In comparison to Q4 2019, the GEO real property market contracted by 21.2% in Q1 2020 (from 34,602 units sold in Q4 2019 to 27,273 in Q1 2020) while the annual decrease was observed at 4.3% (YoY) compared to Q1 2019.
Tbilisi dominated the real property market with a 42.8% share in total sales in Q1 2020. The Tbilisi market was followed by Kakheti and Adjara, with a respective 12.6% and 8.8% of GEO sales.
The highest annual increase in Q1 sales (YoY) was observed in Racha-Lechkhumi & Kvemo Svaneti (41.2%). On the other hand, the highest decrease in Q1 sales (YoY) was observed in Guria (-25.9%), Adjara (-22.5%), and Samtskhe-Javakheti (-10.5%). While Tbilisi had an annual decline of 1.9% in real property sales, the market outside the capital shrank by 9.9%.
More than half of GEO sales were registered in the two largest cities: Tbilisi and Batumi