As per TBC Capital review, in September 2024, the number of transactions on Tbilisi residential real estate market amounted to 3,430, marking a 14% increase compared to September 2023 and a 9% increase relative to the previous month. This is mostly due to low base effect. In the first 9 months of 2024, the cumulative number of sold properties is just 1% below relative to the same period of 2023. In September, the asking sale price reached $1,244, showing a 6% annual and 1% monthly increase. The market size reached $278 Mln in value, increasing by 23% in annual terms (+11% MoM).
The rent price stood at $11.4 in September, resulting in a 9% reduction compared to the same period of the 2023 and a 1% decrease compared to August 2024. In September 2024, the rental yield in Tbilisi decreased to 9.6% (-1.6pp, YoY and -0.2pp MoM). In 9M 2024, permits were issued for residential area of 962 thousand SQM, which is 9% lower than in 9M 2023.
In September 2024, 730 new apartments were sold, which is a 30% annual and a 17% monthly increase. As for old apartments, a total of 2,700 transactions were made, marking an 8% and 11% growth on monthly and annual basis, respectively. The share of new apartments in total sales amounted to 21%. In the same period, the average sale prices for new apartments saw a 17% increase annually, while on monthly terms there was a 2% increase observed. As for old apartment prices, annual increase amounted to 5% (+1% MoM).
In September 2024, the apartments ranging from 50 to 75 SQM once again the biggest portion (43%) of the total apartments sold, which is a 1pp increase compared to the previous month. The flats above 125 SQM maintained a 4% share, which is a 1pp decrease compared to September of the last year. In September, the share of high price apartments (>1500 $/SQM) in total property sales remained at 23% (+5pp, YoY).
In September 2024, Didi Dighomi remained as the district with the highest number of sold residential properties in Tbilisi and took a 26% share in total transactions. It was followed by Saburtalo with a 15% share. In terms of new apartment sales Didube, Didi Dighomi, Krtsanisi, Samgori and Chugureti posted positive annual growths. Didi Dighomi had the highest number of new apartments sold. As for the number of old apartment sales, Didi Dighomi was the leading district, followed by Saburtalo.
In September 2024, the average price per SQM in Mtatsminda and Vake were just below $2,000. There was a notable increase for new apartment prices in Isani, Krtsanisi and Gldani. As for the price of old apartments, Didi Dighomi and Krtsanisi posted the highest annual growths.
