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Galt & Taggart
- 30.12.2024
Tbilisi Residential Real Estate - November 2024
In Nov-24, based on official registrations, real estate transactions in Tbilisi increased by 6.5% y/y, reaching 3,513 units. A real-time survey of developers also indicates a rebound in demand in November, with apartment sales up 12.3% m/m and flat y/y. Additionally, primary market prices in November rose slightly by 0.4% m/m, reaching $1,312 per square meter. On the supply side, the area of construction permits increased by 74.3% y/y in November, continuing growth after a decline in June-September period.
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Galt & Taggart
- 27.11.2024
Tbilisi Residential Real Estate - October 2024
In October 2024, based on official registrations, transactions in Tbilisi increased by 12.8% y/y and 6.3% m/m, reaching 3,750 units. However, a real-time survey of developers indicates a slowdown in demand. Sales among selected developers in Tbilisi fell by 10.9% m/m and by 11.8% compared to 4M24 average, period of strong sales. This decline is attributed to domestic political instability. Additionally, primary market prices in October rose slightly by 0.3% m/m, reaching $1,307. On the supply side, the volume of construction permits increased by 55.8% y/y, reversing a previous four-month decline.
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Galt & Taggart
- 15.11.2024
Regional Residential Real Estate - 3Q24 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 a gradual outflow of migrants, rising prices, high interest rates, and domestic political instability. Despite these challenges, Batumi’s real estate market remains one of the highest-yielding in comparison to many peer cities, and prices continue to rise, albeit at a slower pace. We expect prices to stabilize at current levels in 2025 and see upside potential if interest from foreign buyers increases further.
