In July 2023, prices on a primary real estate market of Tbilisi increased slightly by 0.8% m/m. Prices were also up (+2.7% m/m) on a secondary market of old projects, reads the latest publication of Galt & Taggart on Tbilisi Residential Real Estate - July 2023.
According to the report, prices on a secondary market of new projects decreased by 4.6% m/m, mainly due to reduced prices in Saburtalo, Gldani and Isani districts (collectively accounting for 39.4% of total sales on a secondary market of new projects).
In Jul-23, total market size of apartments sold in Tbilisi stood at US$ 256.3mn, up by 14.5% y/y, mainly due to increased prices compared to previous year.
In Jul-23, real estate rents reversed slightly and increased by 3.4% m/m, leaving rental prices elevated and real estate rental yield attractive for investors.
