TV Live Menu
Loading data...

How Many Apartments Were Sold In May? - Galt & Taggart


09.06.23 16:00 237 ნახვა

In May 2023, apartment sales increased after a reduction in the previous month - 3,650 apartments were sold in Tbilisi, up by 2.0% y/y and by 34.9% m/m. This growth was solely driven by primary sales increasing by 20.0% y/y to a record high 1,650 apartments (excluding Dec-21).

Meanwhile, secondary market posted decline both in new and old apartment sales, -5.5% y/y and -12.0% y/y, respectively. Key drivers of sales growth were districts in the wide centre of Tbilisi – Vashlijvari (+180.0% y/y), Krtsanisi (+47.7% y/y) and Didube (+19.1% y/y) in May. Markedly, while share of Vashlijvari is low in total sales, it almost tripled y/y in May-23 to 4.6%. Other key characteristics of the market remained unchanged – dominance of medium-sized apartments (51-80 m2) and midscale/upscale segments ($801 – 1,800) in sales.

In May 2023, asking prices increased by 26.8% y/y in US$ and 8.2% y/y in GEL, but remained flat m/m (primary and secondary markets combined). On primary market, developers’ average asking price in Tbilisi was US$ 1,112 (+27.9% y/y) with Vake and Mtatsminda on top of the list.

In May 2023, Tbilisi residential real estate market size surged by 16.6% y/y to US$ 243.4mn, primary market contributing the most (+25.4% y/y).

Real estate rents increased by 44.9% y/y in US$ and 23.7% y/y in GEL in May-23. While rents remain high, pace of growth has been on a downward trajectory since February 2023.
Stock Exchanges
Stock Exchanges