Subsidization Program Grows New Apartments Market in Tbilisi by 13%
In 2020, the number of residential project transactions in Tbilisi and Batumi declined. According to Colliers International Georgia, in 2020, in Tbilisi, the number of transactions on new and old projects shrank by 18%.
As a result of the subsidization program, in the second half of 2020, as compared to the same period of 2019, the new apartments market increased by 13%. In Tbilisi, the average weighted price of new apartments increased by 9% in Mtatsminda, while in Gldani and Nadzaladevi prices increased by 7%.
“Growing prices on old apartments in Krtsanisi and Isani may be related to such expensive and old areas as Abanotubani and Avlabari”, the company report reads. As for Batumi, transactions on new and old residential projects declined by 29%. In the same period, the average weighted price of new apartments declined by 6%.