Tbilisi Residential Market: Monthly Watch

21 May, 2021
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  • The economy seems to have reached a turning point with growth of real GDP at 4.0% in March 2021; dynamics of foreign trade and remittances look even more promising for April
  • Average price of Tbilisi residential properties displayed a  -2.1% MoM decrease in April, while rental rates declined to a lesser extent, thus increasing the average rental yield
  • The transaction activity remained high in April, with growth rate staying solid for new apartments but slowing down for older units
  • Share of new properties broadly unchanged compared to Q1 2021, accounting  for 67% of total transactions
  • Sales have been improving in all districts, but still remain lower than 2019 level in the central locations
  • The rental yield improved marginally, posting an increase for the first time since the beginning of pandemic, attributable to the price adjustment in April
  • Number of nights booked on Tbilisi Airbnb market almost doubled in April as compared to March, with the proportion of booked properties also strengthening for two months in a row
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