Real estate prices in Georgia increase by 10.7%

Real estate prices in Georgia

According to the National Statistical Service of Georgia, real estate prices have increased by 10.7% over the past year, with apartments in the Mtatsminda and Vake districts of Tbilisi being the most expensive.

In the third quarter of 2022, compared to the previous quarter, the residential property price index (RPPI) increased by 3.2%, and compared to the average of 2020 the index increased by 17.5%.

The coverage of the index is limited to Tbilisi and includes the new residential real estate market, both multi-apartment and private houses.

The most expensive apartments in the capital are in the districts of Mtatsminda, Vake and Saburtalo, and the cheapest in Samgori and Gldani.

Real estate prices jumped after many Russian citizens decided to move to Georgia after the Russian invasion of Ukraine in February this year.

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According to Interior Ministry statistics, 511% more Russians entered Georgia this year than last year. According to official data, in September 2022, 222,274 Russian citizens crossed the Russian-Georgian border. The ministry does not indicate how many of them have left Georgia for third countries.

A series of protests took place in Georgia demanding the introduction of a visa policy for Russians. The Georgian government has repeatedly stated that they do not support the introduction of a visa policy and consider this step “irrational.”