Rental prices in Georgia fell by 20-30%. After abnormal demand caused by the massive arrival of foreign citizens in the country, the market began to stabilize, which led to a decrease in housing prices.
Read also: Stagnation of the Batumi real estate market in autumn 2023
“In 2022 and the first half of 2023, owners were accustomed to the fact that they could rent out real estate at a much higher rate, but now the situation has changed. In fact, we are seeing a downward trend in prices based on lower demand. For example, there is a clear decrease in prices for rental residential real estate, it amounts to 20-30%, and we expect a further decrease” – reported to the Council National Real Estate Association of Georgia.
Analysis of the decline in prices for rental real estate in Georgia in 2024
There has been a decrease in prices for rental housing in Tbilisi, where prices have fallen by 20%, and in Batumi the decrease in prices for rental residential real estate has already reached 40%. This reflects the general trend of declining demand and adaptation of the Georgian real estate market to new conditions.
Read also: Prices for utilities in Batumi in 2024
Downward trend in real estate prices in Georgia in 2024
Residents have already begun discussing rent reductions in 2024 or looking for more affordable options. The number of expats is falling and the price of long-term rental properties is falling in proportion to the fall in demand.
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