Number of transactions
In May-24, the number of sold apartments in Tbilisi stood at 3,197 units, down 7.9% y/y and 0.7% m/m. The decline can be attributed to the numerous public holidays in May-24 and domestic political tensions. Unstable environment and subsequent fluctuation of GEL exchange rate, prompted some potential home buyers to postpone their decisions and to wait until the situation stabilizes, in our view.
Prices
In May-24, prices on the primary market increased slightly by 0.4% m/m.
Market size
In May-24, the total market value of apartments sold in Tbilisi stood at US$ 244.5mn, down by 5.2% y/y, due to decreased sales during the month.
Rent
Rent prices have found a new stability point at around US$ 10 per m2.
Construction permits
In 5M24, 95 new permits were issued for residential projects, with the total living area of 811,613 m2 (-3.1% y/y).
