The real estate market in February 2023 saw a significant increase in activity compared to the previous month, with the number of transactions rising by 19% from January 2023. In total, 3,383 apartments were sold in February, marking a 12% increase from the same month in the previous year.

The asking sale price maintained its growth trajectory in February, with the average price reaching $1,136. This represents a 3% increase from the previous month and a substantial 30% increase compared to the same period of last year. As a result, the market size grew to $261 million, posting a 48% increase YoY and a 24% increase MoM.

The average asking rent price hit a record high in February, reaching $13.1. This is a significant increase of 125% compared to the same period of the previous year, and a 5.1% MoM increase.

Moreover, the rental yield increased by 0.2 percentage points compared to the previous month, reaching 12.2%. It indicates a favorable return on investment for rental property owners when compared to long-term deposit rates (especially for FX deposits).

Our updated projections suggest that both sale and rent prices in USD will experience significant growth in 2023, with an expected YoY increase of 21% and 53%, respectively. This level of growth is mainly due to the low base effect in the first half of 2022. By December 2023, the sale price is projected to surpass the December 2022 figure by 7.1%, while the rent price is expected to increase by 10.4%.

In February 2023, a total of 746 new apartments were sold, representing a 5% increase compared to the same period in the previous year. Notably, the growth rate in sales was much higher compared to the previous month, with a 36% increase. In contrast, sales of old apartments showed a 14% annual growth, with a 15% increase month-on-month. Consequently, new units accounted for 22% of all sales in February 2023.