In Nov-24, the total market value of apartments sold in Tbilisi stood at USD 2,8 BLN, up by 18.2% y/y, - according to the report by Galt&Taggart.
Cumulatively in 11M24, Tbilisi real estate market size was up by 5.5% y/y to USD 2,800mn.
Other noteworthy features of the market remained unchanged, such as the dominance of medium-sized apartments (51-80 m2), due to affordability and the ease of renting, and falling share of sold apartments in the budget segment (<$1,000/m2), driven by rising prices.
"In Nov-24, average price on the primary market increased by 6.6% y/y and 0.4% m/m. While prices remain elevated, the growth rate has stabilized in
2024. Year to date price changes are as follows:
• Primary market +5.3%
• Secondary market new projects +7.9%
• Secondary market old projects +1.6%
Some districts have a high variation in prices despite construction projects having close locations to each other. This disparity reflects differences in amenities, condition of properties and the reputation of the developers involved", - the document reads.