In Nov-24, based on official registrations, real estate transactions in Tbilisi increased by 6.5% y/y, reaching 3,513 units. A real-time survey of developers also indicates a rebound in demand in November, with apartment sales up 12.3% m/m and flat y/y. Additionally, primary market prices in November rose slightly by 0.4% m/m. On the supply side, the area of construction permits increased by 74.3% y/y in November, continuing growth after a decline in June-September period.
According to our latest survey of systematic developers, in Nov-24 the number of apartment sales increased by 12.3% m/m and stayed flat y/y in Tbilisi. The increase was driven by: 1. Pent-up demand after October 2024 elections. 2. The launch of new large-scale developments, with over five major residential projects starting sales since June 2024. 96% of apartments are already sold in the projects finishing by end-2024. For the projects completing in 2025, this figure is 71%. Importantly, the majority of these sales are facilitated through inner instalment schemes offered by developers.
Source: Galt & Taggart
