In February 2024 the number of transactions on Tbilisi residential real estate market amounted to 3,358, marking a 1% decline compared to the same period of the previous year - TBC Capital research reads.
In the same period, the asking sale price stood at $1,202, barely changing relative to the previous month. However, there was a 6% growth observed annually. The market size reached $266 Mln, exceeding the February 2023 level by 2%.
Rent price amounted to $12.0, decreasing by 5% relative to the same period of the previous year.
The rental yield in Tbilisi stood at 10.5%, decreasing by 1.2 percentage points relative to February 2023.
In February 2024, 725 new apartments were sold, decreasing by 3% compared to the same period of the previous year.
As for old apartments, a total of 2,633 transactions were made, practically remaining at the same level as in February 2023. Since there were no significant changes in either new or old apartment transactions, the share of new apartments stayed at 22% in total sales.
Average sale prices increased annually for both new (+9%) and old (+5%) apartments.
In monthly terms, sale prices for new apartments increased by 3.1%, however in case of old apartments the price decreased by 0.7%.
In February 2024, sales of apartments ranging from 50 to 75 SQM took up 43% (+2 pp, MoM) of total sales. Flats above 125 SQM took 5% share.
Share of high priced apartments (>1500 $/SQM) in total sales stood at 18%, 3 percentage points higher than in February 2023.
