Real Estate Market Overview in Tbilisi (Georgia): Results for June 2023
According to the data from June 2023, the real estate market in Tbilisi continues to grow and attract investor attention. In this month, 3643 properties were sold, which is 7% more than the previous year, indicating a gradual increase in demand for real estate in the city.
The average sales price remained almost unchanged at $1,162 per square meter, indicating stability in the Tbilisi real estate market. However, it should be noted that prices have increased by 26% over the year.
Table: Tbilisi Real Estate Market Results for June 2023
|Number of properties with changed ownership||3643 (+7% YoY)|
|Average sale price||$1,162/sq.m (+26% YoY)|
|Rental cost||$12.5/sq.m (+45% YoY)|
Interestingly, the rental cost in June 2023 increased by 45% compared to the same period last year, reaching $12.5 per square meter. This indicates an increase in rental prices and the potential for good income from rental properties in Tbilisi.
📈 Prospects for the Real Estate Market in Tbilisi
The real estate market in Tbilisi is very promising for investments. For the second consecutive year, it has been demonstrating phenomenal growth rates. According to the data from June 2023, the demand for real estate continues to increase, indicating market stability and attractiveness.
One of the reasons for the rise in real estate prices is the limited supply and high demand in the market. This creates competition among buyers and leads to price increases. Additionally, real estate in Tbilisi can offer high potential for rental income, which attracts investors.
💡 Tips for Investors
For those planning to invest in the Tbilisi real estate market, it is important to consider a few key points:
- Research the market: Before investing, it is recommended to conduct research on the real estate market in Tbilisi. Determine the demand for specific areas, property types, and price segments.
- Consider rental opportunities: Given the increasing rental prices, consider the possibility of generating income from rental properties. Identify the target audience and potential profitability.
- Check the legal situation: Before purchasing real estate, make sure to check the legal situation and the availability of all necessary documents. Consult with a professional lawyer to avoid potential issues in the future.
The real estate market in Tbilisi continues to grow and attract investor attention. June 2023 showed an increase in demand for real estate, stable sales prices, and high rental costs. This makes the Tbilisi market very promising for investments. However, before making investments, it is advisable to conduct market research, consider rental opportunities, and verify the legal situation.