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Colliers International: Georgia's Tbilisi real estate market plummets

Business Materials 15 July 2020 15:22
Colliers International: Georgia's Tbilisi real estate market plummets

BAKU, Azerbaijan, July 15

By Tamilla Mammadova – Trend:

Georgia's Tbilisi real estate market has sharply declined during the pandemic, Trend reports referring to the report of Canada-based Colliers International real estate services organization.

The total value of apartments sold in Tbilisi in April-June amounted to $141 million, which is 66 percent or $272 million less comparing to the same period of 2019.

The sharpest decline was noted in April, when the country imposed the strictest restrictions due to the state of emergency. During this month, a total of 203 apartments were sold in Tbilisi with a total volume of $ 10 million.

"In May, apartment sales recovered and the Public Registry recorded the sale of 841 apartments with a total value of $38 million; however, the figure reduced by 74 percent year-on-year," the report said.

In June 2020, 2,117 residential transactions were registered in Tbilisi, which is about a 2.5-time increase compared to the previous month. Compared to May 2019, the number of transactions decreased by 31 percent, while the market value by 37 percent.

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