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Galt & Taggart
- 04.04.2025
Tbilisi Residential Real Estate - February 2025
Sales from developers In Feb-25, number of apartments sold in the selected developers’ projects (based on survey of 17 systematic developers) declined by 11.0% y/y (-13.8% y/y in sold area), marking the third consecutive monthly decrease. Notably, 78% 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. Secondary market – registered transactions In Feb-25, number of secondary market apartment sales stood at 1,527 indicating 14.5% y/y decrease. Cumulatively, in 2M25 number of apartments sold on the secondary market amounted to 2,890 (-12.1% y/y). Prices In Feb-25, price per square meter on the primary market increased by 1.1% m/m to US$ 1,334, while on the secondary market average price in the new projects decreased by 4.4% m/m to US$1,245. Rent During 2024 rent prices remained largely stable at around US$ 10 per m2. In Feb-25 price for renting an average apartment (50-60 m2) in Tbilisi decreased by 1.7% m/m to US$ 9.6 per m2. Rental yield was 8.6%. Construction permits In Feb-25, 18 residential construction permits were issued, with total living area reaching 108,977 m2 (+26.7% y/y). Despite the increase, permits issued in 2M25 still remain 17.4% lower than the same period last year.
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Galt & Taggart
- 07.03.2025
Tbilisi Residential Real Estate - January 2025
In Jan-25, apartment sales in the projects of selected developers continued declining (-7.5% y/y). Secondary market apartment sales stood at 1,363 indicating 9.3% y/y decrease. Price per square meter on the primary market remained flat m/m at US$ 1,319. Total market value of apartments sold in Tbilisi stood at US$ 242.2mn, up by 5.7% y/y. Price for renting an average apartment (50-60 m2) in Tbilisi stayed flat at US$ 9.7 per m2. Total living area of issued permits decreased sharply, reaching 71,296 m2 (-46.1% y/y).
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Galt & Taggart
- 28.02.2025
Batumi Residential Real Estate - 2024 Full Year Overview
After record-high demand in 2022-2023, Batumi real estate market experienced a slowdown in 2024. This decline can be attributed to several factors, including domestic political instability, gradual outflow of migrants, limited availability of soon-to-be-completed projects (projects set to finish in 2025 are nearly sold out), etc. Despite these challenges, average rental yield on Batumi’s real estate market remains high (8.8%), and prices continue to rise, albeit at a much slower pace. In 2025, we expect prices to stabilize at current levels and rental yields to gradually start coming down, unless there is a significant rise in number of tourists renting these apartments.
