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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
- 10.02.2025
Tbilisi Residential Real Estate - 2024 Full Year Overview
In 2024, demand in Tbilisi residential real estate market remained steady despite multiple headwinds, with a modest 1.0% y/y increase in total apartment sales. On the supply side, the total living area of construction permits decreased by 6.7% y/y after a record high 2023, though it still remained at elevated levels. The average price in USD on the primary market increased by 11.6% y/y in 2024, although the rate of price growth slowed compared to previous years. In 2025, we expect demand to soften due to domestic political instability - a projected slowdown in economic growth, GEL depreciation and potential reduction of rental yields are key factors in shaping the market's performance in 2025, we believe.
