In Jan-24, the number of registered transactions in Tbilisi stood at 3,068 units, up 6.3% y/y. This growth is solely attributed to increased transactions on the primary market (+21.2% y/y), while sales on the secondary market decreased by 5.8% y/y, - according to the report published by Galt&Taggart.
In Jan-24, real estate prices continued growing. Notably, weighted average price on the primary market increased to US$ 1,266, up by 0.5% m/m. There is still a double-digit annual price growth in every district of Tbilisi.
In Jan-24, the total market value of apartments sold in Tbilisi stood at US$ 229.1mn, up by 13.1% y/y. The largest contributor to this growth was the primary market (+35.0% y/y), driven by combination of increased transactions and prices. Moreover, the growth was also supported by old projects on the secondary market (+7.1% y/y), due to increased prices.
In Jan-24, price for renting an average apartment (50- 60 m2 ) in Tbilisi stood at US$ 10.4 per m2 (-2.4% m/m). Notably, rents are down by 16.1% since Mar-23, when they reached all time high.
2024 started with a 71.8% y/y increase in permitted living area, after a record-high 2023 year. Total of 19 permits were issued for residential real estate projects. In Jan-24, 27% of total permitted living area was in Saburtalo, followed by Vashlijvari (20%) and Samgori (17%).
