Based on Galt&Taggart survey, in June 2024, apartment sales dynamics in the selected developers’ projects improved after a significant decrease in May, but still remained weak: +17.7% vs May and -34.1% vs April.
A significant decline in May-24 was attributed to numerous holidays and an unstable environment in the country. Volatility of the GEL exchange rate also led potential apartment buyers to delay their purchasing decisions.
Since Jun-24, there has been a relative improvement in sales dynamics, despite a substantial portion of population with high disposable income being absent from the country during Euro 2024. In 1H24 the share of Israeli citizens in sales increased significantly from 4% to 11%, offsetting a decrease in sales of Russian citizens, which dropped from 8% to 2%. Georgian citizens made up 76% of total sales, compared to 80% in 2023.
Finally, over 84% of apartments in the projects finishing this year are sold out.
