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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
- 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.
