Tbilisi real property market slowed down, but with 3 199 market transactions recorded in October 2016, it remains much more active as compared to October 2015.
During the last 10 months (January-October, 2016) 605 new buildings with total area of 1 202 828 sq.m have been supplied to the real property market. This represents 53.6% and 74.2% growth, respectively, over the same period last year.
Share of TBS in GEO sales has also declined marginally to reach 41.9% in October 2016. Nevertheless, TBS still remains the busiest market for real estate transactions, while Saburtalo leads Vake in the number of sales for the second time this year.
For October 2016 TOP 3 districts by sales in TBS were:
- Vake (559 units, 17.5%)
- Saburtalo (675 units, 21.1%)
- Samgori (352 units, 11.0%)
Sales Price Index and Rental Price Index for residential properties remained relatively stable, while Average Sales Price displayed signs of recovery slightly surpassing Average Sales Price in October 2015. Average Rental Price continues its revival after slowdown of August 2016.
Learn more about real estate market at Real Estate Laboratory report, jointly produced with TBC Bank.