The residential property price index reflects price dynamics and covers new buildings and real estate under construction in the capital of Georgia.

The annual price index for new housing in the second quarter of 2022 in Tbilisi increased by 4.5%, while, compared to the first quarter of the same year, prices increased by 0.7%, according to the National Statistics Office of Georgia "GEOSTAT".

Compared with the annual average of 2020, the price index for new housing in the first quarter increased by 13.9%.

The current exchange rate of the lari to the dollar is 2.79 GEL/$1.

According to "GEOSTAT", prices for newly built apartments in Tbilisi in the second quarter of 2022, compared to the first quarter of the same year, increased by 0.7%, and compared to prices for the second quarter of 2021 - by 8.2 %.

Prices for apartments in new buildings in Tbilisi

District
The average cost per square meter in lari
Mtatsminda
4 339
Vake
3 845
Krtsanisi
2 937
Saburtalo
2 927
Chugureti
2 856
Didube
2 814
Nadzaladevi
2 740
Isani
2 580
Gldani
2 558
Samgori
2 451
Prices for new houses in Tbilisi in the second quarter of 2022, compared to the first quarter of the same year, fell by 2.4%, and compared to the second quarter of 2021, they decreased by 3.5%.

Prices for new houses in Tbilisi

District
The average cost per square meter in lari

Mtatsminda
3 215
Vake
3 113
Didube
2 072
Saburtalo
2 506
Isani
22 387
Krtsanisi
2 295
Chugureti
1 964
Samgori
2 033
Nadzaladevi
1 838
Gldani
1 604

According to the GEOSTAT study, the average price in the second quarter of 2022 for one square meter of an apartment with no interior decoration, but built–in metal-plastic windows, entrance doors and all communications that are connected to the entrance door in new buildings of the city was 2,216 GEL , apartments with finished interior decoration - 2,505 GEL and an apartment which only lacks furniture and electrical appliances – 2,920 GEL.

In the second quarter of 2021, prices were as follows: Apartment with no interior decoration, but built–in metal-plastic windows, entrance doors and all communications that are connected to the entrance door - 2,280 GEL per square meter, apartment with finished interior decoration - 2,664 GEL, and apartment which only lacks furniture and electrical appliances - 3,077 GEL.

The price index is an important indicator of macroeconomic and financial stability and is most often used by the National Bank of Georgia and private developers.

It serves, on the one hand, to assess the development and risks of the real estate market and on the other – to establish and assess the links between the real estate market and financial stability.

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