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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
- 25.10.2024
Tbilisi Residential Real Estate - September 2024
In September 2024, demand for real estate continued to improve. Prices in September increased slightly by 0.1% m/m after 0.3% m/m increase in August. On the supply side, the volume of construction permits has stabilized in the last two months, although it still remains lower by 23.6% y/y, partially reflecting last year's high base. The dynamics of permit issuance are expected to remain steady through the end of 2024, with future trends determined by the strength of demand.
