94% of apartments are already sold in the projects finishing by the end of 2024, - according to the report by Galt&Taggart.
As of the report, additionally, 30% of the apartment stock in projects with expected completion in 2027-28 has also been sold. Importantly, the majority of these sales are facilitated through inner instalment schemes offered by developers.
According to G&T latest survey of systematic developers, in recent months apartment sales on the primary market saw a recovery after a sharp drop in May attributed to a series of holidays and street protests in the country. Cumulatively, sales in 3Q24 were up 7.3% compared to 1Q24, due to the beginning of sales in a few large-scale residential projects in Jul24.
In September 2024, demand for real estate continued to improve. Prices in September increased slightly by 0.1% m/m after 0.3% m/m increase in August.
"Some districts (Mtatsminda, Vake, Saburtalo and Isani) have a high variation in prices despite construction projects having close locations to each other. This disparity reflects differences in amenities, Note: Apartment sales statistics are based on NAPR data, which has a downside of late registrations of primary sales. To address this issue we conducted a survey of selected developers", - G&T said.
In 9M24, 14,883 apartments were sold on a secondary market in Tbilisi, down 5.9% y/y, reflecting a slow summer period for the market.
