In October 2023, the real estate market picked up the pace once again, - according to the report published by TBC Capital.
According to the document, the number of transactions stood at 3,377, which is a significant increase relative to the previous month (+13%). In
annual terms, however, there was a 14% decline recorded, which is mostly due to high base effect, since the last quarter of 2022 was very active.
"In October 2023, 705 new apartments were sold, marking a significant 29% growth compared to September. In annual terms, there was a 9% decline recorded. In case of old apartments, a total of 2,672 transactions were made, posting a 9% increase relative to the previous month. In annual terms, there was a 15% decrease observed.
Since, in monthly terms, sales for new apartments improved more noticeably, their share in total sale grew to 21%. Average sale prices increased annually for both new (+12%) and old (+18%) apartments.
In monthly terms, sale prices for new apartments decreased by 1.1%, while for old apartments it increased by 1.4%. In October 2023, sales of apartments ranging from 50 to 75 SQM took up 42% (-1 pp, MoM) of total sales. Flats above 125 SQM took 5% share. Share of high priced apartments (>1500 $/SQM) in total sales stood at 16%, which is 6 percentage points higher than in October 2022.
In October 2023, Saburtalo (20% share in total sales) took the top as the district with the highest number of sold residential properties in Tbilisi, followed by Didi Dighomi (18% share).
In terms of new apartments sales, Didube and Chughureti posted considerable growths relative to the same period of the previous year, while there was a significant decrease recorded Saburtalo and Gldani. As for old apartment sales, only Saburtalo posted a slight annual growth.
In the same period, average price per SQM in Mtatsminda still stood above $2,000. There was a double digit annual growth observed for old apartments in all districts once again, with Didube (+39%), Mtatsminda (+29%) and Nadzaladevi (+22%) posting the highest annual growths", - the document reads.
