In the third quarter of 2023 the Residential Property Price Index (RPPI) in Georgia increased by 5.5% compared to the previous quarter, while the annual increase amounted to 15.6%, - according to the National Statistics Office of Georgia (Geostat).
As of the document, compared to the 2020 average, the index change amounted to 35.9%. The RPPI covers the market of new residential property in Tbilisi, both flats and detached houses segments.
In the third quarter of 2023 a price increase compared to the previous quarter was registered both in flats (5.2%) and detached houses (6.2%) segments.
Compared to the third quarter of 2022, the prices increased in both segments, for flats by 15.7% and for detached houses by 13.4%.
As for the cost of 1 squamre m for flats, the price of 1 m² in the apartment segment is the most expensive in the Mtatsminda district and amounts to 5,314 GEL, followed by Vake, where the price of a square meter is 4,756 GEL, Saburtalo is in third place, where the price reaches 3,652 GEL.
As for detached houses, the price per square meter is the highest in Mtatsminda (4,049 GEL), Vake (3,511 GEL) and Saburtalo (2,890 GEL) districts.
