Most expensive districts in Tbilisi

Most expensive districts in Tbilisi

In Q1 2018, compared to QIV 2017, the real estate market has not changed significantly, however, significant growth (27.2%) was registered compared to last year. Total number of sold property made 27,495 items.

Significant contribution to the increase of the real estate market was again made by activation of Tbilisi real estate market. According to TBC Bank, ISET Research Institute and JumpStart survey, in Q1, annual increase of property sales in Tbilisi made 37.1%, while property sales beyond Tbilisi has increased by 215. With regard to property sales, Q1 proved to be particularly active in Racha-Lechkhumi/Kvemo Svaneti (annual growth speed 105%), Guria (66.9%) and Kakheti (31.7%).

Among the districts of the capital, Vake, Saburtalo and Samgori again dominate the real estate market. In Q1, most property sales was registered in:

Saburtalo – 2924 units

Vake – 1978 units

Samgori – 1286 units

In Q1, 148 new properties with total area of 200.2 thousand m2 were built in Tbilisi. It is notable that compared with the last year, has decreased the number of new property (-23.7%) as well as its area (-33.5%). Decrease is registered in supply of both new property and new commercial real estate.

In Q1 2018, compared to the previous quarter, both the selling and rental price index for residential property increased by 5.1% and 1.4% respectively. Within this period, average selling price for m2 of residential property varied between 860 USD and 906 USD, while average rental price was between 6.7 USD and 7.7 USD.

Mtatsminda still remains the most expensive district of the capital with regard to average selling and rental prices; selling price of residential property is the lowest in Samgori, while the lowest rental price was registered in Gldani.

Average selling price of residential property by districts is as follows:

  • Mtatsminda – 1078 USD (m2
  • Vake – 998 USD (m2
  • Didube – 754 USD (m2
  • Nadzaladevi – 609 USD (m2
  • Gldani – 551 USD (m2
  • Saburtalo – 874 USD (m2)
  • Samgori – 529 USD (m2)
  • Krtsanisi – 831 USD (m2)
  • Isani – 669 USD (m2)
  • Chughureti – 737 USD (m2

After stable decrease over three quarters, in Q1 2018, commercial property selling price index increased by 12.2%, compared to previous quarter. As to the rental price index – it keeps on decreasing. Within the above period, average selling price for 1 m2 of commercial property varies between 1099 USD and 1182 USD, while average rental price is between 8.7 USD and 9.6 USD.

 

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