In Jul-25, sales continued to rise m/m on the secondary market, reaching the highest level since Dec-2023. Primary market sales also peaked, partly supported by discounts offered in July. This trend indicates signs of demand stabilization following a slower period. On the supply side, the living area of issued permits increased in July. Meanwhile, average prices continued to increase across both markets.
In Jul-25, total number of sold apartments in Tbilisi, according to the Public Registry data, stood at 3,647 units, of which: • Sales on the secondary market continued to increase, up 13.4% y/y (down 0.3% y/y in 7M25). • Sales on the primary market, where data are impacted by delayed registrations, decreased by 2.6% y/y (up 4.7% y/y in 7M25). Our real-time survey of developers, which captures current trends on the primary market, showed 7.3% y/y decrease in Jul-25, mostly due to a high base in Jul-24. However, positive monthly dynamics of apartment sales seems to be a sign of demand stabilization. Cumulatively, primary market sales were up 1.6% y/y in 7M25. In total, 22,778 transactions were registered in Tbilisi in 7M25, bringing the residential market value to US$ 1.8bn (+6.0% y/y).
In Jul-25, construction permits were issued for 20 residential projects, with total living area reaching 113,332 sq.m. (+36.1% y/y, reflecting a low base in the previous year). Overall, permit issuance in 7M25 was up 2.8% y/y.
In Jul-25, primary market price continued to grow, up by 0.2% m/m to US$ 1,340. Likewise, the average price on the secondary market (for new buildings built with permits issued after 2013) was up by 0.6% m/m to US$ 1,263.
In Jul-25, price for renting an average apartment (50-60 sq.m.) in Tbilisi increased by 1.0% m/m to US$ 9.5 per sq.m., still down 3.1% y/y.
