• 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, #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
  • Real Estate Market Highlights, #3 | October 2016

    Tbilisi real property market slowed down, but with 3 199 market transactions recorded in October 2016, it remains much more active as compared to October 2015. During the last 10 months (January-October, 2016) 605 new buildings with total area of 1 202 828 sq.m have been supplied to the real property market. This represents 53.6% and 74.2% growth, respectively, over the same period last year. Sales Price Index and Rental Price Index for residential properties Read More
  • Real Estate Market Highlights, #2|July-September 2016

    Tbilisi real property market continues to grow steadily. Total sales grew to 3331 units in September 2016 to hit a new monthly record. Market rose also in July 2016 followed by slight decrease in August 2016. Sales Price Index and Real Price Index for residential property have been increasing during July-September 2016. While Average Sales Price continued to trend downward, Average Rental Price recovered slightly in September 2016 after two months of continuous decline. Sales Read More
  • Real Estate Market Dynamics

    Average Sale Price (ASP) for residential properties has fallen consistently over last 3 months, to its current level of USD 836 [GEL 1829]. ASP rose to a year-high of USD 900 [GEL 2159] in December 2015 and fell to a year-low of USD 836 [GEL 1940] in August 2015 and June 2016. Appreciation of GEL since February 2016 exerted downward pressure on prices expressed in local currency decreasing at faster rates compared to prices in Read More
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