Home sales in the Georgian capital decreased by 7.7% compared to August last year, and by 16.8% compared to August 2022, when the market was booming.
Weakened demand is also affecting supply. Over the past three months, the volume of construction permits issued has sharply decreased by 42% year-on-year.
Prices for apartments and houses have risen by 10% compared to August last year and by 33% compared to August 2022, to an average of $ 1,301 per sq. m. Developers are in no hurry to launch new projects, expecting that demand will significantly improve.
It is noteworthy that in August, the share of Israeli citizens among buyers increased significantly: from 5 to 11%, compensating for the decrease in sales to Russians: their share decreased from 9 to 2%. The share of purchases by Georgian citizens remained at the same level of 78%.
In August, the most purchase and sale transactions were made in the following districts: Didi-Digomi, Saburtalo, Samgori, Didube and Gldani.
Source: Galt & Taggart
