BAKU, Azerbaijan, Nov. 23
By Tamilla Mammadova – Trend:
Tbilisi’s residential property sales marginally down in October, on the back of a decline in old apartment transactions on the one hand and a marginal increase in the share of new apartments as compared to September, Trend reports via the TBC Capital’s report.
According to the report, following the transaction growth in September, Tbilisi residential market posted a decrease in October 2020, possibly linked with the elevated riskiness and virus spread in the country.
"The market featured up to 3,300 residential property transactions (-3.9 percent year-on-year) with over 221 thousand m2 area sold (-3.2 percent year-on-year). Notably, the transaction volume stood on the same level as in the previous month,” underlines the report.
The report also shows that standing at -15 percent year-on-year, the transaction growth rate of old apartments drove the decrease of total transactions in October.
“Notably, the number of new apartment transactions increased by 3 percent year-on-year in the same month,” underlines the report.
According to TBC Capital, the larger share of transactions in Tbilisi comes from new apartments. Compared to September, the proportion of new apartments was up marginally by 0.4 pp in October 2020, standing at 66.1 percent (+4 pp year-on-year) as measured by the number of units, and decreased marginally to 66 percent (+4 pp year-on-year) as measured by the total area of sold apartments.
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