Residential Property Prices Up 8.5% in Georgia

27 Jan, 2022

Photo: Geostat [edited]

According to the National Statistics Office (Geostat), in the 4th quarter of 2021, the Residential Property Price Index (RPPI) in Georgia increased by 2.1% compared to the previous quarter, while the annual increase amounted to 1.2%. As the National Statistics Office reports, compared to the 2020 average, the residential property prices increased by 8.5%.

It should be noted that Geostats' RPPI data covers the market of new residential property in Tbilisi. According to Geostat, the price increase is observed in both flats and detached houses segments of capital.

Photo: Geostat

In the 4th quarter of 2021, if we consider the median prices of 1m² in the newly-built residential property, the most expensive flats are in the following Tbilisi districts: Mtatsminda (GEL 3,930), Vake (GEL 3,540), and Saburtalo (GEL 3,160), while the cheapest in: Isani (GEL 2,540), Gldani (GEL 2,500) and Samgori (GEL 2,370).

In terms of prices for detached houses, the most expensive districts are Mtatsminda (GEL 3,240), Vake (GEL 3,155), and Saburtalo (GEL 2,740), while the cheapest ones: Samgori (GEL 2,065), Nadzaladevi (GEL 1,870), and Gldani (GEL 1,690).

In addition, as Geostat reports, since the 1st quarter of 2020, flat prices shows increase according to their condition (frame): from GEL 2,858 to GEL 2,950 for green frame, from GEL 2,226 to GEL 2,600 for white frame, and from GEL 1,741 to GEL 2,210 for black frame.