Tbilisi real estate market has been sharply down during the pandemic. According to a report published by Colliers, the total value of apartments sold in Tbilisi in April-June amounted to 141 million USD, which is 66% or $ 272 million less comparing to the same period of 2019.
The sharpest decline was noted in April, when the country imposed the strictest restrictions due to the state of emergency. In April, a total of 203 apartments were sold in Tbilisi with a total volume of $ 10 million.
In May, apartment sales recovered and the Public Registry recorded the sale of 841 apartments with a total value of $ 38 million, however the figure was reduced by 74% year-on-year.
In June 2020, 2,117 residential transactions have been registered in Tbilisi, which is about 2.5 times increase compared to the previous month. Compared to May 2019, number of transactions has decreased by 31% while the market value by 37%.
