Construction permits issuance in Tbilisi increased by 76.8% y/y in 7M23, in line with the ongoing upward trend observed since 2020, reads the latest publication of Galt & Taggart on Tbilisi Residential Real Estate - July 2023.
If this trajectory persists, the authors of the report say that it is expected to have a downward pressure on real estate prices and rental rates in the medium term, leading to oversupply on the market.
Most construction permits were issued for Saburtalo, followed by Didi Dighomi and Isani in 7M23.
Notably, there has been a significant growth of issued construction permits in Isani, Vake and Saburtalo districts in 7M23.
