• The rental price index registered the sharpest annual decline in November 2014.
• Average rental and sale prices in Tbilisi continue to follow their long run trends.
• Average rental prices in Gldani-Nadzaladevi and Isani-Samgori have converged for two consecutive months.
The November rental price index registered the sharpest annual decline (-8.8%) since the data collection started in March 2013. The good news is that nothing unusual happened on the rental market in Tbilisi during this time. The rental prices were simply coming off the unusual peak experienced in October-November 2013. Meanwhile, the average rental prices followed their long run trend, declining slightly to 8.56 USD per m2. As for sale prices, the index increased by 0.3% in annual terms and average market prices increased slightly above their long run trend, reaching 933.8 USD per m2 (see Chart 1).