In the second quarter of 2023, the Residential Property Price Index (RPPI) in Georgia increased by 3.0 percent compared to the previous quarter, while the annual increase amounted to 13.1%, the Georgian National Statistics Service (GeoStat) reported.
Compared to the 2020 average, the index change amounted to 28.8%. The RPPI covers the market of new residential property in Tbilisi, both the flats and detached houses segments.
In the second quarter of 2023, a price increase, compared to the previous quarter, was registered both in flats (3.4%) and detached houses (1.6%) segments.
Compared to the second quarter of 2022, the prices increased in both segments, for flats by 10.6% and for detached houses by 16.2%.
In Tbilisi, residential property prices rose the highest in Mtatsminda, Vake, Krtsanisi, and Saburtalo.