Demand for apartments in Tbilisi has decreased, with nearly 3,000 units sold in September 2023, marking a 9% decline compared to August and a 17% decrease compared to September 2022, according to the monthly review by TBC Capital.
Analysts attribute the significant reduction in sales compared to the previous year to the exceptionally active second half of 2022, especially the last four months. In total, 548 new apartments were sold in September 2023, representing an 8% decrease from September 2022, and a 13% decrease compared to the previous month.
For existing apartments, 2,451 transactions were recorded, an 18% decrease compared to the same reporting period in 2022, with monthly sales declining by 8%. The highest number of apartment sales in September occurred in the Didi Digomi and Saburtalo districts.
Against the backdrop of a substantial reduction in transaction volume, the market's total value decreased by 11% for the month and 3% for the year, amounting to 224 million dollars.
According to analysts, the rental fees for residential properties in Tbilisi remained unchanged compared to the previous month but increased by 35% compared to September 2022. The average rental price per square meter in September reached 12.4 dollars.
Analysts attribute the significant reduction in sales compared to the previous year to the exceptionally active second half of 2022, especially the last four months. In total, 548 new apartments were sold in September 2023, representing an 8% decrease from September 2022, and a 13% decrease compared to the previous month.
For existing apartments, 2,451 transactions were recorded, an 18% decrease compared to the same reporting period in 2022, with monthly sales declining by 8%. The highest number of apartment sales in September occurred in the Didi Digomi and Saburtalo districts.
Against the backdrop of a substantial reduction in transaction volume, the market's total value decreased by 11% for the month and 3% for the year, amounting to 224 million dollars.
According to analysts, the rental fees for residential properties in Tbilisi remained unchanged compared to the previous month but increased by 35% compared to September 2022. The average rental price per square meter in September reached 12.4 dollars.