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.
