G&T published a report on Tbilisi Residential Real Estate. According to the document, in Mar-24, the number of sold apartments in Tbilisi stood at 2,991 units, down 13.0% y/y and 13.2% m/m.
Decrease in transactions was recorded both, on primary and secondary markets (-5.2% and -18.7% y/y, respectively). In Mar-24, almost half of registered transactions were recorded in Didi Dighomi, Saburtalo and Gldani districts. Notably, the only increase in apartment sales
was recorded in Gldani (+4.9% y/y) and Didube (+2.6% y/y).
Other noteworthy features of the market remained unchanged, such as the dominance of medium-sized apartments (51-80 m2), due to affordability and the ease of renting, and falling share of sold apartments in the budget segment (<$1,000/m2 ), driven by rising prices.
In Mar-24, real estate prices on the primary market continued to grow (+0.4% m/m and +15.1% y/y). Similarly, the prices increased on the secondary market as well (+3.9% and +2.7% m/m, on new and old projects, respectively).
In Mar-24, the total market value of apartments sold in Tbilisi stood at US$ 229.4mn, down by 8.4% y/y. Cumulatively in 1Q24, Tbilisi real estate market size is up by 2.5% y/y to US$ 717.4mn, while number of sold apartments is down by 2.4% y/y to 9,506 units.
In Mar-24, price for renting an average apartment (50-60 m2) in Tbilisi stood at US$ 9.9 per m2 (-0.2% m/m). Downward trajectory has been occurring since Dec-23, bringing rents to healthier levels and yields at 10.3%.
