In December 2024, the number of transactions on Tbilisi residential real estate market amounted to 3,940, posting a 7% increase in annual terms. The cumulative number of sold properties in 2024 was 2% higher compared to 2023 - TBC Capital weekly review reads.
In December, the asking sale price stood at $1,223, barely changing relative to December 2023 (+1%, YoY). There was a 2% decline recorded relative to November 2024. The market size reached $2318 mln in value, which resulted in a 6% increase in annual terms.
The rent price stood at $11.1, posting a 10% decline versus December 2023. In monthly terms, there was a 3% decrease observed.
The rental yield in Tbilisi amounted to 9.6% (- 1.2pp, YoY).
In 2024, permits were issued for residential area of 1.3 mln SQM, which is 4% lower than in 2023.
In December 2024, 981 new apartments were sold, which was a considerable growth in annual terms (+48%). As for old apartments, a total of 2,959 transactions were made, posting a 2% decline relative to December 2023. Therefore, the share of new apartments in total sales increased to 25%, marking the highest figure for the year.
The average sale prices increased by 2% for both new and old apartments in annual terms, while there was a 2% decrease compared to previous month.
The apartments ranging from 50 to 75 SQM represented the biggest portion (42%) of the total apartments sold, although the share declined compared the previous year. The flats above 125 SQM had a 5% share, same as in December 2023.
The share of high price apartments (>1500 $/SQM) in total property sales amounted to 23% (+5pp, YoY).
