According to Galt&Taggart report, in Jun-25, sales on the secondary market continued to rise, reaching the highest level in 6M25, while the primary market declined m/m after a rebound recorded in May. The reason for divergence between the two markets could be price difference, since buyers have become more price-sensitive. On the supply side, the living area of issued permits increased in June, though cumulatively, permit issuance remained slightly down in 6M25. Meanwhile, average prices increased across both markets, following a modest decline in May.
In Jun-25, total number of sold apartments in Tbilisi, according to the Public Registry data, stood at 3,266 units, of which:
• Sales on the secondary market continued to increase, up by 17.1% y/y, however, still down cumulatively in 6M25 by 2.6% y/y.
• Sales on the primary market, where data are impacted by delayed registrations, increased by 2.9% y/y and up cumulatively by 6.1% y/y in 6M25.
Our real-time survey of developers, which captures current trends on the primary market, showed a 12.9% y/y increase in Jun-25, largely due to a low base in Jun-24. However, sales fell by 9.7% m/m after a rebound in May. Cumulatively, primary market sales were up 3.6% y/y in 6M25. In total, 19,131 transactions were registered in Tbilisi in 6M25, bringing the residential market value to US$ 1.5bn (+5.6% y/y).
In Jun-25, construction permits were issued for 10 residential projects, with total living area reaching 92,244 sq.m. (+25.2% y/y, due to last year’s low base). Overall, permit issuance in 6M25 was down 0.4% y/y. Prices In Jun-25, primary market price was up by 0.5% to US$ 1,338 following a slight decrease in May. Likewise, the average price on the secondary market (for new buildings built with permits issued after 2013) was up 0.2% m/m to US$ 1,256. Rents In Jun-25, price for renting an average apartment (50-60 sq.m.) in Tbilisi increased by 1.2% m/m to US$ 9.4 per sq.m., still down 4.9% y/y.
