TBC Capital published a report on Residential Real Estate In Tbilisi. According to the document, in February 2024 the number of transactions on Tbilisi residential real estate market amounted to 3,358, marking a 1% decline compared to the same period of the previous year.
In the same period, the asking sale price stood at USD 1,202, barely changing relative to the previous month. However, there was a 6% growth observed annually. The market size reached USD 266 Mln, exceeding the February 2023 level by 2%.
Rent price amounted to $12.0, decreasing by 5% relative to the same period of the previous year. The rental yield in Tbilisi stood at 10.5%, decreasing by 1.2 percentage points relative to February 2023.
In February 2024, 725 new apartments were sold, decreasing by 3% compared to the same period of the previous year. As for old apartments, a total of 2,633 transactions were made, practically remaining at the same level as in February 2023. Since there were no significant changes in either new or old apartment transactions, the share of new apartments stayed at 22% in total sales. Average sale prices increased annually for both new (+9%) and old (+5%) apartments.
In monthly terms, sale prices for new apartments increased by 3.1%, however in case of old apartments the price decreased by 0.7%. In February 2024, sales of apartments ranging from 50 to 75 SQM took up 43% (+2 pp, MoM) of total sales. Flats above 125 SQM took 5% share. Share of high priced apartments (>1500 $/SQM) in total sales stood at 18%, 3 percentage points higher than in February 2023.
In February 2024, Didi Dighomi (24% share in total sales) took the top as the district with the highest number of sold residential properties in Tbilisi, followed by Saburtalo (18% share). In terms of new apartments sales, Krtsanisi, Samgori and Didi Dighomi showed significant annual growth. The highest number of new apartments were sold in Didi Dighomi. In case of old apartment sales, Nadzaladevi and Didi Dighomi posted the highest growths.
