Tbilisi, the largest contributor of residential supply in Georgia, completed about 200 development projects in 2017, comprising 11,160 residential flats in total. According to market research prepared by the global real estate service company’s local representation Colliers International Georgia together with Enterprise Georgia, in the last decades, this is a record number of completions on the residential market.
In 2017, the number of residential transactions rose dramatically to a record 28,000 units, reflecting a 21% increase over 2016.
The selling price of newly-built residential flats in Tbilisi varies from USD 400 to USD 3,000 per sq m. When compared to the same time frame in 2016, in 2017 the average selling price of premium, newly-built flats increased by 12% to USD 1,621 per sq m, while medium and low segment units decreased by 4% and 3%, equaling to USD 947 and USD 549 per sq m, respectively. Insignificant selling price changes were recorded on older flats; the prices increased in medium segment and decreased in low segment both by 1%, accounting to USD 934 and USD 541 per sq m, respectively. The premium segment remained unchanged at USD 1,324 per sq m.
Currently, there are 525 residential projects under development in Tbilisi. These projects will expand the capital’s residential supply by a total of 33,385 flats and 3.12 million square meters.