Tbilisi Residential Market: Monthly Watch

27 Apr, 2021
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  • Showing signs of recovery, March external inflows as well as imports improved substantially
  • High inflation is already evident, while after a depreciation the GEL maintains relative stability
  • Tbilisi residential real estate prices and rental rates declined only marginally in March as compared to February
  • Transactions increased sharply in March, with a solid growth also observed in the first three weeks of April
  • With the end of the mortgage subsidy program, the share of new apartment transactions decreased in Q1 2021 relative to 2020 year-end
  • Transactions displayed a positive growth rate in most of the suburban districts in Q1 2021, but the sales in the central locations are still below the level of 2019
  • Some improvement visible for Tbilisi Airbnb market, as the proportion of booked properties and the number of booked nights relatively strengthened in March
  • Construction permit issuance slowed down in Tbilisi in Q1 2021; The total residential area approved for building is mostly concentrated in Didi Dighomi
  • 1.07mln Sqm residential area is currently available on the primary market, down from 1.18mln in 2020 year-end
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