Colliers Georgia published a report revealing that the Tbilisi Residential real estate market started in 2025 with a mild rise in new project transactions and a sharp decline in old flat sales.
Transactions
In January 2025, transactions in new projects rose by just 0.5%, while old flat sales dropped by 29.2% year-on-year. This is the steepest decline since the pandemic in 2012. Overall, residential transactions totaled 2,892 units.
Market size
Despite fewer transactions, the market size grew by 2.9%, reaching $208 million.
Price changes
The weighted average price of old flats saw notable increases:
-
- Wide center: 12.5% increase
- Suburbs: 10.4% increase
- City center: 7.2% increase
Newly-built flats in the suburbs saw an 8.8% increase, and in the city center a 5.8% increase.
For the full year of 2024, real estate activity displayed mild growth. Total transactions were 41,284 units, the market size was $2.8 billion, and old flat prices saw an 13% increase in the suburbs and wide center and a 15% rise in the city center.
While the newly-built segment remains stable, the decline in old flat sales continues, suggesting changing buyer preferences.
