Sale of apartments in Georgia increases by 12% over year

Apartment sales in Georgia

In February 2023, 3,383 apartments were sold in Tbilisi, which is 19% more than in January and 12% more than in February last year.

According to TBC Capital, the average selling price also rose to $1,136 per square meter. The highest sale price was recorded in the central regions of Mtatsminda and Vake, where the price exceeded $1,800 per square meter.

The leader in the number of apartments sold in February was the “bedroom community” of Didi Digomi, which for the first time since April 2021 was ahead of the Saburtalo area.

In February 2023, compared to the previous year the highest growth in sales of new apartments was recorded; 746 apartments sold this February were new. As for old apartments, there was a 15% increase compared to January.

• How the war in Ukraine affects the real estate market in Georgia
• “If they close the border, there will be only one way left – war.” Stories of refugees from Russia

The Russian-Ukrainian war radically changed the situation on the real estate market in Georgia. CNBC writes that while many economies are suffering from the impact of the Russian invasion of Ukraine, several countries are benefiting from the flow of Russian migrants, Georgia among them.

According to CNBC, Georgia, Armenia and Turkey have seen an economic book owing to Russian migrants.

The arrival of thousands of citizens of Russia and Belarus has also dramatically increased rents — compared to the same period last year, rent has increased by 210% or even higher.

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