According to the 1st quarter index of residential real estate prices in Georgia, published today by the National Statistics Office of Georgia (GEOSTAT), RPPI coverage is only limited to the city of Tbilisi and includes only the new residential real estate market, both multi-storey houses (apartments) and private houses segments.
As these data shows, in the first quarter of 2023, compared to the previous quarter, prices in the apartment segment increased by 2.4%. In the same period, the private house price index decreased by 3.5%.
Compared to the first quarter of 2022, price growth was observed in both segments - for apartments by 9.3%, and for private houses by 11.6%.
In the first quarter of 2023, the median sales price of 1m2 space in the segment of newly built (completed) dwellings was GEL 3,284 for green frame apartments, GEL 2,821 for white frame apartments, and GEL 2,474 for black frame apartments.