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Galt & Taggart
- 07.03.2025
Tbilisi Residential Real Estate - January 2025
In Jan-25, apartment sales in the projects of selected developers continued declining (-7.5% y/y). Secondary market apartment sales stood at 1,363 indicating 9.3% y/y decrease. Price per square meter on the primary market remained flat m/m at US$ 1,319. Total market value of apartments sold in Tbilisi stood at US$ 242.2mn, up by 5.7% y/y. Price for renting an average apartment (50-60 m2) in Tbilisi stayed flat at US$ 9.7 per m2. Total living area of issued permits decreased sharply, reaching 71,296 m2 (-46.1% y/y).
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Galt & Taggart
- 28.02.2025
Batumi Residential Real Estate - 2024 Full Year Overview
After record-high demand in 2022-2023, Batumi real estate market experienced a slowdown in 2024. This decline can be attributed to several factors, including domestic political instability, gradual outflow of migrants, limited availability of soon-to-be-completed projects (projects set to finish in 2025 are nearly sold out), etc. Despite these challenges, average rental yield on Batumi’s real estate market remains high (8.8%), and prices continue to rise, albeit at a much slower pace. In 2025, we expect prices to stabilize at current levels and rental yields to gradually start coming down, unless there is a significant rise in number of tourists renting these apartments.
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Galt & Taggart
- 10.02.2025
Tbilisi Residential Real Estate - 2024 Full Year Overview
In 2024, demand in Tbilisi residential real estate market remained steady despite multiple headwinds, with a modest 1.0% y/y increase in total apartment sales. On the supply side, the total living area of construction permits decreased by 6.7% y/y after a record high 2023, though it still remained at elevated levels. The average price in USD on the primary market increased by 11.6% y/y in 2024, although the rate of price growth slowed compared to previous years. In 2025, we expect demand to soften due to domestic political instability - a projected slowdown in economic growth, GEL depreciation and potential reduction of rental yields are key factors in shaping the market's performance in 2025, we believe.
