BAKU, Azerbaijan, Sept.14
By Tamilla Mammadova – Trend:
In August 2020, the Average Sales Weighted Price (ASP) in USD was flat year-on-year ($669/Sqm both in August 2019 and August 2020), but up by 1.8 percent month-on-month in Georgia, Trend reports with reference to TBC Research Group at Georgian TBC Bank.
As reported, ASP in lari increased by 4.6 percent year-on-year and by 1.7 percent on a month-on-month basis.
The prices of old apartments saw a substantial decrease in August as the demand started shifting towards newer apartments on the back of the subsidy program.
Although down 2.7 percent since January, the prices of new apartments were up by 1 percent year-on-year and 3.6 percent month-on-month in USD.
The sales prices are displaying a downward tendency for old apartments in most of the districts in the July-August period, while the prices remained stable for new apartments.
In old apartments, the largest annual decline was observed in districts of Tbilisi such as Krtsanisi, Didube, and Isani, while Didi Dighomi and Nadzaldevi displayed growth. In new apartments, Vake and Saburtalo districts showed a downward trend, while Mtatsminda displayed growth.
Compared to January, monthly rental asking prices are down by -16 percent in Tbilisi. Rental prices in USD per Sqm are down for every district, with the largest declines observed in Gldani (-25 percent), Samgori (-22 percent), Chughureti (-20 percent), and Saburtalo (-19%); The smallest decline is observed in Mtatsminda (-7 percent).
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