The real estate market in the capital of Georgia, Tbilisi is one of the critical factors why investors are interested in the destination. However, the question might arise: Is the real estate market in Tbilisi growing? What are the predictions?
In Tbilisi, in the last 9 months of 2022, 31,023 residential apartments were sold. We read about this in the updated review of Tbilisi real estate by Colliers Georgia.
It is noted that the transactions of residential apartments increased by 21% compared to the same period of the previous year, and the size of the market increased by 35% to 1.5 billion dollars.
According to the review, in January-September, the demand for newly built medium-segment
apartments in Tbilisi doubled, while the rate in the premium segment increased by 137%. As for the
economy segment, the number of transactions increased by only 5%.
In January-September 2022, transactions in new projects in Tbilisi increased by 24%, mainly due to a significant increase in demand in the medium and premium segments. In old projects, the rate increased by 16%.
In addition, it is noted that during this period, the weighted average selling price of newly built apartments in the center of Tbilisi and the more comprehensive center increased by 11%, and in the suburbs by 9%. In the case of older apartments, the weighted average selling price in the suburbs increased by 8%, and in the city center and more comprehensive center by 7%.
Also presented is a monthly review of residential apartments in Tbilisi, in which it is noted that 3,831 apartments were sold in Tbilisi in September, which is 27% more than in September of the previous year. The size of the market increased by 42% to 196 million dollars.
On a monthly basis, a 29% increase in transactions in new projects was recorded in September 2022, which is mainly due to a doubling of demand in the medium and premium segments. In old projects, the rate has increased by 22%.
According to apartment types, in September, the demand for newly built medium-segment apartments in Tbilisi doubled, while the rate in the premium segment increased by 167%. As for the economy segment, the number of transactions increased by only 5%.
The weighted average sale price of newly built apartments increased by 16% in the city center and 15% in the wider center. As for the suburbs, an 11% increase was recorded. The weighted average sale price of older apartments increased by 10% in the suburbs, while the city center and the more comprehensive center saw a 9% increase.