Residential Real

Estate Market
Tbilisi|H1 2021

July 2021

Colliers Georgia

Accelerating success.
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Residential Market

Tbilisi | H1 2021
In the first half (H1) of 2021, 16,383 Apartment Transactions in Tbilisi, H1 2021
vs. H1 2019-2020
transactions were registered in Tbilisi, that
is 54% and 3% higher than the same period
in 2020 and in 2019. 15,902 16,383

Even though the number of transactions

increased by 3% when compared to H1 10,641
2019, the market size reflected a slight 0.2%
decrease, and the figure stands at USD 738
million. In contrast with H1 2020, the figure
rose by 54%, which can be attributed to the
strict lockdown in the mentioned H1 2019 H1 2020 H1 2021
timeframe.
Source: NAPR, Colliers Georgia
In H1 2021, 10,911 transactions were
Market Size of Apartments (USD, mln), H1
registered in new projects, that is 55% and 2021 vs. H1 2019-2020
5% higher than the same period of 2020
and 2019. While the number of
transactions registered on old flats has
$740 $738
increased by 51% compared to 2020 and
has decreased by 1% in comparison with
$479
2019.
In H1 2021, the market size of new flats has
increased by 53% when compared to the
previous year and has decreased by 2%
compared to 2019. As for the old flats, the H1 2019 H1 2020 H1 2021
figure stands at USD 230 million, increasing
Source: NAPR, Colliers Georgia
by 4% compared to H1 2019.
Market Size of Apartments by Types (USD, mln), Apartment Transactions Distribution by
H1 2021 vs. H1 2019-2020 Types, H1 2021 vs. H1 2019-2020

$222 $230 5,472

5,522

$147 3,620
$518 $508 10,380 10,911
$332 7,021

H1 2019 H1 2020 H1 2021 H1 2019 H1 2020 H1 2021

New Flats Old Flats New Flats Old Flats
Source: NAPR, Colliers Georgia Source: NAPR, Colliers Georgia
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Residential Market

Tbilisi | H1 2021
In H1 of 2021, around 60% of New Apartment Transaction Distribution by Districts, H1
2021 vs. H1 2019-2020
recorded new apartment
% change % change
transactions occurred in Samgori, Districts H1 2019 H1 2020 H1 2021
vs. H1 2020 vs. H1 2019
Didi Dighomi/Dighomi and Samgori 1,626 1,224 2,382 95% 46%
Saburtalo districts. The top position Didi Dighomi/Dighomi 73% 13%
2,061 1,344 2,323
held by Samgori, with 2,382 units, Saburtalo 34% -29%
2,977 1,571 2,109
increasing by 46% in contrast with
Gldani 969 952 1,076 13% 11%
H1 2019. In Didi Dighomi/Dighomi
Nadzaladevi 770 661 870 32% 13%
district the figure also grew by 13%
Didube 572 402 861 114% 51%
(vs. H1 2019) equalling to 2,323
Vake 337 292 395 35% 17%
units. Saburtalo lost its leading
Krtsanisi 237 121 267 121% 13%
position since H1 2019, with 2,109
Mtatsminda 177 123 182 48% 3%
registered new apartment
Isani 305 109 172 58% -44%
transactions.
Bagebi 179 105 171 63% -4%
The massive growth also occurred Chughureti 145 94 70 -26% -52%
in Didube district in comparison Didgori 2 3 13 333% 550%
with H1 2019. With 51% increase Ponichala 17 12 11 -8% -35%
the figure amounted to 861 units in Tskneti 6 8 9 13% 50%
total. Total 55% 5%
10,380 7,021 10,911
Likewise, in new apartment Source: NAPR, Colliers Georgia
transactions, the Samgori district Old Apartment Transaction Distribution by Districts, H1
holds the leading position in old 2021 vs. H1 2019-2020
apartments. With 1,378 units, the Districts H1 2019 H1 2020 H1 2021
% change % change
vs. H1 2020 vs. H1 2019
figure remains unchanged when
compared to H1 2019. Followed by Samgori 1,375 938 1,378 47% 0%

Saburtalo with 934 apartments Saburtalo 855 584 934 60% 9%

(+9% vs. H1 2019) and Gldani - 880 Gldani 922 570 880 54% -5%

units (-5% vs. H1 2019). Nadzaladevi 568 374 597 60% 5%

Didube 354 232 407 75% 15%
In H1 2021, the massive drop in old
Chughureti 423 226 301 33% -29%
apartment transactions recorded in
Mtatsminda 345 203 290 43% -16%
Chughureti (-29%), Isani (-28%),
Vake 205 152 222 46% 8%
Tskneti and Mtatsminda with -18%
Didi Dighomi/Dighomi 152 116 156 34% 3%
and -16%, respectively.
Ponichala 87 65 91 40% 5%
The figure grew in Didgori (+67%), Isani 113 85 81 -5% -28%
Krtsanisi (+17%), Didube (+15%) and Krtsanisi 60 33 70 112% 17%
Vake (+8%) districts when
Tskneti 28 18 23 28% -18%
compared to H1 2019.
Bagebi 23 9 22 144% -4%
Didgori 12 15 20 33% 67%
Total 5,522 3,620 5,472 51% -1%
Source: NAPR, Colliers Georgia
 Colliers 4

Residential Market

Tbilisi | H1 2021
The number of transactions recorded on Transactions Distribution of New Apartments
by Segments, H1 2021 vs. H1 2019-2020
economy new apartments saw 57% and
18% increase compared to H1 2020 and H1
2019. As for the medium segment the 7,437
number of transactions has increased by Economy 5,596
53% compared to H1 2020 and has 8,794
decreased by 31% in comparison with
2019. The figure for premium segment has
increased by 33% compared to H1 2020 2,482
and has decreased by 10% in comparison Medium 1,115
with H1 2019. 1,703
The weighted average price is not
characterized with any significant 460
fluctuations. The WAP for new flats has
Premium 310
increased by only 1% comparing to H1
2020 and has decreased by 2% when 414
compared to H1 2019. On the other hand,
the WAP has slightly increased for old flats. H1 2019 H1 2020 H1 2021
The figure has grown by 3% when Source: NAPR, Colliers Georgia
compared to H1 2020 and by 4% in
contrast with H1 2019. Weighted Average Price by Types, H1 2021
vs. H1 2019-2020

$715 $692 $697

$639 $641 $663

H1 2019 H1 2020 H1 2021

New Flats Old Flats

Source: NAPR, Colliers Georgia
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Global View

$3.5B 2B $129B
Revenue Sf managed Transaction
Value

68 438 18,000+
Countries Offices Employees

Contacts
Ramaz Sharabidze
Director, Research & Publications
ramaz.sharabidze@colliers.ge

Kristine Bakradze
Senior Researcher, Research & Publications
kristine.bakradze@colliers.ge

Colliers is the fastest-growing publicly listed global real estate services and investment management company, with
2019 corporate revenues of $3.5 billion.