Residential property price index up 2.9% in Q4 2023, says Statistics Office

The residential property price index, which measures the price evolution for residential spaces, increased by 2.9 percent year-on-year in Georgia in the fourth quarter of 2023, the National Statistics Office said on Tuesday.

The annual increase amounted to 12.8 percent, the Office added.

The index covers the market of new residential property in the capital city of Tbilisi, for both flats and house segments. 

In the reporting period a price increase compared to the previous quarter was registered both in flats (2.5 percent) and house (4.3 percent) segments, while year-on-year the prices increased by 14.1 percent for flats and by 8.6 percent for houses, the statistics body also noted.