TBC Capital published update on Residential Real Estate in Tbilisi. According to the document, 2024 started quite actively for the Tbilisi real estate market, with the number of transactions standing at 2,967. Even though there was a significant decline compared to December 2023 (-19%), in annual terms the growth amounted to 5%.
In the same period, the asking sale price stood at $1,205, basically staying at the exact same level as in the previous month. However, there was a 9% increase recorded compared to the same period of last year. The market size stood at $234 Mln, exceeding the January 2023 level by around 11%.
Rent price amounted to $12.0, posting a 2% decline compared to the previous month and decreasing by 4% relative to January 2023.
The rental yield in Tbilisi continued the declining trend and it stood at 10.5%, 1.4 percentage points lower than in the same period of the previous year (-0.2 pp MoM).
In January 2024, 638 new apartments were sold, decreasing by 4% compared to December 2023. However, there was a significant increase observed relative to January 2023 (+16%).
As for old apartments, a total of 2,329 transactions were made, posting a drastic 23% decline relative to the previous month and in annual terms, there was a modest 2% growth observed. Since the demand for new apartments was much stronger, their share in total sales went up to 22%.
Average sale prices increased annually for both new (+14%) and old (+9%) apartments.
In monthly terms, sale prices for new apartments decreased by 0.5% and in case of old apartments the price increased by 0.8%.
In January 2024, sales of apartments ranging from 50 to 75 SQM took up 41% (+1 pp, MoM) of total sales. Flats above 125 SQM took 4% share.
Share of high priced apartments (>1500 $/SQM) in total sales stood at 15%, 3 percentage points higher than in January 2023.
In January 2024, Didi Dighomi (25% share in total sales) took the top as the district with the highest number of sold residential properties in Tbilisi once again, followed by Saburtalo (15% share).
In terms of new apartments sales, Samgori showed significant annual growth. The highest number of new apartments were sold in Didi Dighomi. In case of old apartment sales, Didi Dighomi, Nadzaladevi, Didube and Gldani posted positive annual growth.
In the same period, average price per SQM in Vake still stood around $2,000. There was annual growth observed for old apartments in all districts, with Chughureti (+24%), Nadzaladevi (+21%) and Gldani (+21%) posting the highest growths.
