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Number Of Transactions On Tbilisi Residential Real Estate Market Was Down In August

ბინა ქირა
Natiko Taktakishvili
30.09.24 18:00
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TBC Capital published a report on Residential Real Estate in Tbilisi. According to the document, in August 2024, the number of transactions on the Tbilisi residential real estate market amounted to 3,133 marking a 5% decrease relative to the same period of 2023 and a 9% decrease relative to July 2024. The cumulative number of transactions for this year's 8 months shows a 2% decrease compared to the same period 2023.

In August, the asking sale price reached USD 1,233 showing annual and monthly increases of 6% and 2% respectively. The market size displayed USD 250 million in value, which is a 1% annual and a 7% monthly decrease.

The rent price remained at USD 11.5 in August resulting in an 8% reduction compared to the same period of 2023.

In August 2024, the rental yield in Tbilisi amounted to 9.8% (-1.4 pp y-o-y). This is the first time the yield went below 10% since August 2022.

In 8M2024, permits were issued for a residential area of 891 thousand square m, which is 7% lower than in 8M23.

In August 2024, 625 new apartments were sold, which is a 2% reduction compared to August 2023 and a 6%decrease compared to July 2024. As for old apartments, a total of 2,508 transactions were made, marking a 5% annual and a 9% monthly decline. The share in total sales of new apartments amoutned to 20%.

The average sales price for new apartments increased by 15.4% annualy, while marking a 18% decrease on a monthly basis. As for old apartments annual and monthly increase were 4.3% and 3.1% respectevly.

In Agust 2024, the apartments ranging from 50 to 75 square m still mantain the bigggest portion (42%) of the total apartments sold, which is a 2 pp increase comapred tot he smae period of the last year.

The flats above 125 square m once again took 4% share, which is a 1pp decrease comapred to August 2023.

In the smae period,the share of high price aprtments (.150 USD /square m) in totla protpery sales was 23% (+6pp, y-o-y and +4pp,MOM).

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