Galt & Taggart reported recent insights into the Tbilisi real estate market, revealing growth in November 2024.
Detailed breakdown is as follows:
- Foreign Buyers: the share of Russian buyers dropped from 7% to 2% while Israeli buyer share rose from 4% to 12%.
- Sales Growth: Transactions increased by 6.5% year-on-year while apartment sales rose 12.3% month-on-month.
- Prices and Supply: Prices neared 0.4% m/m with $1,312/m²; construction permits increased by 74.3% y/y.
- Primary contributors:
- Post-election decrease of demand.
- Launch of large-scale residential projects.
Overall, sales are prominent, with 96% and 71% of units already sold in 2024 and 2025, respectively.
