“In October 2023, the number of residential apartment transactions in Tbilisi amounted to 3,387 units and decreased by 20% compared to October of the previous year,” - the Colliers study said.
According to their own reports, the size of the market has decreased by 10% to 216 million US dollars.
"In October 2023, a 19% decrease in transactions in new projects in Tbilisi is recorded. In the previous projects, compared to October 2022, the rate decreased by 22%.
In the January-October period of 2023, the weighted average price of newly built apartments in Tbilisi increased by 17% in the suburbs compared to the same period in 2022, and in the wider center and the city center, a 13%-15%-increase was recorded.
In the period of January-October 2023, the weighted average price of old apartments in Tbilisi increased by 24% in the suburbs compared to the same period in 2022, and in the wider center and the city center, a 17%-16%-increase was recorded," - the study said.
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