Home
Category
TV Live Menu
Loading data...

Residential Real Estate Sale Price Amounted To USD 1,202 In Tbilisi - TBC Capital

ბინები
Natiko Taktakishvili
03.06.24 13:30
103

TBC Capital published a report on Residential Real Estate In Tbilisi. According to the document, in April 2024, as expected based on the preliminary data, the activity on Tbilisi residential real estate market improved. The number of transactions reached 3,193, marking a quite high 27% increase compared to the same period of the previous year. This could be mainly explained by the low base effect. Furthermore, in April the MoM growth amounted to 7%.

In the same period, the asking sale price amounted to $1,202, posting a 3% growth relative to April 2023. The market size stood at $254 Mln, increasing by 28% annually.

Rent price stayed close to the previous month’s level and amounted to $12.1, standing 7% below compared to the same period of the previous year.

The rental yield in Tbilisi remained almost unchanged as well, at 10.6%, decreasing by 0.9 percentage points relative to April 2023.

In terms of new constructions, in 4M 2024, permits were issued for residential area of about460 thousand SQM, which is 25% higher than in 4M 2023.

In April 2024, 679 new apartments were sold, increasing by 63% relative to April 2023 (mostly low base effect). As for old apartments, a total of 2,514 transactions were made, posting a 20% annual growth. Since sales of new apartments increased considerably, their share in total sales went up to 21%.

The average sales price increased for old apartments (3.8%) as well as new ones (3.4%) compared to the same period of the previous year.

In comparison to March 2024, the average sales price increased for new apartments by 3.6%. In case of old apartments the prices stayed basically the same (-0.2% MoM).

Apartments ranging from 50 to 75 SQM took the biggest portion (42%) of the total apartments sold in April 2024, which is a 3pp increase compared to the same period of last year and a 1pp increase compared to March 2024. The flats above 125 SQM remained at 5%.

In April 2024 the share of high price apartments (>1500 $/SQM) in total property sales reached 21%, continuing the increasing trend. There was a 5pp increase over the year and a 2pp increase compared to March 2024.

In April 2024, Didi Dighomi (22% share in total sales) stayed at the top as the district with the highest number of sold residential properties in Tbilisi, followed by Saburtalo (16% share).

In terms of new apartments sales: Samgori,Chughureti, Gldani and Didi Dighomi showed significant annual growth. The highest number of new apartments were sold in Didi Dighomi. In case of old apartment sales: Chughureti, Didi Dighomi and Nadzaladevi posted top three annual growths.

Whereas, the greatest number of old apartments were sold in Saburtalo, closely followed by Didi Dighomi.

In April 2024, the average price per SQM in Mtatsminda stood above $2,000, posting the highest YoY growth for old apartment prices. There was a significant annual growth observed in the average prices for new apartments in Didube and Isani.

Subscribe to our news

Get the main news of the day