Tbilisi’s residential real estate market is undergoing significant changes in 2024.

In the capital, 3,865 apartments were sold in October 2024, a 14% increase compared to October of the previous year. According to the updated review of the residential real estate market by research organization Colliers Georgia, the market size has increased by 22% to $274 million.

Sales of new apartments increased by 23%, while sales of second-hand apartments decreased by 8%. It is interesting to note that prices in the suburbs increased sharply compared to the center. An 11% increase was recorded in the suburbs of Tbilisi, while in the center they decreased by 1%. In total, the average cost of a 1 sq. m. apartment in Tbilisi is about $1,100 (new and second-hand), and in the case of newly built apartments it is almost $1,300. This trend indicates that there is still high demand in the market, which contributes to the continuation of the upward trend in prices.

In the first 9 months of 2024, more than 14 thousand apartments were sold in the secondary market in Tbilisi - this is reported in the monthly report of the Galt & Taggart Tbilisi Residential Real Estate Report.

In September, 1,803 apartments were sold in the secondary real estate market of Tbilisi, which shows an annual growth of 4.3% and a monthly growth of 13.8%. The report notes that the demand for secondary real estate is gradually recovering. In September, the largest number of apartments, 759, were sold in Didi Dighomi, where the average price per m² is $1,009. The smallest number, 67, was sold in Vashlijvari, where the average price per m² is $950. In the 9 months of 2024, 2,597 objects were put into operation, which is 2,319.7 thousand sq. m of area.

More than half of the facilities put into operation fall on 4 regions of the country, namely, 37.2% fall on Tbilisi, 13.4% on Kakheti, 13.1% on Mtskheta-Mtianeti and 8% on Imereti. The least amount of facilities put into operation, 0.8%, were put into operation in Racha-Lechkhumi and Kvemo Svaneti.