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Residential

1.
Apartment Transactions in Tbilisi by weeks, 2021, 2020, 2019
2019
Before crisis
Recovery
2021

2.

Updated: September 14, 2021

In August 2021, 2,902 transactions were registered in Tbilisi, that is 7% higher than the same period in 2019. As for the market size, the figure stands at USD 132 million, reflecting a 12% increase compared to 2019. In contrast with July 2020, the number of transactions and the market size has been increased by 24% and 37%, respectively.

Transactions Distribution of New Apartments by Segments in Tbilisi, July 2021 vs. 2020 vs. 2019
Transactions
Market Size

3.

Updated: September 14, 2021

In August 2021, 1,862 transactions were registered in new projects, that is 7% higher than the same period in 2019. While the number of transactions registered on old flats has increased by 8% compared to 2019.

Apartment Transactions Distribution by Types in Tbilisi, August 2021 vs. 2020 vs. 2019
New Flats
Old Flats

4.

Updated: September 14, 2021

In August 2021, the market size of new flats has increased by 15% when compared to August 2019. As for the old flats, the figure stands at USD 41 million, increasing by 6%.

Apartment Transactions Market Size by Types in Tbilisi (USD, million), August 2021 vs. 2020 vs. 2019
New Flats
Old Flats

5.

Updated: September 14, 2021

In August 2021, the number of transactions recorded on economy new apartments saw 3% increase compared to 2019. As for the medium segment the number of transactions has increased by 22%. It should be noted that as of 8 months of 2021, the medium segment has recovered by 77%. The figure for premium segment has increased by 3% when compared to 2019.

Transactions Distribution of New Apartments by Segments in Tbilisi, August 2021 vs. 2020 vs. 2019
August-19
August-20
August-21

6.

Updated: July 21, 2021

In the first half (H1) of 2021, 16,383 transactions were registered in Tbilisi, that is 54% and 3% higher than the same period in 2020 and in 2019. As for the market size, the figure stands at USD 738 million, reflecting a -0.2% decrease compared to 2019.

Apartment Transactions in Tbilisi, H1 2021 vs. H1 2020 vs. H1 2019

7.

Updated: July 21, 2021

Even though the number of transactions increased by 3% when compared to H1 2019, the market size reflected a slight 0.2% decrease, and the figure stands at USD 738 million. In contrast with H1 2020, the figure rose by 54%, which can be attributed to the strict lockdown in mentioned period.

Market Size of Residential Apartments in Tbilisi (USD, mln) , H1 2021 vs. H1 2020 vs. H1 2019


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Expectations and opportunities

Stability of the banking sector and the uninterrupted financing of real estate projects are among the main factors in maintaining the residential property market.
Developers might consider making changes to installment schedules in order to maintain cash flow from existing contracts. It is also unlikely that an aggressive price drop by developers will result in an increase on the market in total.
In line with adapting to a distancing culture, demand for single-family houses is expected to increase. Demand for land plots suitable for single-family house development near Tbilisi, and in other regions of Georgia, is also expected to increase.