"In July 2024, the activity on the Tbilisi real estate market increased significantly and the number of sold apartments amounted to 3,435, which is 3% higher than the figure of July 2023 and 18% more than the figure of June 2024," - TBC Capital reports. 

According to the document, the total price of apartments sold in Tbilisi during the last month was $268 million. However, the trend changed in July and an increase in sales was recorded.

"After a consecutive decline in the number of transactions over the past two months, the number of apartments sold in the month of July reached the highest level in the current period of 2024. This increase is likely to be due to delayed demand in the previous months. In July, the selling price was equal to $1,207, which represents a 3.3%-increase year-over-year and 2.5% - month-over-month. The market volume in July amounted to $268 million and increased by 5% year-on-year.

The rental price continued to decrease in July and equaled $11.5, which is 0.8% lower than last month, and 9.1% lower than July 2023.

In the same period, residential real estate sales in Tbilisi amounted to 10.1%, which is 1.2 percentage points less than in July last year.

During the first 7 months of 2024, permission was issued for the construction of 787 thousand square meters of residential area, which is 2% lower than the same period of the previous year," - the review published by TBC Capital reads.