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Galt & Taggart
- 2025-02-10
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.
