Number of transactions
In Nov-23, the number of apartments sold in Tbilisi stood at 3,300 units, down 14.9% y/y (-0.8% m/m).
Cumulatively in 11M23, the total number of apartments sold in Tbilisi reached 36,283 units, showing a 7.3% y/y decrease (attributed to a record-high base). However, this still represents a 12.0% increase compared to 11M21, still indicating robust demand in the real estate sector.
Prices
In Nov-23, primary market prices sustained a consistent monthly rise, while prices of new projects on the secondary market showed a declining trend.
Market size
In Nov-23, the total market value of apartments sold in Tbilisi stood at US$ 239.1mn, down by 8.1% y/y, driven by reduced sales.
In contrast, total market size increased 10.4% y/y to US$ 2.7bn cumulatively in 11M23. This growth is mainly due to the rising prices in the primary market, compensating for the decrease in the number of apartments sold.
Rent
In Nov-23, price for renting an average apartment (50-60 m2) in Tbilisi stood at US$ 11.4 per m2 (+6.6% y/y).
Construction permits
Area of issued construction permits increased by 37.1% y/y in 11M23.