Sales from developers In Jan-25, apartment sales in the projects of selected developers continued declining (-7.5% y/y). Notably, 77% of the apartments in projects set to be completed in 2025 have already been sold, according to the report published by Galt&Taggart on Residential Real Estate.
As of the report, the majority of these sales are facilitated through inner installment schemes offered by developers.
In Jan-25, secondary market apartment sales stood at 1,363, indicating 9.3% y/y decrease. January is generally quieter for sales, and while this may not reflect broader trends, a continued slowdown could be a concern.
In Jan-25, price per square meter on the primary market remained flat m/m at US$ 1,319.
In Jan-25, the total market value of apartments sold in Tbilisi stood at US$ 242.2mn, up by 5.7% y/y.
Other noteworthy features of the market remained unchanged, such as the dominance of medium-sized apartments (51-80 m2 ), due to affordability and the ease of renting and falling share of sold apartments in the budget segment.
During 2024 rent prices remained largely stable at around US$ 10 per m2 . The trend persisted in Jan-25 and price for renting an average apartment (50-60 m2 ) in Tbilisi stayed flat at US$ 9.7 per m2 .
In Jan-25, only 7 residential construction permits were issued, marking the lowest figure since Jan-22. Total living area of issued permits also decreased sharply, reaching 71,296 m2 (-46.1% y/y).
