TBC Capital published Tbilisi Residential Market: Monthly Watch. According to the document, in October 2024, the number of transactions on the Tbilisi residential real estate market amounted to 3,658, marking a 12% annual and 7% monthly increase. In the first 10 months of 2024, the cumulative number of sold properties is 1% higher relative to the same period of 2023.
In October, the asking sale price reached $1,253, which is a 6% increase compared to the same period in the previous year (+1% MoM). The market size reached $296 Mln in value, increasing by 16% in annual terms.
The rent price amounted $11.5 in October, resulting in a 8% reduction compared to the same period of 2023 and a 1% increase compared to previous month.
In October 2024, the rental yield in Tbilisi amounted to 9.7% (-1.4pp, YoY).
In October 2024, 768 new apartments were sold, which is a 11% increase compared to 2023 October and a 5% growth compared to September 2024. As for old apartments, a total of 2,890 transactions were made, marking a 12% and 7% growth on annual and monthly basis, respectively. The share of new apartments in total sales once again stood at 21%.
In the same period, the average sale prices for new apartments saw a 19% increase annually, while remaining basically unchanged relative to the previous month. As for old apartment prices, there was a 4% annual increase observed.
In October 2024, the apartments ranging from 50 to 75 SQM once again represented the biggest portion (44%) of the total apartments sold. The flats above 125 SQM maintained a 4% share, which is a 1pp reduction compared to October 2023.
In October, the share of high price apartments (>1500 $/SQM) in total property sales amounted to 22% (+4pp, YoY).
In October 2024, Didi Dighomi remained as the district with the highest number of sold residential properties in Tbilisi (a 26% share in total transactions). It was followed by Saburtalo (a 14% share in total transactions).
In terms of new apartment sales positive annual growth was observed in Samgori and Didi Dighomi. As for the number of old apartment sales, Didi Dighomi was the leading district, followed by Saburtalo.
In October 2024, the average price per SQM in Mtatsminda was just above $2,000. There was a notable increase for new apartment prices in the majority of districts. As for the price of old apartments, the highest annual growth was observed in Gldani (+16%, YoY).
