Number of transactions
2,705 apartments were sold in Tbilisi in Apr-23 down by 23.4% y/y (-24.9% m/m). Sales were down in all types of apartments (primary, secondary market new projects, secondary market old projects), reflecting last year high base effect as well as reduced demand. In Apr-23, the key characteristics of the market were as follows:
- Sales by size – medium-sized (51-80 m2) apartment sales were most prevalent;
- Sales by segment – share of midscale/upscale segments increased reflecting price effect;
- Sales by district – Majority of sales were recorded in Saburtalo (18.2% of total) as usual, followed by suburban districts – Didi Dighomi, Samgori, Gldani – which accounted for 41.1% of total sales.
Prices
Real estate asking prices remained elevated up 31.1% y/y in April, however GEL appreciation eased pressure for customers as prices were up 7.9% y/y in GEL.
Market size
Despite continued growth in prices, reduced transactions resulted total residential real estate market size to fall to US$ 186.0mn in Apr-23, down by 9.8% y/y and 25.7% m/m.
Rent
Real estate rents remained elevated (+52.3% y/y) in Apr-23, but growth pace has been on a downward trajectory since Feb-23, reflecting base effect.
