In September, sale prices for residential properties in Tbilisi declined significantly compared to the previous year (-8.6 %). In terms of area, Old Tbilisi continues to lead the price index, at 1,143 USD per m2 in September.
Starting in June, sale prices for residential property began to drop and stayed below the long-term trend. Rental prices have also declined in annual terms (-2.4%, compared to September 2013). The rental decline is not surprising and is due mostly to the pronounced seasonal pattern in Tbilisi rental market prices. Typically rents slump in the summer as students start leaving the city and increase in September when students come back for the new academic year.