28.Mar .2023 14:00

Which Of Tbilisi Districts Are The Most Expensive To Buy An Apartment?

Which Of Tbilisi Districts Are The Most Expensive To Buy An Apartment?
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TBC Capital published a report on Tbilisi Residential Market. According to the document, in February 2023, a total of 746 new apartments were sold, representing a 5% increase compared to the same period in the previous year. Notably, the growth rate in sales was much higher compared to the previous month, with a 36% increase.

In contrast, sales of old apartments showed a 14% annual growth, with a 15% increase monthon-month. Consequently, new units accounted for 22% of all sales in February 2023.

The changes in sale prices were similar for both new and old apartments, with YoY increases of 27% and 30%, respectively. However, growth relative to previous month was stronger for new apartments (+8% vs +3%).

In February 2023, 72% of the apartments sold had an area below 75 SQM, with flats ranging from 50 to 75 SQM holding the highest share (41%) of total sales. In contrast, about 6% of the sold apartments had an area larger than 125 SQM, indicating a preference for smaller living spaces.

As in the previous month, sales of high-priced apartments showed noticeable growth compared to the same period of the previous year, driven primarily by an overall increase in sale prices. The share of units priced above $1,500 per SQM increased by 8 pp.

In February 2023, Didi Dighomi became the district with the highest number of sold residential properties in Tbilisi for the first time since April 2021. Didi Dighomi also recorded the highest number of new apartment sales, with 222 units sold, reflecting an 8% increase compared to the same period of the previous year. In contrast, Saburtalo saw a 33% YoY decline in new apartment sales, indicating a relatively lower supply of new flats in the area. In addition, both Didi Dighomi and Saburtalo districts recorded significant YoY growth in old apartment sales, with a 28% and 32% increase, respectively.

In terms of new apartment sales, Nadzaladevi saw the highest growth rate with a staggering 250% increase compared to the previous year. Didube and Gldani also recorded significant growth rates of 64% and 37%, respectively.

Meanwhile, Mtatsminda and Vake continued to have the highest sale prices in Tbilisi, with an average price per SQM exceeding 1,800$. All districts in Tbilisi recorded double-digit YoY growth in prices.