The boom in the real estate market in Tbilisi: housing prices are growing exponentially
The average price per square meter of black frame in new buildings in Tbilisi in the third quarter of 2023 reached GEL 2,809, a harbinger of a new stage of recovery in the sector. The annual price index for new housing increased by 15.6%, comparing with the second quarter of 2023, and prices even in a short period of time increased by 5.5%.
The National Statistics Service of Georgia "Sakstat" confirms impressive figures, reflecting the dynamics of housing prices and covering both new buildings and real estate under construction in the capital. The price index for new housing in the third quarter of 2023, compared with the annual average of 2020, increased by an impressive 39.5%.
Experts point to a steady increase in prices, especially noticeable in the second and third quarters of this year. In a short period of time, prices for new apartments increased by 5.2%, and in comparison with the third quarter of 2022 — by 15.7%. All this highlights the activity and dynamic development of the real estate market in Tbilisi, creating new challenges and opportunities for investors and consumers.
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