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).

During Q1 2021, the Average Sales Price (ASP) in Tbilisi increased from 942 USD per m2 in January 2021 to 949 USD in March 2021 (monthly average). As for the Average Rental Price (ARP), it decreased moderately from 5.9 USD per m2 in January to 5.8 USD in March (monthly average).

In Q1 2021 on average the most expensive districts by ASP were Mtatsminda-Sololaki (1,402 USD), Vera (1,215 USD), and Vake-Bagebi (1,159 USD), while the cheapest district was Lilo at 419 USD per m2. By ARP, the most expensive districts in Q1 2021 on average were Tsavkisi-Shindisi-Tabakhmela (8.8 USD), Mtatsminda-Sololaki (7.7 USD), and Kiketi-Kojori (7.0 USD).

Learn more about the real estate market from our Real Estate Market Laboratory report, jointly produced with TBC Bank.