Tbilisi Real Estate Market Slows Down, but Primary Market Shows Growth in Select Districts

February 2025 data reveals a clear slowdown in Tbilisi’s real estate sector. Overall apartment sales declined year-over-year, with both the primary and secondary markets experiencing a drop in transactions. Sales in the primary market fell by 11% compared to the same month last year (source: Galt & Taggart), reflecting a more cautious buyer sentiment in light of current economic conditions.

However, amid this general cooling, several districts continue to show pockets of growth in the primary segment. In Didi Dighomi, sales in the primary market grew by 15% year-over-year. This uptick is likely driven by the high concentration of new residential developments in the area. Over the past few years, Didi Dighomi has become one of the most active construction zones in Tbilisi, largely due to relatively low land prices and strong developer interest.

Significant growth in primary sales is also observed in Isani (up 85% year-over-year), though its overall market share remains relatively small. A similar trend appears in Vashlijvari, where primary sales increased by 14%. These districts may be attracting buyers looking for a combination of affordability and newly built housing. Still, the total number of transactions in these areas remains limited and does not yet have a major impact on citywide market dynamics.

In contrast, central districts like Saburtalo and Vake are showing either weak or negative growth. Primary market sales in Saburtalo rose only 2% year-over-year, suggesting a saturated market with stable demand for new projects. In Vake, primary transactions actually declined by 10%. Older neighborhoods such as Chughureti and Gldani saw even steeper drops in primary sales — 43% and 59% respectively — likely due to fewer active developments and declining demand for outdated housing stock.

These divergent trends underline the increasingly localized nature of Tbilisi’s real estate activity. The growth of the primary market is now concentrated in districts where construction is ongoing and prices remain relatively low, making such areas more appealing to price-sensitive buyers. The areas with new, affordable housing options are emerging as isolated hubs of growth, signaling the need for more segmented market analysis going forward.