The adapted version of the website for people with disabilities was developed by the National Statistics Office of Georgia (Geostat) with the support of the United Nations Development Program (UNDP) and the Government of Sweden.
The adapted version of the website for people with disabilities was developed by the National Statistics Office of Georgia (Geostat) with the support of the United Nations Development Program (UNDP) and the Government of Sweden.
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Date: 26 April 2021
Geostat started the publication of a new indicator - Residential Property Price Index (RPPI). The index reflects changes in the market prices of residential property over time. RPPI is an important indicator in terms of macroeconomic and financial stability. The main users of this indicator will be the National Bank of Georgia and private developers. This indicator is also used for the purposes of national accounts and will help to develop the real estate market, as well as to assess possible risks in this sector.
Geostat started working on the new indicator in 2018, with the assistance of the International Monetary Fund, within the framework of the project "Improving National Accounts and Price Statistics in Eastern and Southeastern Europe". Several working missions were carried out with the participation of IMF experts, as a result of which an indicator corresponding to the latest international standards was introduced. In addition, a new, modern method of data collection - web scraping - has been introduced at Geostat to obtain the micro-data needed to calculate the index, which significantly increases the data coverage area, improves the quality of information, timeliness and reduces the burden on the respondent.
At this stage, the residential prorerty price index includes only segments of newly built and under construction apartments and private houses in Tbilisi. It is planned to expand the coverage area of the index in the future by adding other cities and other market segments, which will further increase the quality of the indicator and the area of use.
For detailed information on RPPI, please refer to the recent index data and index calculation methodological manual, or contact us:
Giorgi Tetrauli, Tel.: (+995 32) 236 72 10 (400). E-mail: gtetrauli@geostat.ge
Mariam Kavelashvili, Tel.: (+995 32) 236 72 10 (020). E-mail: mkavelashvili@geostat.ge
