In Jan-25, apartment sales in the projects of selected developers continued declining (-7.5% y/y). Notably, 77% of the apartments in projects set to be completed in 2025 have already been sold. Importantly, the majority of these sales are facilitated through inner instalment schemes offered by developers.
In Jan-25, secondary market apartment sales stood at 1,363 indicating 9.3% y/y decrease. January is generally quieter for sales, and while this may not reflect broader trends, a continued slowdown could be a concern.
In Jan-25, price per square meteron the primary market remained flat m/m at US$ 1,319.
In Jan-25, the total market value of apartments sold in Tbilisi stood at US$ 242.2mn, up by 5.7% y/y.
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 . The trend persisted in Jan-25 and price for renting an average apartment (50-60 m2 ) in Tbilisi stayed flat at US$ 9.7 per m2.
In Jan-25, only 7 residential construction permits were issued, marking the lowest figure since Jan-22. Total living area of issued permits also decreased sharply, reaching 71,296 m2 (-46.1% y/y).
