Prices in the residential real estate market in Georgia are still high and this trend will continue. According to the residential real estate price data of the IV quarter of 2023 published by Saxstat, compared to the previous quarter, the residential real estate price index (RPPI) increased by 2.9%, and the annual growth of the index amounted to 12.8%. Compared to the previous quarter, an increase in prices was recorded for residential apartments (2.5%), while compared to the IV quarter of 2022, a price increase was recorded by 14.2%. 

Real estate is always in high demand, therefore, prices vary dramatically depending on the districts of Tbilisi. As it turned out, the price increase was recorded again in 2023. The prices of real estate, in particular apartments, differ significantly depending on their location, which means that the price per square meter in the central areas is much higher than in the outskirts of the city. According to Saxstat data, in the fourth quarter, the median price of 1 m² in the segment of newly built housing is as follows:

• Mtatsminda - 5528 GEL;
• Vake- 4900 GEL;
• Saburtalo - 3767 GEL;
• Krtsanisi - 3577 GEL;
• Chugureti - 3480 GEL;
• Didube - 3375 GEL;
• Nadzaladevi - 3361 GEL;
• Isani - 3273 GEL;
• Gldani - 3238 GEL;
• Samgori - 3065 GEL.

You can buy the desired real estate in three conditions: black, white, and green frames.

Black frame is a traditional type of newly built apartment, and usually, it is characterized by a relatively low price because it includes a condition that involves plastered walls, an iron door, and communications brought close to the house. The rest of the details of the apartment remain to be the responsibility of the owner. According to the latest data of the National Statistics Service of Georgia, in the third quarter of 2023, the average price of black frame real estate in Tbilisi is 2,809 GEL.

White frame - according to the data of the third quarter of 2023, a white frame apartment can be purchased in Tbilisi for 3,159 GEL, and at the beginning of 2020, an apartment in this condition could be purchased for 2,226 GEL, which means that the price has increased by more than 900 GEL in a few years.

Green frame - compared to black and white frame, it is a superior offer and its price is also high. For example, according to the report of the National Statistics Service of Georgia, in the third quarter of 2023, the price of 1 m² equal to 3,548 GEL. If we compare this data with the beginning of 2022, when the value was 2,858 GEL, it turns out that the price of green frames on the market has increased during this time.

The real estate market in Georgia is growing every year, which is due to the high demand for this sector from the public, experts predict that this trend will continue by 2024.