ISET

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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.

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After a decline in January 2021 compared to December 2020, the Tbilisi Residential Sales Price Index (SPI) showed an upward trend in Q1 2021, increasing from 110.7 index points in January 2021 to 113.5 index points in March 2021 (the index is equal to 100 in the base period, January 2019). Nevertheless, compared to the first quarter of 2020, SPI showed a decline in Q1 2021, with the largest drop of 2.4% (YoY) occurring in February 2021.

Unlike the SPI, the Rent Price Index (RPI) was characterized by a consistent downward trend throughout Q1 2021, declining from 78.2 index points in January 2021 to 77.2 index points in March 2021. Similar to SPI, compared to the previous year RPI presented a decrease in every month of the first quarter, with the greatest decline in February 2021: 17.7% (YoY).

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The Tbilisi Residential Sales Price Index (SPI) showed no significant fluctuations from the beginning of 2020; varying between 113 and 114 index points (the index equals 100 in the base period, January 2019). However, the COVID-19 pandemic and consequent economic effect of the lockdown hit the real estate market, resulting in significant deterioration of the SPI, which decreased by 4.1% (MoM) from April to May and a further 2.7% (MoM) from May to June. For the remainder of the year, the SPI presented an upward trend, reaching a peak in December 2020 of 114.6 index points. It is worth noting that the trend did not continue into 2021, with the SPI settling at 110.7 index points in January.

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