In 2024, the trend in apartment sales to foreign citizens shifted, with the share of Russian buyers declining from 7% to 2% of total and the share of Israeli buyers rising from 4% to 12%- Galt&Taggart review reads.
Furthermore, the growing presence of buyers from various other countries underscores increased market diversification. Secondary market – registered transactions In Nov-24, the number of sold apartments on the secondary market (new and old projects combined) in Tbilisi stood at 1,669 units, down by 4.5% y/y and 9.9% m/m. Cumulatively, in 11M24, 18,405 apartments were sold on a secondary market in Tbilisi, down 4.9% y/y.
In Nov-24, average price on the primary market increased by 6.6% y/y and 0.4% m/m. While prices remain elevated, the growth rate has stabilized in 2024. Year to date price changes are as follows:
• Primary market +5.3%
• Secondary market new projects +7.9%
• Secondary market old projects +1.6%
Some districts have a high variation in prices despite construction projects having close locations to each other. This disparity reflects differences in amenities, condition of properties and the reputation of the developers involved.
In Nov-24, the total market value of apartments sold in Tbilisi stood at US$ 282.6mn, up by 18.2% y/y.
Cumulatively in 11M24, Tbilisi real estate market size was up by 5.5% y/y to US$ 2,800mn. Other noteworthy features of the market remained unchanged, such as the dominance of medium-sized apartments (51-80 m2 ), due to affordability and the ease of renting, and falling share of sold apartments in the budget segment (<$1,000/m2 ), driven by rising prices.
During 2024 rent prices remained largely stable at around US$ 10 per m2 , decreasing from the peak of US$ 11.8 in Mar-23. The trend continued in Nov-24, and price for renting an average apartment (50-60 m2 ) in Tbilisi stood at US$ 9.9 per m2.
