New buildings in Georgia become almost 55% more expensive

The cost of apartments in new buildings in Tbilisi, as well as demand, continue to rise.

According to Sakstat, new housing in Georgia's capital is expected to become 9.8% more expensive in 2024. Meanwhile Colliers Georgia reports that price growth has already exceeded 11%.

"In new buildings in the capital of Georgia last year, the average weighted price of apartments increased by 11.7% in residential areas, and in the center and near the center, growth of 4.6% and 3.5%, respectively, was recorded",

the company message reads.

Since 2020, prices for new real estate in Tbilisi have soared by 54.3%.

Housing on the secondary market is also becoming more expensive, with prices in the city center rising by 15%, and by 13% in residential areas.

Despite the rise in prices, demand is also growing. In the past year, 41,300 apartments were sold in Tbilisi, which is 2% more than in the previous year. The growth is driven by the demand for new housing, while sales on the secondary real estate market fell by 13%.