TBC Capital released a report on Tbilisi Residential Real Estate. According to the document, the real estate market saw a significant increase in activity in February 2023 when compared to the previous month, with the number of transactions increasing by 19% from January 2023. In total, 3,383 apartments were sold in February, a 12% increase over the same month last year.
According to the report, the asking sale price continued to rise in February, with the average price reaching USD 1,136. This represents a 3% increase over the previous month and a significant 30% increase over the same period last year. As a result, the market size increased by 48% year on year and 24% month on month to USD 261 million.
In February, the average asking rent reached a new high of $13.1. This represents a 125% increase over the same period the previous year, as well as a 5.1% increase month on month.
“According to our updated projections, both sale and rent prices in USD will increase significantly in 2023, with a YoY increase of 21% and 53%, respectively. The low base effect in the first half of 2022 is primarily responsible for this level of growth. The sale price is expected to outperform the December 2022 figure by 7.1% by December 2023, while the rent price is expected to rise by 10.4% “, – reads the document.
Source: TBC Capital
