In Jun-23, the number of apartments sold in Tbilisi reached 3,940 units, showing 1.4% y/y and 8.0% m/m increase. This growth was solely attributed to a significant rise in primary sales, which surged by 18.8% y/y, reaching a record high of 1,830 apartments (excluding Dec-21). In contrast, the secondary market experienced a decline in both new and old apartment sales, with decreases of 5.7% y/y and 12.8% y/y, respectively- Galt& Taggart study reads.
In Jun-23, the main contributors to sales growth were Samgori (+23.6% y/y), Didi Dighomi (+25.2% y/y) and Didube (+28.0% y/y). Importantly, Saburtalo and Vake had a significant reduction in apartment sales in Jun-23, decreasing by 21.6% y/y and 27.1% y/y, respectively. Other notable features of the market remained consistent, including the prevalence of medium-sized apartments (51-80 m2) and the midscale/upscale segments (801-1,800$).
In Jun-23, prices increased the most on a primary market in projects sold directly by developers (+28.0% y/y), indicating growth potential in secondary market prices as well. The biggest price growth was detected in Didube (+41.0% y/y) and Nadzaladevi (+31.8% y/y).
In Jun-23, total market size of apartments sold in Tbilisi stood at US$ 253.6mn, up by 7.2% y/y and 4.2% m/m. Primary market size increased the most (+18.2% y/y).
In Jun-23, real estate rents remained elevated (+43.3% y/y), however, the rate of growth has been steadily declining since Apr-23, indicating a trend towards stabilization.
