Tbilisi sees minor price drop in residential properties amid yearly increases

15:40, 23.10.2024

In the third quarter of 2024 the Residential Property Price Index (RPPI) in Georgia decreased by 0.9 percent compared to the previous quarter, while the annual increase amounted to 8.0 percent, the National Statistics Service (GeoStat) reported.

Compared to the 2020 average, the index change amounted to 46.7 percent.

The RPPI covers the market of new residential property in Tbilisi, both flats and detached houses segments. In the third quarter of 2024 a price decrease compared to the previous quarter was registered both in flats (-1.1 percent) and detached houses (-0.2 percent) segments. Compared to the third quarter of 2023, the prices increased in both segments, for flats by 7.5 percent and for detached houses by 9.7 percent.

By - Tamar Tabatadze

Economics

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