The market recovery in November 2021 was, by far, the strongest this year. The number of sold residential properties amounted to about 3700 units, which is 34% higher than its pre-pandemic level. In January-November 2021, the total number of transactions exceeded its 2019 level by 4%, - according to the report released by TBC Capital.
According to the report, with a mostly recovered demand the property prices still stand above the pre-pandemic level. The average residential real estate price, in November 2021, is 2% higher compared to 2019. The rent posted a relatively stronger recovery for the first time in 2021 (+7.2% YoY), but it still needs time to surpass its pre-pandemic level. It stands about 16% lower compared to 2019.
In October-November 2021, about 4400 new apartments were sold, which is 17% higher than in 2019 (+2% YoY). The share of new properties accounted for 63% of total transactions and the total area amounted about 302 thousand SQM.
"In January-November 2021, the number of transactions, in the majority of districts, is higher or at the same level relative to 2019. Samgori (+16%) is back in the double-digit growth club, with Didube (+35%) still taking the top, followed by Isani (+21%). Saburtalo holds the largest share of total transactions in Tbilisi (18%)",- the report reads.
