As of the first half of 2017, the average sale of newly built apartments in Tbilisi reached $ 603 per square meter. The price in the reporting period is 3% less compared to the same period last year.
Ramaz Sharabidze, the head of the Colliers International Georgia Research Group, talks about the current trend of the real estate market.
What is the sale tendency currently, compared to the same period of last year?
Residential property market in Georgia is much more developed than sectors. In this regard, the data for 2017 was no exception. As of the first half, there were about 12 353 units of transactions, which is 22% more than the previous year’s data. This is total amount, as for the number of newly built apartments is approximately 6500, which is 44% higher than the previous year.
Which district is the most demanded?
As analytics shows, the Saburtalo remains the most actual area. Approximately 25% of total transactions are done in Saburtalo. The second place is occupied by Didi Dighomi, while the third position is Samgori district.
As for the commercial spaces, we do not have the final data yet, but the preliminary results are slightly reduced prices on high class commercial spaces.
In comparison with the previous year, the average price of newly constructed apartments is 3% less and how do you think caused the decrease?
-In general, in the first half of the year, prices decreases, which balanced in the second half. However, this can be explained by the fact that the large share of newly constructed apartments are mainly in the outskirts, and therefore it reduces the sale price, where it’s lower then central districts.