TBC Capital published a report on Residential Real Estate In Tbilisi. According to the document, the real estate market in February 2023 saw a significant increase in activity compared to the previous month, with the number of transactions rising by 19% from January 2023. In total, 3,383 apartments were sold in February, marking a 12% increase from the same month in the previous year.
As of the report, the asking sale price maintained its growth trajectory in February, with the average price reaching USD 1,136. This represents a 3% increase from the previous month and a substantial 30% increase compared to the same period of latst year. As a result, the market size grew to USD 261 million, posting a 48% increase YoY and a 24% increase MoM.
The average asking rent price hit a record high in February, reaching $13.1. This is a significant increase of 125% compared to the same period of the previous year, and a 5.1% MoM increase.
"Our updated projections suggest that both sale and rent prices in USD will experience significant growth in 2023, with an expected YoY increase of 21% and 53%, respectively. This level of growth is mainly due to the low base effect in the first half of 2022. By December 2023, the sale price is projected to surpass the December 2022 figure by 7.1%, while the rent price is expected to increase by 10.4%", - the document reads.
