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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.
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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.
