Rent Prices Increased by 77% in Tbilisi
In December 2022, the price of residential real estate for rent in Tbilisi increased by 103% year-on-year, and decreased by 3% compared to the previous month.
As for the price of real estate for sale, the average annual price per square meter in December was 1072 dollars, which is an increase of 28% compared to the corresponding period of 2021. The price of housing for sale increased by 6% compared to the previous month.
In total, 3,983 residential properties were sold in December 2022, which is a decrease of 11% year-on-year, although it is an increase of 3% compared to the previous month.
According to TBC Capital's assessment, an unusually large number of transactions in December 2021 was related to the decision of the National Bank, which set the maximum permissible duration of mortgage loans taken in foreign currency to 10 years instead of 15 years. The announcement of the changes forced citizens to purchase real estate before the regulation came into effect.
According to the organization, the sale of residential real estate in Tbilisi last year increased by 17% on average, and the price of rental housing increased by 77%.