In Mar-24, price for renting an average apartment (50- 60 m2 ) in Tbilisi stood at US$ 9.9 per m2 (-0.2% m/m). Downward trajectory has been occurring since Dec-23, bringing rents to healthier levels and yields at 10.3%.
In Mar-24, the total market value of apartments sold in Tbilisi stood at US$ 229.4mn, down by 8.4% y/y. Cumulatively in 1Q24, Tbilisi real estate market size is up by 2.5% y/y to US$ 717.4mn, while number of sold apartments is down by 2.4% y/y to 9,506 units.
In 1Q24, 44 new permits were issued for residential projects, with the total living area of 364,591 m2 (-13.5% y/y). 21% of total permitted living area was in Saburtalo, followed by Didi Dighomi (17%) and Didube (16%).
