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Number of new apartment transactions down in Georgia's Tbilisi - Colliers International

Business Materials 21 January 2021 17:18
Number of new apartment transactions down in Georgia's Tbilisi - Colliers International

BAKU, Azerbaijan, Jan. 21

By Tamilla Mammadova – Trend:

The number of new apartment transactions was 14 percent lower in 2020 in Georgian Tbilisi than in the same period in 2019, Trend reports referring to the report of Canada-based Colliers International real estate services organization.

As reported, the number of transactions registered on old flats has decreased by 26 percent and accounts for 8,593 units.

The number of transactions of both new and old flats has decreased by 18 percent.

In 2020, the market size of new flats is 20 percent less than the same period in 2019 and accounted for $849 million, while the figure for old flats is 27 percent lower and amounted to $342 million.

In 2020, the number of transactions recorded on medium and premium new apartments is 43 percent and 40 percent less than the previous year. As for the economy segment, the number of transactions has decreased only by 4 percent.

In the second half of 2020, the number of transactions recorded on economy new apartments has increased by 13 percent, when compared to the same period in 2019. while the figure for medium and premium flats has decreased by 28 percent and 46 percent, respectively.

The weighted average selling price of new flats in 2020 is $672 per sq m, reflecting a 5 percent decrease when compared to 2019. As for the old flats, the WAP accounts for $638 per sq m, depicting an insignificant approximately 1 percent decrease.

In 2020, the number of transactions recorded on new apartments has decreased in the majority of districts. A slight decrease is observed in Samgori, Nadzaladevi, and Didube, 2 percent, 1 percent, and 6 percent, respectively. The exception was Gldani, where the number of transactions has increased by 38 percent.

Unlike new apartments, the number of transactions recorded on old apartments has significantly decreased in all districts. In Samgori, Gldani, and Saburtalo the number of transactions of old apartments has declined by 24 percent, 30 percent, and 22 percent, respectively.

In 2020, the weighted average selling price of new apartments has decreased in Saburtalo, Ponichala, and Bagebi, by 10 percent, 9 percent, and 4 percent. The figure for Tskneti, Mtatsminda, Gldani, and Nadzaladevi has increased by 14 percent, 9 percent, 7-7 percent, respectively. It should be noted that the market for new apartments is not active in Ponichala and Tskneti.

In 2020, the weighted average selling price of old apartments has increased the most in Krtsanisi, Tskneti, and Isani, by 14 percent, 13 percent, and 7 percent, respectively. The growth in Krtsanisi and Isani should be related to registered transactions in old town subdistricts, such as Abanotubani and Avlabari. An insignificant decline was observed in Vake, Mtatsminda, Chughureti, and Didube.

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