BAKU, Azerbaijan, April 26
By Tamilla Mammadova – Trend:
The Residential Property Price Index (RPPI) in Georgia increased by 2 percent in 1Q2021 compared to the previous quarter, while the annual increase amounted to 13.6 percent, Trend reports referring to National Statistics Office (Geostat).
The RPPI covers the market of new residential property in Tbilisi, both flats, and detached houses segments.
Compared to 2020, average the index change amounted to 9.4 percent.
In the first quarter of 2021 compared to the previous quarter the price increase was registered in the flats segment (1.8 percent). In the same period, the prices increased also for detached houses (2.6 percent).
Compared to the first quarter of 2020 there was a notable price increase for detached houses (18.3 percent). With regard to flats, prices increased by 12 percent.
Meanwhile, Geostat started the publication of a new indicator - The Residential Property Price Index. The main users of this indicator will be the National Bank of Georgia and private developers. This indicator is also used for the purposes of national accounts and will help to develop the real estate market, as well as to assess possible risks in this sector.
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