Prices on the primary market remain elevated, supported also by availability of flexible payment options from developers. Meanwhile, prices reduced slightly m/m (still registering growth y/y) on the secondary market, as demand moderated due to reduced attractiveness of rental market - Galt&Taggart research reads.
Notably, the weighted average prices have displayed substantial growth since the start of 2022, with the following changes by project types:
• Primary projects +39.4% since Jan-22
• Secondary new projects +23.7% since Jan-22
• Secondary old projects +15.3% since Jan-22
In Aug-23, total market size of apartments sold in Tbilisi stood at US$ 257.2mn, up by 9.7% y/y, mainly due to a significant increase in a primary market size (+28.5% y/y), resulted by strong price growth.