Real Estate Market Highlights, #20 | Apr-Jun 2021
23 August 2021

The Residential Sales Price Index (SPI) for Tbilisi increased moderately in April and May of 2021, however it decreased slightly in June and amounted to 114.4 index points (equaling 100 in the base period of January 2019). Compared to the second quarter of 2020, the SPI showed an increase in Q2 2021 – with the largest change of 7.9% (YoY) in June 2021.

Consistent downward trends in the Rent Price Index (RPI) in 2021 reversed in May when the index rose to 78.5 index points. Although the RPI decreased slightly in June 2021, falling to 77.8. Compared to the previous year, the RPI, unlike the SPI, showed lower levels in every month of the second quarter; with the greatest decline (14.9% YoY) found in April 2021.

During Q2 2021, the Average Sales Price (ASP) in Tbilisi decreased from 934 USD per m2 in April 2021 to 922 USD in June 2021 (monthly average). Whereas the Average Rental Price (ARP) increased slightly in May 2021 and remained at 5.8 USD per m2 by the end of the quarter (monthly average).

In Q2 2021, on average, the most expensive districts by ASP were Mtatsminda-Sololaki (1,410 USD), Vera (1,216 USD), and Vake-Bagebi (1,176 USD), while the cheapest district was Lilo at 423 USD per m2. By ARP, the most expensive districts in Q2 2021, on average, were Kiketi-Kojori (9.1 USD), Tsavkisi, Shindisi, Tabakhmela (8.0 USD), and Mtatsminda-Sololaki (7.5 USD).