Number of transactions
In Jun-24, the number of sold apartments in Tbilisi stood at 2,957 units, down 21.9% y/y and 7.5% m/m. Notably, sales have decreased in both the primary and secondary markets.
Prices
In Jun-24, monthly price increase on the primary market was only 0.1%, which is the lowest increase in the last 30 months. The slowdown in the price growth pace is slightly more noticeable in the premium segment projects.
Market size
In Jun-24, the total market value of apartments sold in Tbilisi stood at US$ 228.4mn, down by 17.6% y/y, due to decreased sales during the month.
Rent
Price for renting an average apartment (50-60 m2) in Tbilisi remained flat (US$ 9.9 per m2). Notably, rents have a downward trajectory in suburbs, while in central districts they stay elevated.
Construction permits
In Jun-24, the living area of issued construction permits has declined to its lowest level in the past 18 months. If this trend persists, short-term decrease in supply will help balance the weakening demand.
