In 2024, the demand for housing in Tbilisi remained stable, despite numerous obstacles. Apartment sales increased by 1% compared to 2023 and decreased by 6% compared to 2022, the period when the market was booming.
The average price of real estate in the primary market increased in foreign currency over the year by 11.6%, to $ 1,320 per square meter, although the pace of price growth slowed compared to previous years.
The volume of construction (the total residential area of buildings according to permits issued) decreased by 6.7% after a record 2023, although it still remained at a high level.
Rental prices decreased by 9.3% compared to 2023 and by 12% compared to 2022.
In 2025, analysts expect demand to decrease due to political instability in the country. The key factors that may affect the market performance are the projected slowdown in economic growth, depreciation of the lari and a decrease in rental yields.The results of 2024 in the Georgian real estate market and other foreign markets.
SourcesSource: Galt & Taggart
