In November 2024, the number of transactions on Tbilisi residential real estate market amounted to 3,560. Even though there was a 3% decline compared to October 2024, in annual terms a growth rate reached 10%. The cumulative number of sold properties for the 11 months of 2024 was 2% higher relative to the same period of the previous year, - according to the report published by TBC Capital.
In November, the asking sale price reached $1,247, marking a positive annual growth rate of 4%. The market size reached $290 Mln in value, which resulted in a 15% increase in annual terms.
The rent price stood at $11.5 in November, posting an 8% decline annually and remaining basically unchanged relative to the previous month.
In November 2024, the rental yield in Tbilisi amounted to 9.7% (-1.3pp, YoY).
In 11M 2024, permits were issued for residential area of 1.2 mln SQM, which is 6% lower than in 11M 2023.
In November 2024, 846 new apartments were sold, which was a substantial 40% improvement in annual terms and a 10% growth compared to October 2024. As for old apartments, a total of 2,714 transactions were made, showing only 3% annual increase and 6% monthly decline. Hence, the share of new apartments in total sales amounted to 24%, marking the highest figure for the current year.
The average sale prices for new apartments annually increased by 9% in November, while it reduced by 3% relative to the previous month. As for old apartment prices, there was a 5% YoY increase.
In November 2024, the apartments ranging from 50 to 75 SQM once again represented the biggest portion (42%) of the total apartments sold, although the share declined compared to both the previous year and month. The flats above 125 SQM maintained a 4% share, which is a 1pp decline compared to November 2023.
In November, the share of high price apartments (>1500 $/SQM) in total property sales amounted to 23% (+5pp, YoY).
In November 2024, the highest number of residential properties sold in Tbilisi were once again in Didi Dighomi (a 26% share in total transactions), followed by Saburtalo (a 16% share in total transactions).
In terms of new apartment sales, a significant annual growth rate was observed in Chughureti, Isani, Didube and Didi Dighomi, where the highest number of new, as well as old apartments were sold.
In November 2024, the average sale price per SQM in Mtatsminda was approximately $2,500.
There was a positive annual growth for new apartment prices in the majority of districts.
