Prices of old apartments decline in Georgia

Business Materials 23 November 2020 16:35 (UTC +04:00)
Prices of old apartments decline in Georgia

BAKU, Azerbaijan, Nov. 23

By Tamilla Mammadova – Trend:

The prices of old apartments declined by 1.2 percent year-on-year to $625/m2, down by 3 percent month-on-month, Trend reports via the TBC Capital.

The price in lari terms posted 7.4 percent annual growth, down by 2.5 percent compared to the previous month.

The sales prices are mostly displaying a tendency for year-on-year decline for old apartments in most of the districts in October 2020, while the prices remained resilient in more districts for new apartments.

As for the rental prices, TBC Capital here reports that monthly rental asking prices continued to decline in October, averaging $4.8 per m2 for Tbilisi, down by 2 percent month-on-month.

Compared to January 2020, monthly rental asking prices are down 21 percent in Tbilisi. The decrease is observed for every district, the sharpest in Samgori (-28 percent), Chughureti (-28 percent), Saburtalo (-25 percent), and Gldani (-23 percent).

In addition, according to the National Bank of Georgia, the rental yield in Tbilisi stood at 7.4 percent in September, down from 7.6 percent in the previous month, falling even lower compared to its long-term trend (8.3 percent).


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