Tbilisi’s residential property sales marginally down in October, on the back of decline in old apartment transactions on the one hand and marginal increase in the share of new apartments as compared to September – such are the tendencies that TBC Capital’s report on Tbilisi Residential Market shows.
According to the report, following the transaction growth in September, Tbilisi residential market posted a decrease in October 2020, possibly linked with the elevated riskiness and virus spread in the country. The market featured up to 3.3 thousand residential property transactions (-3.9% YoY) with over 221 thousand Sqm area sold (-3.2% YoY). “Notably, the transaction volume stood on the same level as in the previous month” – underlines the report.
The report also shows that standing at -15% YoY, the transaction growth rate of old apartments drove the decrease of total transactions in October. “Notably, number of new apartment transactions increased by 3% YoY in the same month” – underlines the report.
According to TBC Capital, the larger share of transactions in Tbilisi comes on new apartments. Compared to September, the proportion of new apartments was up marginally by 0.4pp in October 2020, standing at 66.1% (+4pp YoY) as measured by the number of units, and decreased marginally to 66% (+4pp YoY) as measured by total area of sold apartments.
