In comparison to Q1 2020, the GEO real property market contracted significantly by 45.5% in Q2 2020 (from 27,273 units sold in Q1 2020 to 14,855 in Q2 2020) while the annual decrease was observed at 53.6% (YoY) compared to Q2 2019.
Tbilisi dominated the real property market with a 36.2% share in total sales in Q2 2020. The Tbilisi market was followed by Kakheti and Kvemo Kartli, with a respective 12.9% and 8.9% of GEO sales.
The highest annual decrease in Q2 sales (YoY) was observed in Adjara (-67.5%), followed by Tbilisi City (-62.6%), Samtskhe-Javakheti (-55.3%) and Imereti (-52.0%) regions. In total, the market outside the capital shrank by 46.3%.
More than half of GEO sales were registered in the two largest cities: Tbilisi and Batumi.