Rise in Real Estate: Comparative Analysis of Prices by District

In the second quarter of 2023, the Residential Property Price Index (RPPI) saw a 3.0 percent surge compared to the previous quarter. On a yearly basis, the index ascended by 13.1 percent, indicating an overall rise of 28.8 percent since 2020, according to data released by Geostat.

The RPPI analysis is confined to Tbilisi and encompasses only the new residential real estate market, including multi-storey residential buildings (apartments) and private homes.

In the second quarter of 2023, both residential apartments and private homes witnessed an uptick in prices compared to the previous quarter, recording growth of 3.4 percent and 1.6 percent, respectively. When compared to the second quarter of 2022, prices for apartments climbed by 10.6 percent, and private houses saw an increase of 16.2 percent.

Breaking it down by districts in the second quarter of 2023, the median price per square meter in the apartment segment was as follows:

Mtatsminda – 5,167 GEL; Vake – 4,404 GEL; Krtsanisi – 3,417 GEL; Saburtalo – 3,397 GEL; Chugureti – 3,284 GEL; Didube – 3,131 GEL; Isani – 2,917 GEL; Gldani – 2,891 GEL; Samgori – 2,718 GEL.

Meanwhile, in the private homes segment, the cost per square meter was:

Mtatsminda – 3,776 GEL; Vake – 3,647 GEL; Saburtalo – 2,811 GEL; Didube – 2,628 GEL; Chugureti – 2,622 GEL; Isani – 2,287 GEL; Krtsanisi – 2,272 GEL; Varketili – 2,170 GEL; Samgori – 2,123 GEL; Gldani – 1,955 GEL.