BAKU, Azerbaijan, Sept.14
By Tamilla Mammadova – Trend:
In August 2020, 2,387 residential property sales transactions (-17.4 percent year-on-year) with a total of 158,307 Sqm area (-19.3 percent year-on-year) were registered in Georgian Tbilisi, Trend reports with reference to TBC Research Group at Georgian TBC Bank.
The transaction growth rate of old apartments decreased in August to -25 percent year-on-year, down from -11 percent in July, whereas the growth rate for new apartments rose to -12 percent in August, up from -22 percent in July.
Sales are down in all districts as of 8M2020, with the sharpest declines of sold units observed in Chughureti (-47 percent year-on-year), Saburtalo (-44 percent year-on-year), and Krtsanisi (-41 percent year-on-year).
Gldani and Samgori were relatively resilient. In these districts, the number of transactions decreased by 21 percent year-on-year and by 24 percent year-on-year, respectively. In absolute, Saburtalo and Didi Dighomi still lead the sales. Together, the two districts account for over a third of the residential space sold in Tbilisi.
Chughureti, Mtatsminda, and Krtsanisi are the least active districts, with 24,000, 29,000, and 31,000 Sqm residential area sold in 8M2020, respectively.
Homebuyers of the Tbilisi residential market mostly go for small and medium-size apartments. In August, purchased residential space averaged at 66 Sqm in the capital.
Homebuyers purchased smaller apartments in the suburban districts as opposed to the central ones, where demand leaned more towards larger units. In the July-August period, new properties with larger than 100 Sqm area accounted for 36 percent of sales in Vake and 29 percent in Mtatsminda.
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