In the first quarter of 2023 the Residential Property Price Index (RPPI) in Georgia increased by 0.9% compared to the previous quarter, while the annual increase amounted to 10.7%, - according to the National Statistics Office of Georgia (Geostat).
As of the document, compared to the 2020 average, the index change amounted to 25.1%. The RPPI covers the market of new residential property in Tbilisi, both flats and detached houses segments.
In the first quarter of 2023 a price increase compared to the previous quarter was registered in flats segment (2.4%). In the same period, the prices decreased for detached houses (-3.5%). Compared to the first quarter of 2022, the prices increased in both segments, for flats by 9.3% and for detached houses by 11.6%.
1 squre m price for green frame stood at GEL 3 284 in 1Q2023, white frame - GEL 2 821, black frame - GEL 2 474.
