 2019) and by 1.7% on MoM basis.
The prices of old apartments saw a substantial decrease in August (-3.3% YoY, -4.1% MoM in USD) as the demand started shifting towards newer apartments on the back of the subsidy program.
Although down -2.7% since January, the prices of new apartments were up 1.0% YoY and 3.6% MoM in USD.
The sales prices are displaying a tendency for decline for old apartments in most of the districts in Jul-Aug period, while the prices remained more resilient for new apartments.
In old apartments, the largest annual declines were observed in Krtsanisi, Didube, and Isani, while Didi Dighomi and Nadzaldevi displayed growth.
In new apartments, Vake and Saburtalo displayed a tendency of decline, while Mtatsminda displayed growth.
Compared to January, monthly rental asking prices are down by -16% in Tbilisi. Rental prices in USD per Sqm are down for every district, with the largest declines observed in Gldani (-25%), Samgori (-22%), Chughureti (-20%) and Saburtalo (-19%); The smallest decline is observed in Mtatsminda (-7%).
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