ISET

• The lari depreciation caused a substantial decrease in USD prices of real estate. Average rental prices of residential property reached their historical minimum in March 2015.

• Property sellers are trying to compensate for the price decline by offering better, more expensive housing for sale.
• The lari price increase of rental properties has driven demand away from the central districts of Tbilisi to the nearby suburbs.

Some interesting phenomena can be observed on the residential property Tbilisi market in the period March-May 2015. First, average rental prices continued to follow a downward trajectory. In particular, in March average rental rates reached a historical low of 7.92 USD per m2. At the same time, average sale prices declined to 850.3 USD per m2 in March. Download the full report

 

 

Real Estate Prices Index Recent Publications

  • Real Estate Market Highlights, #8 | 2017

    GEO real property market grew by 10.6% in 2017 in comparison with 2016. Annual increase was observed in all quarters, with the highest jump in Q2, 14.2% (QoQ) and 20.0% (YoY). TBS, with 40.7% share in total sales in 2017 dominated the GEO real property market. TBS market was followed by Ajara with 11.6% and Kakheti with 9.9% shares in GEO sales. Ajara experienced the highest annual increase in the sales number (34.1%). With 84.3% share, market growth Read More
  • Real Estate Market Highlights, #7 | July-September 2017

    After hitting an all-time high in JUN-17, the GEO real property market slowed down in JUL-17 (-13.8% MoM), but gradually recovered during the next two months: AUG-17 (+6.5% MoM) and SEP-17 (+3.8% MoM). Despite the slowdown, with a total of 24 848 property sales, the GEO market in Q3 2017 grew by 0.7% compared to the previous quarter, and 5.9% against Q3 2016. 40.1% of all registered transactions took place in the capital. TBS’s share Read More
  • Real Estate Market Highlights, #6 | April-June 2017

    GEO real property market slowed down in APR-17 (-16.2% MoM) and gradually recovered during next 2 months: MAY-17 (+20.8% MoM) and JUN-17 (+6.5% MoM). With a total of 24 673 property sales, GEO market in Q2 2017 grew by 12.7% (YoY). Share of TBS in GEO sales increased to 39.8% in Q2 2017, and TBS remains on the top of GEO real property market. TBS market was followed by Ajara with 13.1% and Kvemo Kartli with 9.7% shares Read More
  • Real Estate Market Highlights, #5|January-March 2017

    With a total of 21 611 property sales, Georgian real estate market in Q1 2017 grew by 6.1% (YoY). 194 new buildings with total area of 301.1 thousand sq.m were completed in Tbilisi during Q1 2017. Mtatsminda with USD 1 061 per sq.m remained the most expensive district of Tbilisi. At USD 720 per sq.m (Average of Q1 2017) Batumi real estate market remained twice as expensive as Kutaisi market at USD 354 per sq.m. Read More
  • Real Estate Market Highlights, #4 | November-December 2016

    In 2016, GEO real property market grew substantially. With a total of 89 120 transactions, the market this year surpassed 2015 by 20.2%. The highest number of sales was registered in AUG-16 & DEC-16, with 8 076 and 8 099 units respectively. In 2016, 604 new residential buildings with total area of 1.2 million sq.m & 161 new commercial buildings with total area of 0.3 million sq.m have been supplied to the real property market. Read More
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