According to TBC Capital Research, in the third quarter of 2019 apartment sales in Tbilisi declined by 11.9%, with total real estate sales down by 11.4%.
Research has shown that the depreciation of the GEL had a significant impact on reducing demand for real estate. Real estate prices declined by 4% in dollar, while increasing in GEL by 6.6%. According to the document, researchers predict a decline in foreign currency real estate prices.
8 204 apartments were sold in the third quarter of 2019 while 9 314 were sold in the third quarter of 2018.