Property Prices Increased by 12.2% Compared to Previous Year in Tbilisi
TBC Capital has published a monthly survey of the Tbilisi property market. The report analyzes the trends of market growth and decline and these data are compared with the previous year. According to the report, the overall background has improved dramatically and the Tbilisi property market is in the process of growing.
For example, in July of this year, residential property prices increased by 12.2% compared to the previous year. Compared to 2019, this figure is 2.7% higher.
A similar trend is not observed in rental rates. It is true that the Covid effect is slowly losing its impact on the industry, but rental property prices have fallen by at least 2.7% compared to the previous year, and by 14.1% compared to the pre-pandemic mark.
It is likely that this trend is due to reduced demand for rental apartments. This, in turn, is linked to the effects of the pandemic and the cessation of international tourism. Consequently, in addition to the easing of restrictions and the resumption of international flights, price increases in the rental sector are also expected.