In Feb-24, price for renting an average apartment (50- 60 m2 ) in Tbilisi stood at US$ 9.9 per m2 (-4.8% m/m). Notably, rents are down on a monthly basis in every district in Tbilisi. We expect gradual stabilization in rents to continue during 2024.
In Feb-24, the total market value of apartments sold in Tbilisi stood at US$ 258.8mn, up by 4.9% y/y. This growth was solely attributed to the primary market (+22.8% y/y), driven by combination of increased transactions and prices.
Apart from that, in two months 29 new permits were issued for residential projects, with the total living area of 200,445 m2 (+5.3% y/y). In 2M24, 24% of total permitted living area was in Didi Dighomi, followed by Saburtalo (21%) and Vashlijvari (14%).
