In Jul-23, the number of apartments sold in Tbilisi reached 3,656 units, showing 4.7% y/y and 7.2% m/m decrease from the high bases of previous periods. Notably, sales were up on a primary market (+13.9% y/y) and down on a secondary market (-13.5% y/y in new projects and -18.8% y/y in old projects), reads the recent publication of Galt & Taggart on Tbilisi Residential Real Estate - July 2023.
Overall, the authors of the report say 'despite slight deceleration of sales, demand on the market remained healthy.'
In Jul-23, annual sales decreased in all of the central districts of Tbilisi (Saburtalo, Vake, Mtatsminda), while suburban districts, Samgori and Didi Dighomi, along with Nadzaladevi posted a strong increase in sales. Other notable features of the market remained consistent, including the prevalence of medium-sized apartments (51-80 m2) and rising attractiveness of midscale/upscale segments.
