In October 2023, the real estate market picked up the pace once again and the number of transactions stood at 3,377, which is a significant increase relative to the previous month (+13%). In annual terms, however, there was a 14% decline recorded, which is mostly due to high base effect, since the last quarter of 2022 was very active, - reads the new report on the real estate market published by TBC Capital.
In the same period, the asking sale price stood at USD 1,176, posting a 1% increase relative to September. In annual terms, there was a 17% growth observed. With the positive changes in sales and sale price, the market size improved by 2% in monthly terms ($229 Mln), while there was a 12% decline compared to the same period of the previous year.
Rent price remained basically unchanged compared to the previous month and stood at USD 12.3 (+24% YoY). The rental yield in Tbilisi stood at 11.1%, barely changing compared to the previous month and increasing by 0.7 percentage points in annual terms.
In 10M 2023 the residential area covered by issued construction permits reached 1.3 Mln SQM, posting a 66% annual increase.
